Phase I TIF Note Sample Clauses

Phase I TIF Note. The Phase I TIF Note will be originally issued to the Developer, as provided in Section 3.2(1)(a), in a principal amount equal to the Phase I Reimbursement Amount and shall be dated as of its date of issuance. The principal of the Phase I TIF Note and interest thereon, if any, shall be payable on a pay-as-you-go basis solely from the Phase I Pledged Tax Increments as provided below. (a) The Phase I TIF Note shall be issued, in substantially the form attached hereto as Exhibit D, only when: (A) the Developer shall have submitted written proof and other documentation as may be reasonably satisfactory to the HRA of the exact nature and amount of the Public Development Costs incurred by the Developer related to the Phase I Residential and the Phase I Property, together with such other information or documentation as may be reasonably necessary and satisfactory to the HRA to enable the HRA to substantiate the Developer’s tax increment eligible expenditures and/or to comply with its tax increment reporting obligations to the Commissioner of Revenue, the Office of the State Auditor or other applicable official; (B) the Developer shall have obtained a Certificate of Completion from the HRA and certificate of occupancy for the housing units in the Phase I Residential from the City; (C) the Developer shall have paid all of the HRA’s Administrative Costs required to have been paid as of such date in accordance with Section 3.4 hereof; and (D) the Developer is in material compliance with each term or provision of this Agreement required to have been satisfied as of such date. The documentation required to comply with Section 3.2(1)(a)(A) shall include specific invoices for the particular work from the contractor or other provider relating to the Phase I Residential and the Phase I Property and shall include paid invoices, copies of remittances and/or other suitable documentary proofs of the Developer’s payment thereof. (b) No interest will accrue on the Phase I TIF Note. Principal on the Phase I TIF Note will be payable on each Payment Date from the date of issuance; however, the sole source of funds required to be used for payment of the HRA’s obligations under this 3.2(1) and correspondingly under the Phase I TIF Note shall be the Phase I Pledged Tax Increments received in the 6-month period preceding each Payment Date. On each Payment Date the Phase I Pledged Tax Increments shall be applied to reduce the principal. To the extent that the Phase I Pledged Tax Increme...
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Related to Phase I TIF Note

  • Replacement of Note 2.1 In the event that this Note is mutilated, destroyed, lost or stolen, Payor shall, at its sole expense, execute, register and deliver a new Note, in exchange and substitution for this Note, if mutilated, or in lieu of and substitution for this Note, if destroyed, lost or stolen. In the case of destruction, loss or theft, Payee shall furnish to Payor indemnity reasonably satisfactory to Payor, and in any such case, and in the case of mutilation, Payee shall also furnish to Payor evidence to its reasonable satisfaction of the mutilation, destruction, loss or theft of this Note and of the ownership thereof. Any replacement Note so issued shall be in the same outstanding principal amount as this Note and dated the date to which interest shall have been paid on this Note or, if no interest shall have yet been paid, dated the date of this Note. 2.2 Every Note issued pursuant to the provisions of Section 2.1 above in substitution for this Note shall constitute an additional contractual obligation of the Payor, whether or not this Note shall be found at any time or be enforceable by anyone.

  • Term Note The Term Loan shall be evidenced by the Term Note. At the time of the disbursement of the Term Loan or a repayment made in whole or in part thereon, a notation thereof shall be made on the books and records of the Bank. All amounts recorded shall be, absent demonstrable error, conclusive and binding evidence of (i) the principal amount of the Term Loan advanced hereunder, (ii) any accrued and unpaid interest owing on the Term Loan and (iii) all amounts repaid on the Term Loan. The failure to record any such amount or any error in recording such amounts shall not, however, limit or otherwise affect the joint and several obligations of the Borrowers under the Term Note to repay the principal amount of the Term Loan, together with all interest accruing thereon.

  • E C I T A L S City is a municipal corporation duly organized and validly existing under the laws of the State of California with the power to carry on its business as it is now being conducted under the statutes of the State of California and the Charter of City.

  • CONTRACT EXHIBIT I PREFERRED PRICING AFFIDAVIT This preferred-pricing affidavit is entered into in accordance with section 216.0113, F.S., and as required by Contract No. 80101507-21-STC-ITSA (“Contract”) between (“Contractor”) and the Department of Management Services. As the person authorized by Contractor to sign this affidavit, I attest that the Contractor is in full compliance with the preferred-pricing clause of the Contract. Contractor’s Name: By: Signature Printed Name/Title Date: STATE OF COUNTY OF Sworn to (or affirmed) and subscribed before me this day of , by Vendor Name: FEIN# Vendor’s Authorized Representative Name and Title: Address: City, State, and Zip code: Phone Number: ( ) - E-mail: CORPORATE SEAL (IF APPLICABLE) (Print, Type, or Stamp Commissioned Name of Notary Public) [Check One] Personally Known OR Produced the following I.D.

  • Collection; Foreclosure Upon the occurrence and during the continuance of any Event of Default, Lender may, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially reasonable preparation or processing, in such order as Lender may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten (10) calendar days’ prior written notice to Borrower. Lender may require Borrower to assemble the Collateral and make it available to Lender at a place designated by Lender that is reasonably convenient to Lender and Borrower. The proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be applied by Lender in the following order of priorities: First, to Lender in an amount sufficient to pay in full Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 11.11; Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest, and the Default Rate interest), in such order and priority as Lender may choose in its sole discretion; and Finally, after the full, final, and indefeasible payment in Cash of all of the Secured Obligations, to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. Lender shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC.