{"component": "clause", "props": {"groups": [{"size": 2, "snippet": "Subject to CRA Budget Approval by the CRA Board, City Approval and County Approval, as well as the CRA\u2019s receipt of the Incremental TIF on an annual basis in all cases, as an inducement to the development of the Project, the CRA agrees to pay to Developer a percentage of Incremental TIF as follows:", "samples": [{"hash": "1rUyQ13V7ue", "uri": "/contracts/1rUyQ13V7ue#development-incentive", "label": "Tax Increment Recapture Incentive Agreement", "score": 31.1145732086, "published": true}], "snippet_links": [{"key": "subject-to", "type": "definition", "offset": [0, 10]}, {"key": "approval-by", "type": "clause", "offset": [22, 33]}, {"key": "cra-board", "type": "definition", "offset": [38, 47]}, {"key": "city-approval", "type": "definition", "offset": [49, 62]}, {"key": "county-approval", "type": "clause", "offset": [67, 82]}, {"key": "receipt-of", "type": "clause", "offset": [105, 115]}, {"key": "annual-basis", "type": "clause", "offset": [142, 154]}, {"key": "in-all-cases", "type": "clause", "offset": [155, 167]}, {"key": "development-of-the-project", "type": "clause", "offset": [193, 219]}, {"key": "to-developer", "type": "clause", "offset": [243, 255]}, {"key": "a-percentage", "type": "definition", "offset": [256, 268]}], "hash": "093b662129b1749c8c404de7666a5593", "id": 1}, {"size": 1, "snippet": "A. As an incentive for developing and constructing the Project as provided in this Agreement, the Developer will be entitled to reimbursement of eligible redevelopment project costs that are incurred by the Developer and meet the requirement of the TIF Act that are available by virtue of the location of the Project Site within the Camp Street TIF District, as defined in the TIF Act and set forth in attached Exhibit \u201cB\u201d (the \u201cDevelopment Incentive\u201d).\nB. After the Date of Completion and subject to the limitations hereinafter set forth, the City shall pay to the Developer eighty percent (80%) of the Incremental Property Tax Revenue received by the City during a given Fiscal Year for the Project Site. The City shall make any such payment to the Developer by November 15th during the Fiscal Year in which the Incremental Property Tax Revenue received by the City.\nC. The Developer may not assign the Development Incentive to other than the Project\u2019s first mortgage lender without the prior written consent of the City. No attempt by the Developer to assign the Development Incentive without the prior written consent of the City shall be effective, and the City shall have no obligation to honor any assignment of the Development Incentive made without the prior written consent of the City. The City shall consent to the assignment of the Development Incentive for the purposes of securing a loan made to construct or substantially improve the Project. It is the intention of the parties to this Agreement that the Development Incentive shall be used solely for the purpose of reimbursing eligible redevelopment project costs incurred to construct or improve the Project. Consistent with that intention, the Developer may not assign the Development Incentive to any person or entity which does not have an ownership interest in the Project of at least 50% as reasonably determined by the City. In considering a request for an assignment, the City may require the parties to the transaction to document the ownership structure of the Project and to provide affidavits verifying representations made in conjunction with such a request. Furthermore, the City may from time to time require verification of the ownership structure of the Project together with verifying affidavits in order to insure that the Development Incentive is being paid and utilized in accordance with the requirements of this Agreement.