Development Property definition
Examples of Development Property in a sentence
In the event City accelerates the debt secured by the Promissory Note as provided above, and Developer fully and timely satisfies repayment of such debt, Developer shall retain fee simple title to the Development Property without further obligation under the Promissory Note, Forgivable Loan or this Agreement.
City hereby covenants and agrees to maintain the account with respect to the Development Property in force during the term hereof and to apply the Tax Increments collected in respect of the Development Property and the Minimum Improvements and allocated to the CB-WLG Affordable Limited Partnership TIF Account to pay the Blight Remediation Grants, as and to the extent set forth in this Article.
For the avoidance of doubt, this limitation does not apply to any Event of Default related to the construction, transfer, maintenance or operation of the multi-family or apartment housing units on the Development Property.
For the purchase price of $225,000.00 (the “Purchase Price”) and other consideration, including the obligations being assumed by Developer under this Agreement, City agrees to sell, and Xxxxxxxxx agrees to purchase, the Development Property, including all improvements, streets, alleys, rights-of-way and appurtenances thereto, subject to easements and appurtenant servient estates and any zoning and other ordinances.
City owns the Development Property in fee title, subject to encumbrances of record, and the conveyance of the Development Property from City to Developer, as provided for in this Agreement and any other documents, instruments and agreements now or hereafter to be executed and delivered by City pursuant to this Agreement are within the power of City and have been duly authorized by all necessary or proper action.