Common use of REDUCTION OF PROCEEDS Clause in Contracts

REDUCTION OF PROCEEDS. As the Improvements are accepted by CITY, a portion of the Proceeds may be released to APPLICANT upon APPLICANT’S written request. Such requests may be made only once every 30 days. The amount of any requested release shall be determined in the sole discretion of CITY. No release shall be authorized until such time as CITY has inspected the improvements and found them to be in compliance with CITY standards. Completion of Improvements, even if verified by CITY, shall not entitle APPLICANT to an automatic release of any part of the Proceeds. The release of any Proceeds shall be evidenced by the written authorization of CITY.

REDUCTION OF PROCEEDS. As the Improvements are accepted inspected by CITY, a portion of the Proceeds may be released to APPLICANT upon APPLICANT’S 'S written request. Such requests may be made only once every 30 days. The amount of any requested release shall be determined in the sole discretion of CITY. No release shall be authorized until such time as CITY has inspected the improvements Improvements and found them to be in compliance with CITY standards. Completion of Improvements, even if verified by CITY, shall not entitle APPLICANT to an automatic release of any part of the Proceeds. The release of any Proceeds shall be evidenced by the written authorization of CITYCITY attorney, pursuant to Tooele City Code § 7-19-12.