EXECUTION OF MORTGAGE AND NOTE. a. Payments made by the Corporation to the Sponsor under this Agreement shall be evidenced by a Grant Enforcement Note of the Sponsor in the amount of the Award, as defined in Section 7. below, or so much thereof as may be disbursed (hereinafter the "Note"). The Award shall be due and payable upon the occurrence of an Event of Default under this Agreement as defined in Section 17. herein. The Note shall be secured by a Mortgage covering the Project Premises, the Project improvements, and any other property and rights of the Sponsor described in the Mortgage (hereinafter the "Mortgage").
Appears in 6 contracts
Samples: Final Award Agreement, Final Award Agreement, Final Award Agreement
EXECUTION OF MORTGAGE AND NOTE. a. Payments made by the Corporation to the Sponsor under this Agreement AGREEMENT shall be evidenced by a Grant Enforcement Note of the Sponsor in the amount of the Award, as defined in Section 7. below, or so much thereof as may be disbursed (hereinafter the "Note"). The Award shall be due and payable upon the occurrence of an Event of Default under this Agreement AGREEMENT as defined in Section 17. herein. The Note shall be secured by a Mortgage covering the Project Premises, the Project improvements, and any other property and rights of the Sponsor described in the Mortgage (hereinafter the "Mortgage").
Appears in 1 contract
Samples: Final Award Agreement
