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 Capital Investments within one year after the 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) made Capital Investments to the Property by to redevelop an 1288 (SF) building into 2138 (SF) commercial building at 0000 Xxxx Xxxxxx xxxxxx is located along a City of Durham targeted commercial corridor ; and by expending at least $270,000.00 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, plumbing 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 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 Capital Investments; 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 Capital Investments within one year after the 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) made Capital Investments to the Property properties by to redevelop an 1288 (SF) building into 2138 (SF) renovating two underutilized commercial building buildings totaling of 40,000 sf, located at 2101 and 0000 Xxxx Xxxxxx xxxxxx Xxxxxx in NECD which is located along a City of Durham targeted commercial corridor ; and by expending at least $270,000.00 5,623,709.00 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, plumbing 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 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 Capital Investments; 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 Capital Investments within one year after the 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) made Capital Investments to the Property by to redevelop an 1288 8500 (SF) building into 2138 (SF) commercial a mixed use commercial/residential two level building at 0000 Xxxx Xxxxxx xxxxxx in NECD which is located along a City of Durham targeted commercial corridor corridor; and by expending at least $270,000.00 395,000 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, plumbing 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 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 Capital Investments; 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 Capital Investments within one year after the 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) made Capital Investments to the Property by to redevelop an 1288 1200 (SF) building into 2138 (SF1600(SF) commercial building at 0000 Xxxx Xxxxxx xxxxxx in NECD which is located along a City of Durham targeted commercial corridor corridor; and by expending at least $270,000.00 304,950.00 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, plumbing 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 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 Capital Investments; 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.