Resumption of Project Sample Clauses

Resumption of Project. If Matrix resumes construction of the --------------------- Project within 120 days following the Closing and provides the Bank with adequate assurances that the Project will be completed in accordance with the original plans, the Bank agrees that it will then release the California Mortgage and file appropriate releases and termination statements in the applicable filing offices, at the sole cost of the Borrowers. If Matrix does not resume construction at the Port Facility, but instead (i) acquires an alternative location on which to proceed with construction of a project substantially similar to the Project, (ii) provides the Bank with a substitute mortgage on the alternative location, (iii) satisfies the Real Estate Requirements with respect to the alternative location, and (iv) furnishes the Bank with copies of the new construction plans and construction budget, all in form and substance satisfactory to the Bank, and if the appraised value of the alternative location (as reflected in the "as built" appraisal to be delivered pursuant to the Real Estate Requirements) as compared to the then outstanding principal balance of the Term Note is sufficient to establish an 85% loan to collateral value, then upon satisfaction of all of the foregoing conditions, the Bank agrees that it will release the California Mortgage and file appropriate releases and termination statements in the applicable filing offices, at the sole cost of the Borrowers.
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Resumption of Project. 26 3.3.5 Release of Mortgages............................................ 26 3.4 Lockbox............................................................. 26 3.5 Collateral to be Provided Upon Default.............................. 26 3.6
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Related to Resumption of Project

  • Completion of Project This Grant Agreement shall terminate upon completion of the project and payment of the last invoice.

  • Construction of Project 11.1.1 Developer agrees to cause the Project to be developed, constructed, and installed in accordance with the terms hereof and the Construction Provisions set forth in Exhibit D, including those things reasonably inferred from the Contract Documents as being within the scope of the Project and necessary to produce the stated result even though no mention is made in the Contract Documents.

  • EVALUATION OF PROJECT BENEFITS The goal of this task is to report the benefits resulting from this project.

  • Construction of Provisions Although certain provisions of this Agreement contain express language which precludes the Servicer's recovery of, or reimbursement for, expenses incurred hereunder, no inference to the contrary shall be drawn from absence of such, or similar, language in any other provision hereof regarding expenses.

  • DESCRIPTION OF PROJECT For the Company to be eligible to earn the Maximum Credit Amount, the Company will satisfy its obligations as reflected in the following representations, which the IEDC has relied upon: A. The Company will complete the Project at the Project Location. B. The Company represents that the number of permanent, Full-Time Employees (as defined in Indiana Code § 6–3.1–13–4) from whom Indiana state income tax withholdings are retained by the State of Indiana, employed as of the Commencement Date at the Project Location, is the Base Employment Number. C. The Project will result in the creation of New Employees (as defined in Indiana Code § 6- 3.1-13-6) at the Project Location of at least the Additional Jobs Commitment. D. The average of the hourly wages, before benefits, paid to New Employees at the Project Location, will at least equal the Average Wage Commitment. E. At the discretion of the IEDC, New Employees that are paid an average wage of less than the Minimum Wage Commitment may be excluded for the purpose of calculating the credit amount. F. The Project is anticipated to involve at least the Capital Investment Amount.