Common use of STATEMENT OF TERMS Clause in Contracts

STATEMENT OF TERMS. A. As part of the development of the Real Estate, road impact fees are required to be paid to the City by the Applicant. In accordance with City Ordinance 12-13, the City assessed a road impact fee of $142,599 on May 17, 2018, attached hereto as Exhibit B (18-RIFA-05) (the “Assessed Road Impact Fee”), as part of the Applicant’s filed ILP for the Real Estate. B. Pursuant to I.C. 36-7-4-1324 the City agrees to installment payments of the Assessed Road Impact Fees as set forth herein. C. Prior to the issuance of the ILP, the Applicant agrees to tender five-thousand dollars ($5,000.00) or five percent (5%), whichever is greater. D. The Applicant agrees to make installment payments to the City for the remaining Assessed Road Impact Fee on or before the dates set forth below. The remaining amounts shall be due in equal payments beginning March 1, 2017, and every year thereafter, in accordance with the following: Issuance of ILP: $7,129.95 March 1, 2019: $27,093.81 March 1, 2020: $27,093.81 March 1, 2021: $27,093.81 March 1, 2022: $27,093.81 Total Road Impact Fee: $142,599.00 E. The Applicant is aware and agrees that a lien is placed upon the Real Estate pursuant to I.C. 36-7-4-1325 and the City reserves all rights of collection thereunder.

STATEMENT OF TERMS. A. As part of the development of the Real Estate, road impact fees are required to be paid to the City by the Applicant. In accordance with City Ordinance 1217-1343, the City assessed a road impact fee of $142,599 314,491.00 on May 174, 2018, attached hereto as Exhibit B (18-RIFA-05RIFA-04) (the “Assessed Road Impact Fee”), as part of the Applicant’s filed ILP for the Real Estate. B. Pursuant to I.C. 36-7-4-1324 the City agrees to installment payments of the Assessed Road Impact Fees as set forth herein. C. Prior to the issuance of the ILP, the Applicant agrees to tender five$175,000.00 (One Hundred and Seventy-thousand dollars ($5,000.00) or five percent (5%Five Thousand Dollars and 00/100), whichever is greater. D. The Applicant agrees to make installment payments to the City for the remaining Assessed Road Impact Fee on or before the dates set forth below. The remaining amounts shall be due in equal payments beginning March June 1, 20172019, and every year thereafter, in accordance with the following: Issuance of ILP: $7,129.95 March 175,000.00 June 1, 2019: $27,093.81 March $ 27,898.20 June 1, 2020: $27,093.81 March $ 27,898.20 June 1, 2021: $27,093.81 March $ 27,898.20 June 1, 2022: $27,093.81 $ 27,898.20 Total Road Impact Fee: $142,599.00314,491.00 E. The Applicant is aware and agrees that a lien is placed upon the Real Estate pursuant to I.C. 36-7-4-1325 and the City reserves all rights of collection thereunder.