\nD. The Development Incentive paid to the Developer with respect to any given Fiscal Year shall not exceed the eighty percent (80%) of the Incremental Property Tax Revenue received by the City during a given Fiscal Year for the Project Site, as the City shall be able to retain twenty percent (20%) of the Incremental Property Tax Revenue during a given Fiscal Year. The total amount of Development Incentive paid under this Agreement shall not exceed the total eligible redevelopment project costs incurred by the Developer for this project or $1,300,000.00, whichever is less. Any unpaid reimbursement of eligible redevelopment project costs shall roll over to the next Fiscal Year (without interest) until the full amount is paid under the terms of this Agreement. Any other provisions of this Agreement to the contrary notwithstanding, all payments of the Development Incentive to the Developer shall end after payment has been made with respect to the Fiscal Year during which the 10th anniversary of the Date of Completion occurs.\nE. The Developer shall provide proof of payment to the City for any eligible redevelopment project costs for which reimbursement is sought, and the City shall have no obligation to include such project cost in the amount of the Development Incentive until such proof of payment has been provided to the City. The Developer shall cooperate in providing any additional documentation to the City that is requested by the City under this provision that is reasonably related to supporting this proof of payment.", "samples": [{"hash": "adLEnLAFOvP", "uri": "/contracts/adLEnLAFOvP#development-incentive", "label": "Development Agreement", "score": 35.5666379883, "published": true}], "snippet_links": [{"key": "in-this-agreement", "type": "clause", "offset": [75, 92]}, {"key": "the-developer-will", "type": "clause", "offset": [94, 112]}, {"key": "eligible-redevelopment-project-costs", "type": "definition", "offset": [145, 181]}, {"key": "by-the-developer", "type": "clause", "offset": [200, 216]}, {"key": "tif-act", "type": "definition", "offset": [249, 256]}, {"key": "available-by", "type": "definition", "offset": [266, 278]}, {"key": "the-project-site", "type": "clause", "offset": [305, 321]}, {"key": "tif-district", "type": "definition", "offset": [345, 357]}, {"key": "attached-exhibit", "type": "clause", "offset": [402, 418]}, {"key": "date-of-completion", "type": "definition", "offset": [467, 485]}, {"key": "subject-to-the", "type": "definition", "offset": [490, 504]}, {"key": "the-city-shall", "type": "clause", "offset": [540, 554]}, {"key": "to-the-developer", "type": "clause", "offset": [559, 575]}, {"key": "incremental-property-tax-revenue", "type": "definition", "offset": [604, 636]}, {"key": "by-the-city", "type": "clause", "offset": [646, 657]}, {"key": "november-15th", "type": "definition", "offset": [764, 777]}, {"key": "the-development", "type": "clause", "offset": [901, 916]}, {"key": "first-mortgage-lender", "type": "definition", "offset": [955, 976]}, {"key": "consent-of-the", "type": "clause", "offset": [1003, 1017]}, {"key": "no-obligation-to", "type": "clause", "offset": [1178, 1194]}, {"key": "assignment-of-the", "type": "clause", "offset": [1205, 1222]}, {"key": "consent-to", "type": "clause", "offset": [1312, 1322]}, {"key": "the-assignment", "type": "clause", "offset": [1323, 1337]}, {"key": "purposes-of-securing", "type": "clause", "offset": [1375, 1395]}, {"key": "a-loan", "type": "definition", "offset": [1396, 1402]}, {"key": "to-construct", "type": "clause", "offset": [1408, 1420]}, {"key": "the-parties-to-this-agreement", "type": "clause", "offset": [1482, 1511]}, {"key": "for-the-purpose-of", "type": "definition", "offset": [1564, 1582]}, {"key": "costs-incurred", "type": "definition", "offset": [1626, 1640]}, {"key": "consistent-with", "type": "clause", "offset": [1678, 1693]}, {"key": "person-or-entity", "type": "definition", "offset": [1772, 1788]}, {"key": "interest-in-the-project", "type": "clause", "offset": [1822, 1845]}, {"key": "request-for", "type": "clause", "offset": [1917, 1928]}, {"key": "an-assignment", "type": "clause", "offset": [1929, 1942]}, {"key": "require-the", "type": "clause", "offset": [1957, 1968]}, {"key": "parties-to-the-transaction", "type": "clause", "offset": [1969, 1995]}, {"key": "structure-of-the", "type": "clause", "offset": [2022, 2038]}, {"key": "to-provide", "type": "definition", "offset": [2051, 2061]}, {"key": "from-time-to-time", "type": "clause", "offset": [2166, 2183]}, {"key": "to-insure", "type": "clause", "offset": [2291, 