Conditions Precedent to Reimbursements. Developer hereby understands and agrees that even when TIF Proceeds have begun to be collected by the UG, the UG will hold and not disburse to Developer any reimbursements for TIF Eligible Expenses from TIF Financing, unless and until the conditions precedent set forth below have been fully satisfied as determined by UG in its sole reasonable discretion: (a) The UG has approved Certificate(s) of Expenditures for such TIF Eligible Expenses; (b) Developer shall have completed and opened the Project; and (c) Developer shall be in full compliance with the terms and conditions of this Agreement and shall not be in default hereunder, nor shall there be conditions, actions or omissions of Developer which will, with the passage of time, become occurrences of default hereunder.
Appears in 2 contracts
Sources: Development Agreement, Development Agreement