Rights of Setoff and to Suspend Developer Incentive Payments Sample Clauses

Rights of Setoff and to Suspend Developer Incentive Payments. Notwithstanding anything herein to the contrary, in the event that Developer fails to pay any Makeup Payment, any Area I Special Assessment or any Area II/III Special Assessment within 30 days following written notice described in this subparagraph, in addition to their remedies hereunder, the Municipalities may setoff the amount of any payment due against the Developer Advance (if available) and/or suspend payments to Developer of Developer Available Tax Increment and Area II/III Available Tax Increment. Upon the complete cure of any such Developer Default by Developer and provided that no debt funded or secured by Developer's obligations was accelerated, then, if and to the extent the Municipalities suspended any payments of Developer Available Tax Increment and/or Area II/III Available Tax Increment, the Municipalities shall promptly distribute to Developer any payments so suspended and promptly resume payments of amounts due with respect to the payments of Developer Available Tax Increment or Area II/III Available Tax Increment due under this Agreement. If any debt funded or secured by Developer's obligations was accelerated due to a Developer Default, payments of Developer Available Tax Increment and Area II/III Available Tax Increment and/or Grant to Developer shall remain suspended until the accelerated debt is fully repaid, or the acceleration is reversed or resolved. Notwithstanding anything else in this Agreement to the contrary, the Municipalities shall not have the right to setoff against the Developer Advance or suspend any payment and/or allocation of Developer Available Tax Increment or Area II/III Available Tax Increment to Developer, as long as Developer is making the scheduled payments under the Area I Special Assessment, the Area II/III Special Assessment, the Makeup Payments and all other payments due under this Agreement. Any suspension of any payment and/or allocation of Developer Available Tax Increment or Area II/III Available Tax Increment to Developer or setoff against the Developer Advance shall only be made by the Municipalities following an additional thirty (30) days written notice to Developer of intent to exercise this right.
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Related to Rights of Setoff and to Suspend Developer Incentive Payments

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  • RIGHT OF ALLOTTEE TO USE COMMON AREAS AND FACILITIES SUBJECT TO PAYMENT OF TOTAL MAINTENANCE CHARGES The Allottee hereby agrees to purchase the [Apartment/Plot] on the specific understanding that is/her right to the use of Common Areas shall be subject to timely payment of total maintenance charges, as determined and thereafter billed by the maintenance agency appointed or the association of allottees (or the maintenance agency appointed by it) and performance by the Allottee of all his/her obligations in respect of the terms and conditions specified by the maintenance agency or the association of allottees from time to time.

  • Distributions; Xxxxxx Xxx Guaranty On or before each Determination Date (or as soon thereafter as is reasonably practicable), Xxxxxx Mae shall calculate the Lower Tier Distribution Amount for the current calendar month. On each Distribution Date, Xxxxxx Xxx shall withdraw from the Certificate Account the portion of the Lower Tier Distribution Amount distributable thereon and shall make the distributions to the Holders of the related Lower Tier Regular Classes in the respective amounts and in the applicable manner determined pursuant to Section 2.02. In the event that the amount on deposit in the Certificate Account on any Distribution Date shall be less than the applicable portion of the Lower Tier Distribution Amount distributable thereon, Xxxxxx Mae shall provide from its own funds the amount of any such insufficiency. In addition, in the event that (i) the applicable portion of the Lower Tier Distribution Amount shall be insufficient to pay all interest due and payable on the related Lower Tier Regular Classes on such Distribution Date or (ii) such Distribution Date is a Final Distribution Date for any Class and the distribution on such Distribution Date of the applicable portion of the Lower Tier Distribution Amount will not be sufficient to reduce the Class Balance of such Class to zero on such Final Distribution Date, then Xxxxxx Xxx shall (a) withdraw from the Certificate Account, such amount as shall be necessary to remedy such insufficiency and (b) to the extent that funds in the Certificate Account shall be insufficient therefor, apply its own funds towards remedying the same.

  • How Are Contributions to a Xxxx XXX Reported for Federal Tax Purposes You must file Form 5329 with the IRS to report and remit any penalties or excise taxes. In addition, certain contribution and distribution information must be reported to the IRS on Form 8606 (as an attachment to your federal income tax return.)

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