2300]}, {"key": "in-accordance-with", "type": "definition", "offset": [2359, 2377]}, {"key": "requirements-of-this-agreement", "type": "clause", "offset": [2382, 2412]}, {"key": "with-respect-to", "type": "clause", "offset": [2465, 2480]}, {"key": "total-amount", "type": "definition", "offset": [2784, 2796]}, {"key": "roll-over", "type": "clause", "offset": [3063, 3072]}, {"key": "next-fiscal-year", "type": "definition", "offset": [3080, 3096]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [3156, 3179]}, {"key": "agreement-to", "type": "definition", "offset": [3210, 3222]}, {"key": "payments-of-the", "type": "clause", "offset": [3257, 3272]}, {"key": "developer-shall", "type": "clause", "offset": [3302, 3317]}, {"key": "payment-to-the-city", "type": "definition", "offset": [3490, 3509]}, {"key": "additional-documentation", "type": "definition", "offset": [3806, 3830]}, {"key": "requested-by", "type": "definition", "offset": [3851, 3863]}, {"key": "related-to", "type": "clause", "offset": [3913, 3923]}], "hash": "c3c6b0fa5c81d4ab55de7c47adab3411", "id": 2}, {"size": 1, "snippet": "In consideration for Developer fulfilling the Developer Commitments and the Additional Developer Commitments described in Articles IV and V hereof, respectively, the Commission shall provide the following economic development incentive provided for in this Article III (the \u201cIncentive\u201d).", "samples": [{"hash": "9bxMgnQrnXD", "uri": "/contracts/9bxMgnQrnXD#development-incentive", "label": "Development Agreement", "score": 25.765229295, "published": true}], "snippet_links": [{"key": "in-consideration-for", "type": "clause", "offset": [0, 20]}, {"key": "developer-commitments", "type": "clause", "offset": [46, 67]}, {"key": "the-commission", "type": "clause", "offset": [162, 176]}, {"key": "provide-the", "type": "clause", "offset": [183, 194]}, {"key": "economic-development-incentive", "type": "definition", "offset": [205, 235]}, {"key": "article-iii", "type": "clause", "offset": [257, 268]}], "hash": "42b97b70b47d77937fb06c979e2faa57", "id": 3}, {"size": 1, "snippet": "Pursuant to and consistent with Ind. Code \u00a7 36-7-14- 12.2(a)(25), the the Bldg. Corporation shall provide Corporation One Hundred Thousand and no/100 Dollars ($100,000.00) to construct, rehabilitate, or repair the Site. The Development Incentive shall be paid by Bldg. Corporation within thirty", "samples": [{"hash": "dhdYVY0HJbM", "uri": "/contracts/dhdYVY0HJbM#development-incentive", "label": "Economic Development Agreement", "score": 23.8459958932, "published": true}], "snippet_links": [{"key": "pursuant-to", "type": "definition", "offset": [0, 11]}, {"key": "consistent-with", "type": "clause", "offset": [16, 31]}, {"key": "to-construct", "type": "clause", "offset": [172, 184]}, {"key": "the-site", "type": "clause", "offset": [210, 218]}, {"key": "the-development", "type": "clause", "offset": [220, 235]}, {"key": "within-thirty", "type": "clause", "offset": [281, 294]}], "hash": "02bd9ec3178ed419dc688877b662db85", "id": 4}, {"size": 1, "snippet": "18.3.1 You will be eligible to participate in our Development Incentive program if (i) you have signed and delivered this Agreement by [\u25cf]; (ii) you and your guarantor, as co-maker, have signed and returned to us the Development Incentive Note (the \u201cNote\u201d) that accompanies this Agreement; (iii) you have accepted the PIP; and (iv) you open the Facility in compliance with the PIP and Schedule D. The anticipated amount of the Development Incentive will be $[\u25cf], based on a formula of $[\u25cf] per guest room multiplied by the number of guest rooms specified on Schedule B. The actual amount of the Development Incentive to be disbursed, if any, will be based on the number of guest rooms at the Facility on the Opening Date. If the number of guest rooms changes with our consent, we will adjust the amount of the Development Incentive accordingly. You authorize us to modify the principal amount of the Note based on this Section and the number of guest rooms at the Facility.