Creation of Wholelife PUD Community Development District Sample Clauses

Creation of Wholelife PUD Community Development District. Buyer intends to create a Community Development District (“CDD”), pursuant to Chapter 190, Florida Statutes, with a boundary that encompasses the entire Wholelife PUD property, for the purposes of issuing bonds to fund infrastructure improvements for both the Property and the remaining non-single family properties within the Wholelife PUD. Buyer, at no cost or expense to Seller, shall prepare the necessary reports, agreements, applications and other documentation necessary to create the CDD through the City of Wildwood, Florida. Seller agrees to reasonably cooperate, at no cost to Seller, with Buyer in its efforts to create the CDD. Notwithstanding the foregoing, Buyer shall not encumber the Property with any debt assessments prior to Closing. In the event of any termination of this Agreement, at Seller’s request, Buyer shall promptly dissolve the CDD at Buyer’s sole cost and expense.