TOT Guarantee definition

TOT Guarantee means the obligation of Developer to pay the City’s transient occupancy tax as a guarantee for development of the Hotel Component in the manner and amounts set forth in the Covenant Agreement at Attachment No. 5, which TOT Guarantee shall be secured by the City’s Option to Purchase the Site should Developer fail to develop the Hotel Component or pay the TOT Guarantee in accordance with the terms stated therein.
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Examples of TOT Guarantee in a sentence

  • The Owner’s TOT Guarantee Breach deadline listed above shall be extended by any period of delay under Sections 7.3 through 7.6, above.

  • Owner further hereby agrees and acknowledges that the twenty (20)-year term of the TOT Guarantee is a reasonable time to address the City’s damages should Owner fail to develop the Hotel Component at the Property.

  • City’s rights to the TOT Guarantee and Early Repurchase Option under this Agreement, including without limitation City’s rights to receive the payments of the Application TOT Payment, Building Permits TOT Payment or Construction TOT Payment, as provided in Section 7.2, shall not be subordinated to the rights of any person or entity of any kind (“Person”) holding an encumbrance, lien, or other interest in the Property of any type or any kind (collectively, “Encumbrance”).

  • To this end, Developer has warranted that the Project shall include the Hotel Component and agrees to secure this obligation by approving the Covenant Agreement in the form provided at Attachment No. 5 hereto, which includes the TOT Guarantee with City’s option to purchase the Site should Developer fail to develop the Hotel Component or pay the TOT Guarantee.

  • Owner hereby agrees and acknowledges that the Option in favor of City is reasonable to secure Owner’s obligations to develop the Hotel Component or pay the TOT Guarantee.

  • Any mortgage, deed of trust or other form of conveyance for financing, as provided in Section 512, but Developer shall notify Owner in advance of any such mortgage, deed of trust or other form of conveyance for financing pertaining to the Site, subject to the prohibition on subordination provided in Section 7.5 of the Covenant Agreement as to the TOT Guarantee.

  • The Option shall be exercisable by City commencing on the first day upon an Owner’s TOT Guarantee Breach, as defined in Section 7.7 above, and ending on the date that is two (2) years from the date of commencement of such breach (“Option Term”).

  • For the avoidance of doubt, the City’s rights in the event of default, termination or expiration, the City’s rights to payment, and Owner’s obligation to maintain the TOT Guarantee and Early Repurchase Option will remain superior in interest to that of any Person under any and all sets of circumstance, including without limited, any case or proceeding involving Owner under the United States Bankruptcy Code, 11 U.S.C. sections 101 et seq.

  • Developer’s payment of the TOT Guarantee shall not be transferable.

  • Owner hereby agrees and acknowledges that the TOT Guarantee, totaling a maximum amount of Twelve Million Dollars ($12,000,000), represents a reasonable estimate of the lost TOT revenues to the City should Owner fail to develop the Hotel Component within the times set forth in Section 7.2 below.

Related to TOT Guarantee

  • Parent Guarantee means the guarantee by the Parent of the Company’s obligations with respect to the Notes.

  • Bid guarantee means the bid bond, cashier's check or certified check submitted as part of the bid proposal, payable to the contracting unit, ensuring that the successful bidder will enter into a contract.

  • Subsidiary Guarantee means a Guarantee by a Subsidiary Guarantor of the Company’s obligations with respect to the Securities.

  • Guarantee means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations.

  • Subsidiary Guarantee Agreement means a Subsidiary Guarantee Agreement substantially in the form of Exhibit B, and all supplements thereto made by the Subsidiary Guarantors in favor of the Administrative Agent for the benefit of the Lenders.