Common use of Payment of Special Assessments Clause in Contracts

Payment of Special Assessments. Developer herein agrees that Developer shall pay all installments of the Special Assessment when due. In the event Developer fails to timely pay any installment of the Special Assessment, the City may draw upon the Surety (defined below) in an amount equal to the installment due and any fee and reasonable cost incurred by the City in conjunction with the said delinquent Special Assessment. Any such draw may be used by the City to pay for any fee and reasonable cost incurred by the City in conjunction with the said delinquent Special Assessments and with the remainder to be held by the City to pay any yearly debt services payments related to the Special Assessment. Any Surety funds referred to herein that are withdrawn that will be used by City for payment of its herein-referred uses will constitute a credit against the obligations for the Developer to pay such Special Assessment. Upon payment of the delinquent Special Assessment, City will repay to the Surety, to the extent that the delinquent Special Assessment have been paid, the Surety monies withdrawn, less any reasonable costs incurred by City in conjunction with the said delinquent Special Assessment.

Payment of Special Assessments. Developer Owner herein agrees that Developer Owner shall pay all installments of the said Special Assessment Assessments when due. In the event Developer fails to timely pay any installment of the said Special AssessmentAssessments, the City may may, after providing seven (7) days written notice to Owner, draw upon the Surety (defined below) in an amount equal to the installment due and any fee and reasonable cost actual out of pocket costs incurred by the City in conjunction with the said delinquent Special AssessmentAssessments. Any such draw may be used by the City to pay for any fee and reasonable cost actual out of pocket costs incurred by the City in conjunction with the said delinquent Special Assessments and and, if the City project is bonded, to pay the required yearly debt services payments, with the remainder to be held by the City. Said amount held by the City shall be liquated damages and become the property of City in the event the Developer continually fails to timely pay installments of Special Assessments and the Property or any yearly debt services payments related to portion of the Special AssessmentProperty is tax forfeited as a result thereof. Any Surety funds referred to herein that are withdrawn that will be used by City for payment of its herein-referred uses debt service payment when due will constitute a credit against the obligations for the Developer to pay such Special AssessmentAssessments. Upon payment of the delinquent Special AssessmentAssessments, City will repay to the Suretysurety, to the extent that the delinquent Special Assessment Assessments have been paid, the Surety surety monies withdrawn, less any reasonable costs incurred by City in conjunction with the said delinquent Special AssessmentAssessments.

Payment of Special Assessments. Developer herein agrees that Developer said Xxxxxxxxx shall pay all installments of the said Special Assessment Assessments when due. In the event Developer fails to timely pay any installment of the said Special AssessmentAssessments, the City may draw upon the Surety (defined below) in an amount equal to the installment due and any fee and reasonable cost incurred by the City in conjunction with the said delinquent Special AssessmentAssessments. Any such draw may be used by the City to pay for any fee and reasonable cost incurred by the City in conjunction with the said delinquent Special Assessments and and, if the City project is bonded, to pay the required yearly debt service payments, with the remainder to be held by the City. Said amount held by the City shall be liquated damages and become the property of City in the event the Developer continually fails to timely pay installments of Special Assessments and the Property or any yearly debt services payments related to portion of the Special AssessmentProperty is tax forfeited as a result thereof. Any Surety funds referred to herein that are withdrawn that will be used by City for payment of its herein-referred uses debt service payment when due will constitute a credit against the obligations for the Developer to pay such Special AssessmentAssessments. Upon payment of the delinquent Special AssessmentAssessments, City will repay to the Suretysurety, to the extent that the delinquent Special Assessment Assessments have been paid, the Surety surety monies withdrawn, less any reasonable costs incurred by City in conjunction with the said delinquent Special AssessmentAssessments.

Payment of Special Assessments. Developer herein agrees that Developer shall pay all installments of the said Special Assessment Assessments when due. In the event Developer fails to timely pay any installment of the said Special AssessmentAssessments, the City may draw upon the Surety (defined below) in an amount equal to the installment due and any fee and reasonable cost incurred by the City in conjunction with the said delinquent Special AssessmentAssessments. Any such draw may be used by the City to pay for any fee and reasonable cost incurred by the City in conjunction with the said delinquent Special Assessments and with the remainder to be held by the City to pay any yearly debt services payments related to the Special AssessmentAssessments. Any Surety funds referred to herein that are withdrawn that will be used by City for payment of its herein-referred uses will constitute a credit against the obligations for the Developer to pay such Special AssessmentAssessments. Upon payment of the delinquent Special AssessmentAssessments, City will repay to the Suretysurety, to the extent that the delinquent Special Assessment Assessments have been paid, the Surety surety monies withdrawn, less any reasonable costs incurred by City in conjunction with the said delinquent Special AssessmentAssessments.