\n18.3.2 We may disburse the Development Incentive in multiple installments, the first of which will be in the amount of $[\u25cf] (the \u201cFirst Installment\u201d) and will be disbursed after (i) you have passed a credit/financial review with no material adverse changes in your or your guarantors\u2019 business, finances, legal, litigation, or bankruptcy status or the finances or the financial viability of the Facility since preliminary approval; (ii) the Facility has officially opened with our consent; (iii) you have executed the MITA/ Schedule and scheduled the installation of an approved property management system at the Facility; and (iv) you have submitted documentation that your lease for the Facility continues for a term of at least ten years after the Effective Date. Notwithstanding the foregoing, the First Installment will not be disbursed unless you are in good standing under this Agreement; you are current on the payment of all fees and other amounts owed under this Agreement; and there are no outstanding defaults that remain uncured beyond their provided cure periods.\n18.3.3 The second installment in the amount of $[\u25cf] (the \u201cSecond Installment\u201d) will be disbursed after (i) you have passed a final credit/financial review with no material adverse changes in your or your guarantors\u2019 business, finances, legal, litigation, or bankruptcy status, or the finances or the financial viability of the Facility since preliminary approval; (ii) we have acknowledged, in writing, that all items described as to be completed six (6) months after opening in the PIP have been completed for the Facility; (iii) all items described as to be completed six (6) months after opening in the PIPs for any membership or franchise agreement for any hotels in which you or an affiliate have any ownership interest which, as of the Effective Date, include: ([\u25cf]), have been completed to our satisfaction; and (iv) all of the sites identified herein are open and operating. Notwithstanding the foregoing or anything to the contrary herein, you shall be deemed to have met the condition in (iii) herein once you and your affiliates spend the lesser of (y) [\u25cf] of the total cumulative development incentive amount for all the sites identified herein on completion of PIP items (excluding any property management system costs) or (z) $[\u25cf]. Notwithstanding the foregoing, the Second Installment will not be disbursed unless you are in good standing under this Agreement; you are current on the payment of all fees and other amounts owed under this Agreement; and there are no outstanding defaults that remain uncured beyond their provided cure periods. The date we fund the Second Installment shall be referred to as the \u201cFinal Funding Date.\u201d\n18.3.4 The Development Incentive is a loan that is not subject to repayment, and will not bear interest, except in the case of default or acceleration. Your guarantors must co-sign the Note with you. If any of your guarantors is a resident of a community property state or certain other states, his or her spouse also must co-sign the Note. On each anniversary of the Opening Date that follows the Final Funding Date, an amount equal to the actual original amount of the Development Incentive, divided equally by the number of complete Membership Years remaining as of the Final Funding Date between the Final Funding Date and the conclusion of the Term, will be forgiven without payment, such that the Note will have been completely forgiven without payment at the conclusion of the Term. If you engage in or suffer a Transfer (excluding a Permitted Transfer), you must repay the balance of the Note unless the transferee and its principals assume the obligation to repay the Development Incentive and provide us with such other security as we may require in our sole discretion. We reserve the right to conduct a credit investigation of the transferee and its owners at all times and withdraw the offer of the Development Incentive before we issue or disburse the Development Incentive. If there is a conflict between the terms of Section 18.3 and the Note, the terms of the Note will prevail.", "samples": [{"hash": "8BGVWqZ3DXm", "uri": "/contracts/8BGVWqZ3DXm#development-incentive", "label": "Membership Agreement (Luxurban Hotels Inc.)", "score": 