Common use of Prerequisites to Payments Clause in Contracts

Prerequisites to Payments. If the Company, in its discretion, makes expenditures that meet the definition of Qualifying Capital Investment within one year of the Approval Date, for a project begun no later than 9 months following the Approval Date, the City shall make payments to the Company as provided in Section 2(b) (Schedule of Payments). However, before the City shall be obligated to make any payments pursuant to Section 2(b), the Company shall have: (i) (Minimum Expenditures)—Company shall make the Qualifying Capital Investment to the property totaling at least $238,000.00 as necessary to substantially complete the Project. (ii) (Certificate of Compliance) obtained from the Durham City-County Inspections Department a certificate of compliance (referred to below as “CO”) allowing occupancy or use, for retail, office and/or commercial uses, of the area renovated to qualify under Section 2(a)(i) (Minimum Expenditures) above; (iii) (Accounting) provided to the City a full and accurate accounting, with such detail as the City may reasonably require, of all expenditures comprising the Qualifying Capital Investment; and (iv) (Certification) delivered to the City a written certification, in such form as the City reasonably requires that the Company has satisfied all applicable requirements of Section 2 of this Agreement.

Prerequisites to Payments. If the Company, in its discretion, makes expenditures that meet the definition of Qualifying Capital Investment within one year of the Approval Date, for a project begun no later than 9 months following the Approval Date, the City shall make payments to the Company as provided in Section 2(b) (Schedule of Payments). However, before the City shall be obligated to make any payments pursuant to Section 2(b), the Company shall have: (i) (Minimum Expenditures)—Company shall make the Qualifying Capital Investment to the property totaling at least $238,000.00 407,884.00 as necessary to substantially complete the Project. (ii) (Certificate of Compliance) obtained from the Durham City-County Inspections Department a certificate of compliance (referred to below as “CO”) allowing occupancy or use, for retail, office and/or commercial uses, of the area renovated to qualify under Section 2(a)(i) (Minimum Expenditures) above; (iii) (Accounting) provided to the City a full and accurate accounting, with such detail as the City may reasonably require, of all expenditures comprising the Qualifying Capital Investment; and (iv) (Certification) delivered to the City a written certification, in such form as the City reasonably requires that the Company has satisfied all applicable requirements of Section 2 of this Agreement.

Prerequisites to Payments. If the Company, in its discretion, makes expenditures that meet the definition of Qualifying Capital Investment within one year of the Approval Date, for a project begun no later than 9 months following the Approval Date, the City shall make payments to the Company as provided in Section 2(b) (Schedule of Payments). However, before the City shall be obligated to make any payments pursuant to Section 2(b), the Company shall have: (i) (Minimum Expenditures)—Company shall make the Qualifying Capital Investment to the property totaling at least $238,000.00 726,850.00 as necessary to substantially complete the Project. (ii) (Certificate of Compliance) obtained from the Durham City-County Inspections Department a certificate of compliance (referred to below as “CO”) allowing occupancy or use, for retail, office and/or commercial uses, of the area renovated to qualify under Section 2(a)(i) (Minimum Expenditures) above; (iii) (Accounting) provided to the City a full and accurate accounting, with such detail as the City may reasonably require, of all expenditures comprising the Qualifying Capital Investment; and (iv) (Certification) delivered to the City a written certification, in such form as the City reasonably requires that the Company has satisfied all applicable requirements of Section 2 of this Agreement.

Prerequisites to Payments. If the Company, in its discretion, makes expenditures that meet the definition of Qualifying Capital Investment within one year of the Approval Date, for a project begun no later than 9 months following the Approval Date, the City shall make payments to the Company as provided in Section 2(b) (Schedule of Payments). However, before the City shall be obligated to make any payments pursuant to Section 2(b), the Company shall have: (i) (Minimum Expenditures)—Company shall make the Qualifying Capital Investment to the property totaling at least $238,000.00 356,000.00 as necessary to substantially complete the Project. (ii) (Certificate of Compliance) obtained from the Durham City-County Inspections Department a certificate of compliance (referred to below as “CO”) allowing occupancy or use, for retail, office and/or commercial uses, of the area renovated to qualify under Section 2(a)(i) (Minimum Expenditures) above; (iii) (Accounting) provided to the City a full and accurate accounting, with such detail as the City may reasonably require, of all expenditures comprising the Qualifying Capital Investment; and (iv) (Certification) delivered to the City a written certification, in such form as the City reasonably requires that the Company has satisfied all applicable requirements of Section 2 of this Agreement.

