Examples of Project Property in a sentence
Proceeds of any such disposition by the Borrower pursuant to this Section 12.17 (Sale of Project Property) shall be deposited in the Phase 1 Pre-Completion Revenues Account, the Phase 2 Pre-Completion Revenues Account or the Revenue Account; provided that proceeds of any disposition of assets requiring mandatory prepayment under Section 3.4 (Mandatory Prepayments) shall be deposited into the Additional Proceeds Prepayment Account.
Proceeds of any such disposition by the Borrower pursuant to this Section 12.17 (Sale of Project Property) shall be deposited in the Pre-Completion Revenues Account or the Revenue Account; provided that proceeds of any disposition of assets requiring mandatory prepayment under Section 3.4 (Mandatory Prepayments) shall be deposited into the Additional Proceeds Prepayment Account.
It is understood and agreed by the parties that the Project Property is currently unoccupied and, therefore, no relocation benefits are required to be provided to any person or entity.
Additionally, CITY shall not be obligated to disburse any funds pursuant to this Agreement until DEVELOPER has recorded a Regulatory Agreement in substantially the same form as the Regulatory Agreement attached hereto as Exhibit “G” on the Project Property.
The cost of constructing the Project on the Project Property shall be borne by DEVELOPER.