32.582477755, "published": true}], "snippet_links": [{"key": "participate-in", "type": "definition", "offset": [31, 45]}, {"key": "development-incentive-program", "type": "clause", "offset": [50, 79]}, {"key": "signed-and-delivered", "type": "clause", "offset": [96, 116]}, {"key": "this-agreement", "type": "clause", "offset": [117, 131]}, {"key": "the-development", "type": "clause", "offset": [213, 228]}, {"key": "compliance-with-the", "type": "clause", "offset": [357, 376]}, {"key": "based-on", "type": "clause", "offset": [463, 471]}, {"key": "number-of", "type": "clause", "offset": [523, 532]}, {"key": "guest-rooms", "type": "definition", "offset": [533, 544]}, {"key": "on-schedule", "type": "definition", "offset": [555, 566]}, {"key": "actual-amount", "type": "definition", "offset": [574, 587]}, {"key": "at-the-facility", "type": "definition", "offset": [685, 700]}, {"key": "opening-date", "type": "definition", "offset": [708, 720]}, {"key": "our-consent", "type": "clause", "offset": [764, 775]}, {"key": "authorize-us-to", "type": "clause", "offset": [849, 864]}, {"key": "the-principal-amount", "type": "definition", "offset": [872, 892]}, {"key": "first-installment", "type": "clause", "offset": [1104, 1121]}, {"key": "a-credit", "type": "definition", "offset": [1172, 1180]}, {"key": "financial-review", "type": "definition", "offset": [1181, 1197]}, {"key": "changes-in", "type": "clause", "offset": [1223, 1233]}, {"key": "bankruptcy-status", "type": "clause", "offset": [1301, 1318]}, {"key": "financial-viability", "type": "clause", "offset": [1342, 1361]}, {"key": "preliminary-approval", "type": "clause", "offset": [1384, 1404]}, {"key": "installation-of", "type": "clause", "offset": [1525, 1540]}, {"key": "property-management-system", "type": "definition", "offset": [1553, 1579]}, {"key": "your-lease", "type": "clause", "offset": [1644, 1654]}, {"key": "term-of", "type": "clause", "offset": [1688, 1695]}, {"key": "ten-years", "type": "clause", "offset": [1705, 1714]}, {"key": "after-the-effective-date", "type": "clause", "offset": [1715, 1739]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1741, 1770]}, {"key": "in-good-standing", "type": "definition", "offset": [1831, 1847]}, {"key": "fees-and-other-amounts-owed", "type": "clause", "offset": [1908, 1935]}, {"key": "outstanding-defaults", "type": "clause", "offset": [1975, 1995]}, {"key": "cure-periods", "type": "definition", "offset": [2038, 2050]}, {"key": "second-installment", "type": "clause", "offset": [2063, 2081]}, {"key": "in-writing", "type": "clause", "offset": [2443, 2453]}, {"key": "all-items", "type": "definition", "offset": [2460, 2469]}, {"key": "to-be-completed", "type": "clause", "offset": [2483, 2498]}, {"key": "after-opening", "type": "clause", "offset": [2514, 2527]}, {"key": "agreement-for", "type": "clause", "offset": [2695, 2708]}, {"key": "an-affiliate", "type": "clause", "offset": [2736, 2748]}, {"key": "ownership-interest", "type": "definition", "offset": [2758, 2776]}, {"key": "as-of-the-effective-date", "type": "clause", "offset": [2784, 2808]}, {"key": "the-sites", "type": "clause", "offset": [2883, 2892]}, {"key": "open-and-operating", "type": "definition", "offset": [2915, 2933]}, {"key": "the-condition", "type": "clause", "offset": [3033, 3046]}, {"key": "your-affiliates", "type": "clause", "offset": [3076, 3091]}, {"key": "lesser-of", "type": "definition", "offset": [3102, 3111]}, {"key": "the-total", "type": "clause", "offset": [3123, 3132]}, {"key": "incentive-amount", "type": "clause", "offset": [3156, 3172]}, {"key": "completion-of", "type": "clause", "offset": [3212, 3225]}, {"key": "system-costs", "type": "definition", "offset": [3271, 3283]}, {"key": "final-funding-date", "type": "clause", "offset": [3679, 3697]}, {"key": "a-loan", "type": "definition", "offset": [3736, 3742]}, {"key": "subject-to", "type": "definition", "offset": [3755, 3765]}, {"key": "in-the-case", "type": "clause", "offset": [3812, 3823]}, {"key": "community-property", "type": "definition", "offset": [3945, 3963]}, {"key": "other-states", "type": "clause", "offset": [3981, 3993]}, {"key": "the-final", "type": "clause", "offset": [4094, 