Common use of DISPOSITION PROCEEDS Clause in Contracts

DISPOSITION PROCEEDS. Under the terms of the DDLA, no net Disposition Proceeds are to be received by the City from the disposition of the Properties to the Developer, either in the form of lease payments or revenues generated by the Properties. Additionally, based on the Reuse Appraisal of the Properties completed June 2020, the reuse value of the Properties is zero. Consequently, there are no Disposition Proceeds to be distributed to the Taxing Entities that are subject to this agreement. The Taxing Entities agree that upon execution of the Ground Lease and the Easement in accordance with the DDLA, the Taxing Entities shall have no further interest or right to any revenues or proceeds from the Properties.