Project Covenant definition

Project Covenant has the meaning set forth in Section 4.28(a) hereof.
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Project Covenant means the covenant, by and between the Agency and the Redeveloper which will govern the development and use of the Redevelopment Project and the Project Area until construction of the Redevelopment Project, or any portion thereof, as the case may be, has been Completed and which Covenant will be recorded and will constitute a restrictive covenant that runs with the land, until the same shall be discharged (or deemed discharged pursuant to Section 4.15(c)) in accordance with the terms of this Redevelopment Agreement, and as such covenant may be amended or supplemented by the Parties in accordance with its terms. A copy of the form of the Project Covenant is attached hereto as Exhibit B and is more particularly described in Article VI hereof.
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Project Covenant means the covenant, by and between the Agency and the Redeveloper which will govern the development and use of the Redevelopment Project and the Project Area until construction of the Redevelopment Project, or any portion thereof, as the case may be, has been Completed and which Covenant will be recorded and will constitute a restrictive covenant that runs with the land, until the same shall be discharged in accordance with the terms of this Redevelopment Agreement, and as such covenant may be amended or supplemented in accordance with its terms. A copy of the form of the Project Covenant is attached hereto as Exhibit D and is more particularly described in Article VI hereof. The Redeveloper may execute separate Project Covenants with respect to any portion of the Redevelopment Project so as to facilitate the release and/or discharge of the Project Covenant applicable to a each such portion upon Completion of each such portion.
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Examples of Project Covenant in a sentence

  • Upon the recording of the Project Covenant in the Office of the Mercer County Clerk, the provision affording such injunctive relief shall have the same force and effect as a Notice of Lis Pendens.

  • Such Project Covenant shall be in the form of Exhibit B attached hereto.

  • Upon the closing of title on the Project Area and the satisfaction of the conditions set forth in Sections 2.02(c)(i) and (ii) hereof, the Redeveloper shall execute and record one or more Project Covenant(s), approved by the Agency, imposing on the Redevelopment Project and the Project Area, certain covenants (as may be limited by Section 6.07 hereof), and those other matters indicated in this Redevelopment Agreement to be included in the Project Covenant.

  • The Project Covenant shall contain a restriction against transfers as set forth in this Article and, in addition, shall provide that in the event of any attempted transfer in violation of the restrictions in this Article, the Agency shall be entitled to the ex parte issuance of an injunction restraining such transfer, and the award of legal fees and related expenses of the Agency in connection with any such legal action.

  • Upon recording of a Certificate of Completion for the Redevelopment Project, or any portion thereof, the provisions of the Project Covenant set forth in this Article shall be deemed terminated with respect to the Redevelopment Project, or portion thereof, as applicable, and the Project Covenant shall so state.

Related to Project Covenant

  • Maintenance Covenant A covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, that exists regardless of whether or not such borrower has taken any specified action and includes a covenant that applies only when the related loan is funded.

  • Additional Covenant means any covenant in respect of the financial condition or financial position of the Company, including, but not limited to, covenants that specify or require the maintenance of certain financial ratios applicable to the Company, and the default provision related thereto (regardless of whether such provision is labeled or otherwise characterized as a covenant or a default).

  • Financial Covenant has the meaning specified in Section 7.08.

  • Environmental covenant means a servitude arising under an environmental response project that imposes activity and use limitations.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Financial Covenants means the covenants set forth in Section 6.2.

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Non-recourse Project Financing means any Indebtedness incurred in connection with the financing of all or part of the costs of the acquisition, construction or development of any project, provided that: (i) any Security Interest given by the Bank or the relevant Subsidiary is limited solely to assets of the project; (ii) the Person or Persons providing such financing expressly agrees to limit their recourse to the project financed and the revenues derived from such project as the principal source of repayment for the moneys advanced; and (iii) there is no other recourse to the Bank or the relevant Subsidiary in respect of any default by any Person under the financing; and

  • Incurrence Covenant means a covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

  • RFP Project Documents means the following documents to be entered into in respect of the Project, by the parties to the respective agreements:

  • Debt Service Requirement means the sum of (i) interest expense (whether paid or accrued and including interest attributable to Capital Leases), (ii) scheduled principal payments on borrowed money, and (iii) capitalized lease expenditures, all determined without duplication and in accordance with GAAP.

  • Project Document means any one of the foregoing;

  • Financial Performance Covenants means the covenants of the Borrower set forth in Sections 6.10 and 6.11.

  • Covenant Compliance Worksheet means a fully completed worksheet in the form of Attachment A to Exhibit C.

  • Covenant Relief Period means the period commencing on the First Amendment Effective Date and ending on (and including) the date of delivery of the Compliance Certificate for the fiscal quarter ending March 31, 2024, if such Compliance Certificate demonstrates compliance with Section 7.07.”

  • Project Documents means all documents relating to the Construction Loan, Mortgage Loan and Construction Contract. It shall also include all documents required by any governmental agency having jurisdiction over the Apartment Housing in connection with the development, construction and financing of the Apartment Housing, including but not limited to, the approved Plans and Specifications for the development and construction of the Apartment Housing.

  • Financial Performance Covenant means the covenant set forth in Section 6.10.