4103]}, {"key": "equal-to", "type": "definition", "offset": [4128, 4136]}, {"key": "original-amount", "type": "definition", "offset": [4148, 4163]}, {"key": "conclusion-of", "type": "clause", "offset": [4331, 4344]}, {"key": "permitted-transfer", "type": "clause", "offset": [4541, 4559]}, {"key": "balance-of-the", "type": "clause", "offset": [4581, 4595]}, {"key": "the-transferee", "type": "clause", "offset": [4608, 4622]}, {"key": "obligation-to-repay", "type": "clause", "offset": [4653, 4672]}, {"key": "provide-us", "type": "clause", "offset": [4703, 4713]}, {"key": "other-security", "type": "definition", "offset": [4724, 4738]}, {"key": "sole-discretion", "type": "clause", "offset": [4764, 4779]}, {"key": "right-to-conduct", "type": "clause", "offset": [4796, 4812]}, {"key": "credit-investigation", "type": "clause", "offset": [4815, 4835]}, {"key": "at-all-times", "type": "definition", "offset": [4869, 4881]}, {"key": "the-offer", "type": "clause", "offset": [4895, 4904]}, {"key": "the-terms", "type": "definition", "offset": [5020, 5029]}, {"key": "section-183", "type": "clause", "offset": [5033, 5045]}, {"key": "terms-of-the-note", "type": "clause", "offset": [5064, 5081]}], "hash": "923f4108ee911698f7531b16f85532ac", "id": 5}, {"size": 1, "snippet": "The proposed development agreement provides a pay-go incentive of 20% of the proposed development guarantee value, you can see this in 5.1 Municipal Revenue Obligation (a) $8,000,000. This incentive will be paid over the life of the TID after the developer makes the site buildable and creates the development as proposed. We have worked with the developer to adjust the initial repayment schedule to be more aggressive in the first five years and then reduced back to normal levels until the incentive levels. The repayment schedule can be found in 5.1 Municipal Revenue Obligation (a)(a) and (b) of the attached development agreement. As written, we will reimburse 95% for years 2027-2031 and 75% each year thereafter until the 20% reimbursement has been reached or until the TID has been closed, whichever comes first.", "samples": [{"hash": "dPtztD9kXwc", "uri": "/contracts/dPtztD9kXwc#development-incentive", "label": "Development Agreement", "score": 29.0810188323, "published": true}], "snippet_links": [{"key": "proposed-development-agreement", "type": "clause", "offset": [4, 34]}, {"key": "guarantee-value", "type": "definition", "offset": [98, 113]}, {"key": "municipal-revenue-obligation", "type": "clause", "offset": [139, 167]}, {"key": "the-developer", "type": "clause", "offset": [243, 256]}, {"key": "the-site", "type": "clause", "offset": [263, 271]}, {"key": "the-development", "type": "clause", "offset": [294, 309]}, {"key": "schedule-to", "type": "clause", "offset": [389, 400]}, {"key": "first-five-years", "type": "clause", "offset": [427, 443]}, {"key": "as-written", "type": "definition", "offset": [637, 647]}, {"key": "each-year", "type": "definition", "offset": [699, 708]}], "hash": "0764ae91e2013b23317bc7ec1a71ed60", "id": 6}, {"size": 1, "snippet": "The CITY shall provide an economic incentive to \u2587\u2587\u2587\u2587\u2587\u2587 not to exceed Forty-Seven Thousand One Hundred and Twenty-Seven Dollars ($47,127.00), payable within 90 days of \u2587\u2587\u2587\u2587\u2587\u2587\u2019\u2587 payment to obtain and the issuance of a Certificate of Occupancy and documentation satisfying Paragraph 4.", "samples": [{"hash": "5iiIU7XugUl", "uri": "/contracts/5iiIU7XugUl#development-incentive", "label": "Economic Development Incentive Agreement", "score": 22.9671457906, "published": true}], "snippet_links": [{"key": "the-city-shall", "type": "clause", "offset": [0, 14]}, {"key": "economic-incentive", "type": "definition", "offset": [26, 44]}, {"key": "not-to-exceed", "type": "clause", "offset": [55, 68]}, {"key": "payable-within", "type": "definition", "offset": [141, 155]}, {"key": "payment-to", "type": "clause", "offset": [176, 186]}, {"key": "issuance-of-a-certificate-of-occupancy", "type": "clause", "offset": [202, 240]}, {"key": "and-documentation", "type": "clause", "offset": [241, 258]}, {"key": "paragraph-4", "type": "clause", "offset": [270, 281]}], "hash": "77a5c1b01d1bc95172f3bdf31464097a", "id": 