Description of Redevelopment Entity Covenants Clause Samples

Description of Redevelopment Entity Covenants. The covenants to be imposed upon the Redevelopment Entity, enforceable by Redeveloper for the term of this Agreement, shall be as follows: (1) The Redevelopment Entity shall consider in good faith any application filed by the Redeveloper seeking to enter into a Financial Agreement with the City in respect to the Project and Project Site, with such terms as Redeveloper and the City would agree fairly provides a substantial economic incentive to Redeveloper to develop the Project Site pursuant to the Redevelopment Plan and as contemplated hereby. In connection therewith, the Redevelopment Entity shall consider in good faith the authorization of $250,000.00 of Redevelopment Area Bonds to finance a portion of the costs of the Infrastructure Improvements consisting of certain infrastructure improvements to Crane Street. In the event the City and the Redeveloper cannot agree as to the terms of the Financial Agreement or Redevelopment Area Bond financing, the Redeveloper may terminate this Agreement without penalty. (2) The Redevelopment Entity shall not repeal, amend, modify or otherwise materially alter any Redevelopment Entity Official Actions or City Official Actions contemplated by this Agreement, and the Redevelopment Entity shall adopt and keep in full force and effect all such other Redevelopment Entity Official Actions as may be needed from time to time to allow Redeveloper to implement the Redevelopment Project on the Project Site as contemplated hereby. (3) If the Project substantially conforms to the Redevelopment Plan, or one or more of the development regulations are at variance, the Redevelopment Entity shall request that the Planning Board and, if required by applicable law, the legislative and/or executive branch of the City, consider amending the Redevelopment Plan in accordance with Redeveloper’s proposed development. Failure by the Planning Board to amend the Redevelopment Plan pursuant to a request by the Redevelopment Entity does not release the Redeveloper of its obligation to perform in accordance with this Agreement.
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Related to Description of Redevelopment Entity Covenants

  • Date Fixed for, and Notice of, Redemption In the event the Company shall elect to redeem all of the Warrants that are subject to redemption, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date to the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.

  • Initial Contribution of Trust Property; Organizational Expenses The Property Trustee acknowledges receipt in trust from the Depositor in connection with the Original Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor shall pay organizational expenses of the Trust as they arise or shall, upon request of any Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses.

  • Maintenance of REIT Status In the case of the Parent Guarantor, at all times, conduct its affairs and the affairs of its Subsidiaries in a manner so as to continue to qualify as a REIT for U.S. federal income tax purposes.

  • Implementation of and Reporting on the Project A. The Grantee shall implement and complete the Project in accordance with Exhibit A and with the plans and specifications contained in its Grant Application, which is on file with the State and is incorporated by reference. Modification of the Project shall require prior written approval of the State. B. The Grantee shall submit to the State written progress reports until the completion of the Project. These reports shall be submitted upon request by the State and shall contain such detail of progress or performance on the Project as is requested by the State.

  • Proof of Execution of Instruments and of Holding of Debt Securities Subject to the provisions of Sections 7.01, 7.02 and 13.09, proof of the execution of any instrument by a Holder or his agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The ownership of Debt Securities of any series shall be proved by the Debt Security Register or by a certificate of the Registrar for such series. The Trustee may require such additional proof of any matter referred to in this Section 8.02 as it shall deem necessary.