PID definition
Examples of PID in a sentence
If the current or a future City Council of the City does not zone the Property as described in this Agreement, does not establish or operate the PID as described in this Agreement, or does not levy the Assessments described in this Agreement, then Developer shall have no further obligation to comply with any of the terms of this Agreement until such time as the City Council takes appropriate actions to have the City resume compliance with its obligations under this Agreement.
Xxxxxxxxx agrees and acknowledges that Landowner or subsequent landowners may have an obligation to prepay an Assessment upon the occurrence of a mandatory prepayment event, at the sole discretion of the City and as provided in the Service and Assessment Plan, as amended or updated or upon sale of property in the PID to a party not subject to Assessments.
The SAP shall provide that the PID Assessment on any tract within the Property that is sold to an End Buyer for any residential occupancy shall be paid in full prior to closing.
The Developer may also collaterally assign the PID as collateral for any development loan, and the Developer may execute such documents and contracts as necessary to effectuate such loans or financings, without the consent of, but with Notice to, the City.
The PID will be created, at the City’s discretion, after the public hearing.