Common use of Issuance of Bonds Clause in Contracts

Issuance of Bonds. Agency shall issue a Bond in the form and principal amount and bearing interest and being subject to such terms and conditions as are specified on Exhibit D attached hereto. No Bond will be issued until the Developer has (a) acquired fee title to the Premises; and (b) entered into a contract for construction of the Project. The Agency shall have no obligation to find a lender or investor to acquire the Bond, but rather shall issue the Bond to or to the order of Developer upon payment of the principal amount thereof.

Issuance of Bonds. Agency shall issue a Bond in the form and principal amount and bearing interest and being subject to such terms and conditions as are specified on Exhibit D attached hereto. No Bond will be issued until the Developer Company has (a) acquired fee title to the Premises; and (b) entered into a contract for construction of the Project. The Agency shall have no obligation to find a lender or investor to acquire the Bond, but rather shall issue the Bond to or to the order of Developer Company upon payment of the principal amount thereof.