Common use of Mutual Assurances Clause in Contracts

Mutual Assurances. The Parties agree that once a year prior to the end of February the Board, the PARD Director and staff, and representatives of the Developer will meet in order to review the audited financials of the City and the District with respect to capital, operation and maintenance expenditures and income related to the then-existing OCMPGC Improvements. The Parties at that time also shall discuss the efficacy of the past year’s use of funds and improvements that could be considered for the upcoming year. If the Parties conclude that District tax revenues that have been budgeted for maintenance within the OCMPGC were not necessary or used for operation and maintenance in the OCMPGC, the funds shall be returned promptly to the District or reallocated to the coming year’s budget. The Parties acknowledge that the District’s obligations in the OCMPGC do not begin unless and until, 1) improvements are made that have been agreed to by the Parties; 2) the improvements can be maintained by the District’s funding sources; and 3) the improvements are in the Master Park Plan or a properly approved amendment thereto.