Common use of Riverfront Site Closeout Clause in Contracts

Riverfront Site Closeout. (a) The Conveyance Agreement is hereby terminated, and no party thereto shall have any further obligations thereunder. Developer hereby releases and conveys to the City all its right, title and interest, if any, in the Riverfront Site. (b) Developer shall continue to provide credit enhancement for the Riverfront Bonds and shall make all required payments of principal and interest thereon. Developer hereby releases and forever waives all of its rights, title and interest, if any, in the amounts held in the Riverfront Bond Fund. Developer may pre-pay, at its option, the principal of the Riverfront Bonds at any time as provided in the indenture for the Riverfront Bonds. The City will cooperate with Developer in continuing to maintain the Riverfront Bonds in good standing. (c) At the Closing, and subject to the provisions of Section 1.4(a)(6), Developer will provide the documentation described in Section 1.4(a)(6) with respect to the Railroad Property. (d) Except as and to the extent set forth in the Indemnity Agreement, Developer’s obligations set forth in Sections 3.15 (a), (b) and (c) are in full discharge of all its obligations relating to the Riverfront Site. Developer shall have no other liability or obligation, if any, with respect to the Riverfront Site, or the condemnation, acquisition, optioning or ownership of the Riverfront Site by the City and the EDC, or the relocation of businesses located therein, or any other matter related to or arising out of the foregoing. By way of example, and not of limitation, Developer shall have no obligation to the City or EDC to contribute to the purchase of property, the relocation of businesses, the maintenance of the Riverfront Site, the payment of environmental claims or costs, or the payment of inverse condemnation claims or other claims by landowners. The City agrees to indemnify the Developer against any liability in connection with the foregoing. Nothing contained in either this Section 3.15(d) or elsewhere in this Agreement shall be construed as an admission by any party as to the existence of any such liability or obligation on the party of the City or Developer and all of such claims are expressly denied. (e) The Developer agrees to execute and provide at the Closing the form of release as attached hereto as Exhibit 3.15(e)(1). The City and EDC agree to execute and provide at the Closing the form of release as attached hereto as Exhibit 3.15(e)(2).

Appears in 2 contracts

Samples: Development Agreement (Greektown Superholdings, Inc.), Development Agreement (New Greektown Holdco LLC)

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Riverfront Site Closeout. (a) The Conveyance Agreement is hereby terminated, and no party thereto shall have any further obligations thereunder. Developer hereby releases and conveys to the City all its right, title and interest, if any, in the Riverfront Site. (b) Developer shall continue to provide credit enhancement for the Riverfront Bonds and shall make all required payments of principal and interest thereon. Developer hereby releases and forever waives all of its rights, title and interestinterest in, if any, in the amounts use of the proceeds held in the Riverfront Bond Fund. Developer may pre-pay, at its option, the principal of the Riverfront Bonds at any time as provided in the indenture for the Riverfront Bonds. The City will cooperate with Developer in continuing to maintain the Riverfront Bonds in good standing. (c) At the Closing, and subject to the provisions of Section 1.4(a)(6), Developer will provide the documentation described in Section 1.4(a)(6) with respect to the Railroad Property. (d) Except as and to the extent set forth in the Indemnity Agreement, Developer’s 's obligations set forth in Sections 3.15 (a3.13(a), (b) and (c) are in full discharge of all its obligations relating to the Riverfront Site. Developer shall have no other liability or obligation, if any, with respect to the Riverfront Site, or the condemnation, acquisition, optioning or ownership of the Riverfront Site by the City and the EDC, or the relocation of businesses located therein, or any other matter related to or arising out of the foregoing. By way of example, and not of limitation, Developer shall have no obligation to the City or EDC to contribute to the purchase of property, the relocation of businesses, the maintenance of the Riverfront Site, the payment of environmental claims or costs, or the payment of inverse condemnation claims or other claims by landowners. The City agrees to indemnify the Developer against any liability in connection with the foregoing. Nothing contained in either this Section 3.15(d3.13(d) or elsewhere in this Agreement shall be construed as an admission by any party as to the existence of any such liability or obligation on the party of the City City, EDC or Developer and all of such claims are expressly denied. (e) The Developer agrees to execute and provide at the Closing the form of release as attached hereto as Exhibit 3.15(e)(1). The City and EDC agree to execute and provide at the Closing the form of release as attached hereto as Exhibit 3.15(e)(23.13(e)(2). The Developer agrees to execute and provide at the Closing the form of release as attached hereto as Exhibit 3.13(e)(1).

Appears in 1 contract

Samples: Development Agreement (Mandalay Resort Group)

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Riverfront Site Closeout. (a) The At the Closing, the Conveyance Agreement is hereby shall be terminated, and no party thereto shall have any further obligations thereunder. At the Closing, Developer hereby releases shall release and conveys convey to the City all its right, title and interest, if any, in the Riverfront Site. (b) Developer shall continue to provide credit enhancement for the Riverfront Bonds and shall make all required payments of principal and interest thereon. At the Closing, Developer hereby releases shall release and forever waives waive all of its rights, title and interestinterest in, if any, in the amounts held in the Riverfront Bond Fund. Developer may pre-pay, at its option, the principal of the Riverfront Bonds at any time as provided in the indenture for the Riverfront Bonds. The City will cooperate with Developer in continuing to maintain the Riverfront Bonds in good standing. (c) At the Closing, and subject to the provisions of Section 1.4(a)(61.4(a)(7), Developer will provide the documentation described in Section 1.4(a)(61.4(a)(7) with respect to the Railroad Property. (d) Except as and to the extent set forth in the Indemnity Agreement, Developer’s 's obligations set forth in Sections 3.15 (a3.15(a), (b) and (c) are in full discharge of all its obligations relating to the Riverfront Site. Developer shall have no other liability or obligation, if any, with respect to the Riverfront Site, or the condemnation, acquisition, optioning or ownership of the Riverfront Site by the City and the EDC, or the relocation of businesses located therein, or any other matter related to or arising out of the foregoing. By way of example, and not of limitation, Developer shall have no obligation to the City or EDC to contribute to the purchase of property, the relocation of businesses, the maintenance of the Riverfront Site, the payment of environmental claims or costs, or the payment of inverse condemnation claims or other claims by landowners. The City agrees to indemnify the Developer against any liability in connection with the foregoing. Nothing contained in either this Section 3.15(d) or elsewhere in this Agreement shall be construed as an admission by any party as to the existence of any such liability or obligation on the party of the City or Developer and all of such claims are expressly denied. (e) The Developer agrees to execute and provide at the Closing the form of release as attached hereto as Exhibit 3.15(e)(1). The City and EDC agree to execute and provide at the Closing the form of release as attached hereto as Exhibit 3.15(e)(2). The Developer agrees to execute and provide at the Closing the form of release as attached hereto as Exhibit 3.15(e)(1).

Appears in 1 contract

Samples: Development Agreement (MGM Mirage)

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