7}, {"size": 1, "snippet": "Within ten (10) business days after Production, ICS shall pay to INET (i) the applicable aggregate amount payable to the employees set forth on Exhibit 5 and (ii) an amount equal to all Taxes payable by INET and Nasdaq with respect to the payments contemplated by this Section 6, such that INET and Nasdaq are not liable for any Taxes arising out of INET\u2019s fulfillment of the obligations set forth in this Section 6. INET shall distribute such amounts in accordance with Exhibit 5, provided that, if any INET employee set forth on Exhibit 5 is no longer an INET employee at Production, ICS shall have no obligation to pay INET any amount with respect to such employee, and INET shall have no obligation to pay any amount to such employee pursuant to this Section 6.", "samples": [{"hash": "fGzZK1cLYmM", "uri": "/contracts/fGzZK1cLYmM#development-incentive", "label": "Assignment and Support Agreement (Nasdaq Stock Market Inc)", "score": 19.0, "published": true}], "snippet_links": [{"key": "after-production", "type": "clause", "offset": [30, 46]}, {"key": "pay-to", "type": "definition", "offset": [58, 64]}, {"key": "the-applicable", "type": "clause", "offset": [74, 88]}, {"key": "payable-to", "type": "definition", "offset": [106, 116]}, {"key": "the-employees", "type": "clause", "offset": [117, 130]}, {"key": "exhibit-5", "type": "definition", "offset": [144, 153]}, {"key": "equal-to", "type": "definition", "offset": [173, 181]}, {"key": "taxes-payable", "type": "definition", "offset": [186, 199]}, {"key": "with-respect-to", "type": "clause", "offset": [219, 234]}, {"key": "section-6", "type": "definition", "offset": [269, 278]}, {"key": "not-liable", "type": "clause", "offset": [310, 320]}, {"key": "arising-out-of", "type": "definition", "offset": [335, 349]}, {"key": "fulfillment-of-the-obligations", "type": "clause", "offset": [357, 387]}, {"key": "in-accordance-with", "type": "definition", "offset": [452, 470]}, {"key": "provided-that", "type": "clause", "offset": [482, 495]}, {"key": "no-obligation-to-pay", "type": "clause", "offset": [601, 621]}, {"key": "pursuant-to", "type": "definition", "offset": [738, 749]}], "hash": "dff8f1f2299d41d7c8d1b1b2722af827", "id": 8}, {"size": 1, "snippet": "In the event of any delay by Cerent in the --------------------- general availability of [*] (with the respective functionalities as specified in Section 1.0) as of the dates specified in this Section 4.0 (each, a \"Delay\"), Cerent shall give \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 an [*] of the purchase price of the Products set forth on Exhibit A for [*] of such Delay on all Products purchased during the --------- period of such Delay. The foregoing discount shall apply only to those Products shipped to \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 during such Delay. In the event of a Delay in excess of [*] months, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 shall be entitled to reduce its minimum purchase obligations under Section 2.1 by the greater of (i) the aggregate dollar amount of all Purchase Orders canceled during such Delay pursuant to Section 8.4, or (ii) [*]. In the event of any Delay of more than [*] full months, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 may, at its sole option, terminate this Agreement with no further purchase obligation under Section 2.1. Notwithstanding anything else in this Agreement, the provisions of this Section 4.5 shall constitute \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587' sole remedy, and Cerent's sole obligation, for any breach of Sections 4.1 and/or 4.2.", "samples": [{"hash": "3qA39brN7wh", "uri": "/contracts/3qA39brN7wh#development-incentive", "label": "Purchase Agreement (Cerent Corp)", "score": 18.0, "published": true}], "snippet_links": [{"key": "availability-of", "type": "clause", "offset": [73, 88]}, {"key": "as-specified", "type": "clause", "offset": [130, 142]}, {"key": "price-of-the-products", "type": "clause", "offset": [274, 295]}, {"key": "exhibit-a", "type": "clause", "offset": [309, 318]}, {"key": "products-purchased", "type": "clause", "offset": [348, 366]}, {"key": "period-of", "type": "definition", "offset": [388, 