Promissory Note and Security Deed between the DDA and Developer Sample Clauses

Promissory Note and Security Deed between the DDA and Developer. Contemporaneously with the sale and conveyance of the Building Pad from the DDA to the Developer, the DDA shall loan the Developer an amount equal to Three Million Two Hundred Sixty Thousand and No/100 Dollars ($3,260,000.00), associated with the Town Green Mixed Use Project as set forth the in the Development Budget to be repaid to the DDA at an interest rate of 3.0% for a 10-year term with interest-only payments for the term, a balloon payment by the DDA upon any sale or refinancing of the Building Pad by the Developer, and to be secured by and encumbering the Building Pad to be evidenced by a Promissory Note and Security Deed (collectively, the “Security Deed”). Upon the sale or refinancing of the Building Pad by the Developer, the Developer shall pay or cause to be paid to the DDA a monetary amount equal to 15% of the net proceeds from such sale or refinance. The DDA shall cancel and release the Security Deed upon substantial completion of the Town Green Buildings as evidenced upon the later of the issuance of a Certificate of Occupancy by the City and its receipt of such payment of 15% of the net proceeds the sale or refinancing of the Building Pad by the Developer.
Sample 1
AutoNDA by SimpleDocs

Related to Promissory Note and Security Deed between the DDA and Developer

  • Definitions As used in this Agreement, the following terms shall have the following meanings:

  • Entire Agreement This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter contained in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

  • NOW, THEREFORE the parties hereto agree as follows:

  • Miscellaneous The Vendor acknowledges and agrees that continued participation in TIPS is subject to TIPS sole discretion and that any Vendor may be removed from the participation in the Program at any time with or without cause. Nothing in the Agreement or in any other communication between TIPS and the Vendor may be construed as a guarantee that TIPS or TIPS Members will submit any orders at any time. TIPS reserves the right to request additional proposals for items or services already on Agreement at any time.

  • Governing Law THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • Confidentiality (a) Subject to Section 7.15(c), during the Term and for a period of three

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • General All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

Time is Money Join Law Insider Premium to draft better contracts faster.