Prerequisites to Payments. If the Company, in its discretion, makes expenditures that meet the definition of Qualifying Capital Investment within one year of the Approval Date, for a project begun no later than 9 months following the Approval Date, the City shall make payments to the Company as provided in Section 2(b) (Schedule of Payments). However, before the City shall be obligated to make any payments pursuant to Section 2(b), the Company shall have: (i) (Minimum Expenditures)—Company shall make the Qualifying Capital Investment to the property totaling at least $238,000.00 188,500.00 as necessary to substantially complete the Project. (ii) (Certificate of Compliance) obtained from the Durham City-County Inspections Department a certificate of compliance (referred to below as “CO”) allowing occupancy or use, for retail, office and/or commercial uses, of the area renovated to qualify under Section 2(a)(i) (Minimum Expenditures) above; (iii) (Accounting) provided to the City a full and accurate accounting, with such detail as the City may reasonably require, of all expenditures comprising the Qualifying Capital Investment; and (iv) (Certification) delivered to the City a written certification, in such form as the City reasonably requires that the Company has satisfied all applicable requirements of Section 2 of this Agreement.

Prerequisites to Payments. If the Company, in its discretion, makes expenditures that meet the definition of Qualifying Capital Investment within one year of the Approval Date, for a project begun no later than 9 months following the Approval Date, the City shall make payments to the Company as provided in Section 2(b) (Schedule of Payments). However, before the City shall be obligated to make any payments pursuant to Section 2(b), the Company shall have: (i) (Minimum Expenditures)—Company shall make the Qualifying Capital Investment to the property totaling at least $238,000.00 986,500.00 as necessary to substantially complete the Project. (ii) (Certificate of Compliance) obtained from the Durham City-County Inspections Department a certificate of compliance (referred to below as “CO”) allowing occupancy or use, for retail, office and/or commercial uses, of the area renovated to qualify under Section 2(a)(i) (Minimum Expenditures) above; (iii) (Accounting) provided to the City a full and accurate accounting, with such detail as the City may reasonably require, of all expenditures comprising the Qualifying Capital Investment; and (iv) (Certification) delivered to the City a written certification, in such form as the City reasonably requires that the Company has satisfied all applicable requirements of Section 2 of this Agreement.

Prerequisites to Payments. If the Company, in its discretion, makes expenditures that meet the definition of Qualifying Capital Investment within one year of the Approval Date, for a project begun no later than 9 months following the Approval Date, the City shall make payments to the Company as provided in Section 2(b) (Schedule of Payments). However, before the City shall be obligated to make any payments pursuant to Section 2(b), the Company shall have: (i) (Minimum Expenditures)—Company shall make the Qualifying Capital Investment to the property totaling at least $238,000.00 375,000.00 as necessary to substantially complete the Project. (ii) (Certificate of Compliance) obtained from the Durham City-County Inspections Department a certificate of compliance (referred to below as “CO”) allowing occupancy or use, for retail, office and/or commercial uses, of the area renovated to qualify under Section 2(a)(i) (Minimum Expenditures) above; (iii) (Accounting) provided to the City a full and accurate accounting, with such detail as the City may reasonably require, of all expenditures comprising the Qualifying Capital Investment; and (iv) (Certification) delivered to the City a written certification, in such form as the City reasonably requires that the Company has satisfied all applicable requirements of Section 2 of this Agreement.

Prerequisites to Payments. If the Company, in its discretion, makes expenditures that meet the definition of Qualifying Capital Investment within one year of the Approval Date, for a project begun no later than 9 months following the Approval Date, the City shall make payments to the Company as provided in Section 2(b) (Schedule of Payments). However, before the City shall be obligated to make any payments pursuant to Section 2(b), the Company shall have: (i) (Minimum Expenditures)—Company shall make the Qualifying Capital Investment to the property totaling at least $238,000.00 965,149.00 as necessary to substantially complete the Project. (ii) (Certificate of Compliance) obtained from the Durham City-County Inspections Department a certificate of compliance (referred to below as “CO”) allowing occupancy or use, for retail, office and/or commercial uses, of the area renovated to qualify under Section 2(a)(i) (Minimum Expenditures) above; (iii) (Accounting) provided to the City a full and accurate accounting, with such detail as the City may reasonably require, of all expenditures comprising the Qualifying Capital Investment; and (iv) (Certification) delivered to the City a written certification, in such form as the City reasonably requires that the Company has satisfied all applicable requirements of Section 2 of this Agreement.