397]}, {"key": "the-foregoing", "type": "definition", "offset": [410, 423]}, {"key": "in-the-event-of-a", "type": "clause", "offset": [507, 524]}, {"key": "minimum-purchase-obligations", "type": "definition", "offset": [597, 625]}, {"key": "section-21", "type": "clause", "offset": [632, 643]}, {"key": "aggregate-dollar-amount", "type": "definition", "offset": [670, 693]}, {"key": "purchase-orders", "type": "clause", "offset": [701, 716]}, {"key": "section-84", "type": "clause", "offset": [756, 767]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [872, 896]}, {"key": "further-purchase", "type": "definition", "offset": [905, 921]}, {"key": "in-this-agreement", "type": "clause", "offset": [982, 999]}, {"key": "section-45", "type": "clause", "offset": [1024, 1035]}, {"key": "sole-remedy", "type": "clause", "offset": [1063, 1074]}, {"key": "sole-obligation", "type": "clause", "offset": [1089, 1104]}, {"key": "breach-of", "type": "definition", "offset": [1114, 1123]}], "hash": "ed8c49cb5c7023f1c81b6dfb9ff76441", "id": 9}, {"size": 1, "snippet": "\u201cDevelopment Incentive\u201d means the Loan and Assistance in Development Financing required to bridge a gap in financing needed to make the Project possible, which incentive is provided through a tax increment allocation of an amount not- to-exceed $1,375,000 for this Project.", "samples": [{"hash": "94Vfu1i9ALQ", "uri": "/contracts/94Vfu1i9ALQ#development-incentive", "label": "Economic Development Agreement", "score": 25.038329911, "published": true}], "snippet_links": [{"key": "the-loan", "type": "clause", "offset": [30, 38]}, {"key": "financing-required", "type": "clause", "offset": [69, 87]}, {"key": "the-project", "type": "clause", "offset": [132, 143]}, {"key": "tax-increment", "type": "definition", "offset": [192, 205]}, {"key": "allocation-of", "type": "clause", "offset": [206, 219]}], "hash": "900c0e7b6b4ce8417e044ffff10ba631", "id": 10}], "next_curs": "Cl4SWGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjoLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ih5kZXZlbG9wbWVudC1pbmNlbnRpdmUjMDAwMDAwMGEMogECZW4YACAA", "clause": {"title": "Development Incentive", "size": 14, "parents": [["development-of-project-and-project-incremental-tif", "Development of Project and Project Incremental Tif"], ["defined-terms", "DEFINED TERMS"], ["definitions", "Definitions"], ["economic-development-incentives", "ECONOMIC DEVELOPMENT INCENTIVES"], ["development-of-project-project-incremental-tif", "Development of Project Project Incremental Tif"]], "children": [["payment-of-incremental-tif", "Payment of Incremental TIF"], ["limitation-on-use-of-recapture-tif-incentive-payments", "Limitation on Use of Recapture TIF Incentive Payments"], ["right-to-receive-tif-incentive-payments-after-sale", "Right to Receive TIF Incentive Payments After Sale"], ["right-to-recapture-tif-incentive-payments-conditions-precedent", "Right to Recapture TIF Incentive Payments; Conditions Precedent"], ["term-of-agreement", "Term of Agreement"]], "id": "development-incentive", "related": [["employee-development", "Employee Development", "Employee Development"], ["career-development", "Career Development", "Career Development"], ["curriculum-development", "Curriculum Development", "Curriculum Development"], ["program-development", "Program Development", "Program Development"], ["development-and-commercialization", "Development and Commercialization", "Development and Commercialization"]], "related_snippets": [], "updated": "2025-07-07T12:37:53+00:00", "also_ask": [], "drafting_tip": null, "explanation": "A Development Incentive clause establishes rewards or benefits for achieving specific development milestones or goals within a project. Typically, this clause outlines the criteria for earning incentives, such as completing construction phases ahead of schedule or meeting certain quality standards, and specifies the form of the incentive, which may include financial bonuses or other compensation. Its core practical function is to motivate parties to meet or exceed project objectives, thereby promoting timely and high-quality completion of development work."}, "json": true, "cursor": ""}}