Common use of SEVERANCE TAX BOND AND GENERAL OBLIGATION BOND PROJECT CLAUSES Clause in Contracts

SEVERANCE TAX BOND AND GENERAL OBLIGATION BOND PROJECT CLAUSES. A. Xxxxxxx acknowledges and agrees that the underlying appropriation for the Project is a severance tax bond or general obligation bond appropriation, and that the associated bond proceeds are administered by the New Mexico State Board of Finance (SBOF), an entity separate and distinct from the Department. Grantee acknowledges and agrees that (i) it is Xxxxxxx’s sole and absolute responsibility to determine through SBOF staff what (if any) conditions are currently imposed on the Project; (ii) the Department’s failure to inform Xxxxxxx of a SBOF imposed condition does not affect the validity or enforceability of the condition; (iii) the SBOF may in the future impose further or different conditions upon the Project; (iv) all SBOF conditions are effective without amendment of this Agreement; (v) all applicable SBOF conditions must be satisfied before the SBOF will release to the Department funds subject to the condition(s); and (vi) the Department’s obligation to reimburse Grantee from the Project is contingent upon the then current SBOF conditions being satisfied.

SEVERANCE TAX BOND AND GENERAL OBLIGATION BOND PROJECT CLAUSES. A. X. Xxxxxxx acknowledges and agrees that the underlying appropriation for the Project is a severance tax bond or general obligation bond appropriation, and that the associated bond proceeds are administered by the New Mexico State Board of Finance (SBOF), an entity separate and distinct from the Department. Grantee Xxxxxxx acknowledges and agrees that (i) it is Xxxxxxx’s sole and absolute responsibility to determine through SBOF staff what (if any) conditions are currently imposed on the Project; (ii) the Department’s failure to inform Xxxxxxx of a SBOF imposed condition does not affect the validity or enforceability of the condition; (iii) the SBOF may in the future impose further or different conditions upon the Project; (iv) all SBOF conditions are effective without amendment of this Agreement; (v) all applicable SBOF conditions must be satisfied before the SBOF will release to the Department funds subject to the condition(s); and (vi) the Department’s obligation to reimburse Grantee from the Project is contingent upon the then current SBOF conditions being satisfied.

SEVERANCE TAX BOND AND GENERAL OBLIGATION BOND PROJECT CLAUSES. A. X. Xxxxxxx acknowledges and agrees that the underlying appropriation for the Project is a severance tax bond or general obligation bond appropriation, and that the associated bond proceeds are which is administered by the New Mexico State Board of Finance (SBOFBOF), an entity separate and distinct from the Department. Grantee acknowledges and agrees that (i) it is Xxxxxxx’s sole and absolute responsibility to determine through SBOF BOF staff what (if any) conditions are currently imposed on the Project; (ii) the Department’s failure to inform Xxxxxxx Grantee of a SBOF BOF imposed condition does not affect the validity or enforceability of the condition; (iii) the SBOF BOF may in the future impose further or different conditions upon the Project; (iv) all SBOF BOF conditions are effective without amendment of this Agreement; (v) all applicable SBOF BOF conditions must be satisfied before the SBOF BOF will release to the Department funds subject to the condition(s); and (vi) the Department’s obligation to reimburse Grantee from the Project is contingent upon the then current SBOF BOF conditions being satisfied.