Payment for Authorized Improvements Sample Clauses

Payment for Authorized Improvements. Section 4.01. Overall Requirements (a) Capitalized and not otherwise defined terms used in this Article IV of this Agreement shall have the same meanings as given in the Deposit Agreement. Subsection 2(b) and Section 3 of the Deposit Agreement notwithstanding, the terms of this Article IV of this Agreement establish the manner of applying the Owner Contribution towards the completion of the Enhanced Projects and shall control over the related provisions of the Deposit Agreement. (b) The City shall not be obligated to provide funds for any Authorized Improvement except from the proceeds of the PID Bonds deposited into the Project Fund Account of the Indenture or from the Owner Contribution, as applicable, or from Assessments. The City makes no warranty, either express or implied, that either, or any combination of, the proceeds of the PID Bonds, Owner Contribution, or the Assessments available for the payment of the Actual Cost of the Authorized Improvements to be constructed for or acquired by the City will be sufficient for the construction or acquisition of all of those particular Authorized Improvements. The Parties anticipate that the Actual Cost to construct the Authorized Improvements may be greater than the proceeds of the PID Bonds, the Owner Contribution, and Assessments available for Authorized Improvements. (c) The City shall not be obligated to provide funds for any Authorized Improvement unless and until the City determines that: (i) the Owner is then in current compliance with its obligations under this Agreement and PID-related obligations of the Development Agreement for the ShadowGlen Subdivision, dated effective January 10, 2011, as amended, and the Development Agreement ”; and (ii) the City has approved the Authorized Improvements, including inspection and acceptance, if applicable (except this subsection (ii) will not apply if payment is being made through progress payments as provided herein); and (iii) if PID Bonds have been issued, the PID Administrator provides written confirmation of compliance with the conditions and provisions of the Disclosure Agreement of Owner at the time of the withdrawal of funds from the Project Fund, or from any other eligible account or fund under the Indenture. (d) Upon written acceptance of an Authorized Improvement, and subject to any applicable maintenance-bond period, the City shall be responsible for all operation and maintenance of such Authorized Improvement, including all costs thereof and relati...