Payment of Interest to Developer on Amount Paid for Public Improvements in Excess of $5,000,000 Sample Clauses

Payment of Interest to Developer on Amount Paid for Public Improvements in Excess of $5,000,000. If the Developer and the City agree under the provisions of Section 7.1 to spend more than $5,000,000$ for the Public Improvements, then the following shall apply: Prior to the end of the Subsidy Period the City shall repay to the Developer, from the City’s general fund, interest only on the Excess Amount, [[NTD: need to define]], from the date(s) paid to the City, at the annual percentage rate of 7% per annum. The City may pay the amount due to the Developer under this Section 7.2 at any time during the Subsidy Period, with no prepayment penalty. The amount of such prepayment shall be the present value of the projected interest payments, based on the 7% interest rate and a term extending to the end of the Subsidy Period. The City shall not be obligated to repay the principal amount of any payments by the Developer for Public Improvements in excess of $5,000,000.$ .
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Related to Payment of Interest to Developer on Amount Paid for Public Improvements in Excess of $5,000,000

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  • Application of this Revenue Sharing Agreement to Notes The terms of this Revenue Sharing Agreement shall apply to each Note as if the terms of this Revenue Sharing Agreement were fully set forth in each Note.

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