Development and Performance Agreement definition
Examples of Development and Performance Agreement in a sentence
Notwithstanding the foregoing, if the Developer has paid all obligations due and owing under the Indenture (or such obligations have been canceled), this Lease and the Development and Performance Agreement, the City shall convey the Project in accordance with Section 11.2.
Upon such assignment of all the rights of the Developer and agreement by the assignee to be bound by the terms of this Lease, the Base Lease, the Development and Performance Agreement and any other documents related to the Bonds, the Developer shall be released from and have no further obligations under this Lease, the Base Lease, the Development and Performance Agreement or any other document related to the issuance of the Bonds.
The Developer hereby agrees to purchase, and the City hereby agrees to sell, the Project upon the occurrence of (a) the expiration of the Lease Term following full payment of the Bonds or provision for payment thereof having been made in accordance with the provisions of the Indenture, and (b) the final payment due under the Development and Performance Agreement.
In addition to the City’s obligations under the Lease and the Development and Performance Agreement, the City hereby agrees to pay to the Developer annual rent under this Base Lease (the “Rent”) equal to One Dollar and no/100 ($1.00), which shall be due on the date of this Base Lease and on each January 1 thereafter during the term of this Base Lease.
The City covenants and agrees that it will not take any action, other than expressly pursuant to Article XII, the Indenture, the Base Lease and the Development and Performance Agreement to prevent the Developer from having quiet and peaceable possession and enjoyment of the Project during the Lease Term and will, at the request and expense of the Developer, cooperate with the Developer to defend the Developer’s quiet and peaceable possession and enjoyment of the Project.
This Section 10.5 shall survive any termination of the Development and Performance Agreement and this Lease or the satisfaction and discharge of the Indenture.
The sale of the Developer’s leasehold estate at a foreclosure sale or trustee’s sale under the Leasehold Mortgage or any assignment in lieu thereof shall not require the consent of the City, if (i) written notice of the proposed sale or assignment is provided to the City at least 15 days prior thereto, and (ii) before such sale or assignment, all payments then owing to the City under the Development and Performance Agreement are paid.
All moneys received by the Trustee pursuant to any right given or action taken under the provisions of this Article shall be applied first to the costs and expenses of the proceedings resulting in the collection of such moneys and of the fees, expenses, liabilities and advances incurred or made by the Trustee (including any attorneys’ fees and expenses) or amounts to be paid pursuant to Section 903 and second to any obligations outstanding under the Lease and the Development and Performance Agreement.
Project Administrator: Pattern Operators LP Power Purchase Agreement: Wind Project Development and Performance Agreement, dated as of December 19, 2014, by and among the Project Company and the Power Purchaser, and any Power Purchase Agreement (as defined therein) entered into pursuant thereto.
At Closing, the Seller and Buyer shall sign the Development and Performance Agreement that defines the Property and improvement requirements the Buyer must meet in the development of the Property for the purposes of providing low-income rental housing for Veterans and/or Veterans and their families.