Prerequisites to Payments. If the Company, in its discretion, makes expenditures that meet the definition of Qualifying Capital Investment within one year of the Approval Date, for a project begun no later than 9 months following the Approval Date, the City shall make payments to the Company as provided in Section 2(b) (Schedule of Payments). However, before the City shall be obligated to make any payments pursuant to Section 2(b), the Company shall have: (i) (Minimum Expenditures)—Company shall make the Qualifying Capital Investment to the property totaling at least $238,000.00 195,419.00 as necessary to substantially complete the Project. (ii) (Certificate of Compliance) obtained from the Durham City-County Inspections Department a certificate of compliance (referred to below as “CO”) allowing occupancy or use, for retail, office and/or commercial uses, of the area renovated to qualify under Section 2(a)(i) (Minimum Expenditures) above; (iii) (Accounting) provided to the City a full and accurate accounting, with such detail as the City may reasonably require, of all expenditures comprising the Qualifying Capital Investment; and (iv) (Certification) delivered to the City a written certification, in such form as the City reasonably requires that the Company has satisfied all applicable requirements of Section 2 of this Agreement.

Prerequisites to Payments. If the Company, in its discretion, makes expenditures that meet the definition of Qualifying Capital Investment Investments within one year of after the Approval Date, for a project begun no later than 9 months following the Approval Contract Date, the City shall make payments to the Company as provided in Section 2(b) (Schedule of Payments). However, before the City shall be obligated to make any payments pursuant to Section 2(b), the Company shall have: (i) (Minimum Expenditures)—Company shall make the Qualifying Expenditures) made Capital Investment Investments to the property totaling Property by renovating a 1500 SF building into a 4500 SF mix-use commercial/residential three level building and expending at least $238,000.00 as necessary to substantially complete the Project570,000 in Capital Investments, which investments shall include, but not be limited to, site work, selective demolition, concrete and masonry work, metal work, façade work, doors, glass & glazing, drywall, flooring, painting, furnishing, fire protection, pluming HVAC, and electrical work. (ii) (Certificate of Compliance) ), if required for the project(s), obtained from the Durham City-County Inspections Department a certificate of compliance (referred to below as “CO”) allowing occupancy or use, for retail, office and/or commercial uses, of the area renovated to qualify under Section 2(a)(i) (Minimum Expenditures) above; (iii) (Accounting) provided to the City a full and accurate accounting, with such detail as the City may reasonably require, of all expenditures comprising the Qualifying Capital InvestmentInvestments; and (iv) (Certification) delivered to the City a written certification, in such form as the City reasonably requires that the Company has satisfied all applicable requirements of Section 2 of this Agreement.

Prerequisites to Payments. If the Company, in its discretion, makes expenditures that meet the definition of Qualifying Capital Investment within one year of the Approval Date, for a project begun no later than 9 months following the Approval Date, the City shall make payments to the Company as provided in Section 2(b) (Schedule of Payments). However, before the City shall be obligated to make any payments pursuant to Section 2(b), the Company shall have: (i) (Minimum Expenditures)—Company shall make the Qualifying Capital Investment to the property totaling at least $238,000.00 228,172.00 as necessary to substantially complete the Project. (ii) (Certificate of Compliance) obtained from the Durham City-County Inspections Department a certificate of compliance (referred to below as “CO”) allowing occupancy or use, for retail, office and/or commercial uses, of the area renovated to qualify under Section 2(a)(i) (Minimum Expenditures) above; (iii) (Accounting) provided to the City a full and accurate accounting, with such detail as the City may reasonably require, of all expenditures comprising the Qualifying Capital Investment; and (iv) (Certification) delivered to the City a written certification, in such form as the City reasonably requires that the Company has satisfied all applicable requirements of Section 2 of this Agreement.