Payments by Developer. Pursuant to Section 1.5 of the ENRA, the City agreed to use the Reimbursement Deposit for the first Forty Thousand ($40,000) of City Costs, subject to replenishment requirements under Section 1.5. If at any time the remaining unencumbered balance of the Reimbursement Deposit is less than Fifteen Thousand Dollars ($15,000), the City shall request in writing that the Developer replenish the Reimbursement Deposit amount to bring the unencumbered balance to at least Twenty Five Thousand Dollars ($25,000). At time the City delivers a request for replenishment to the Developer, the City shall also provide to the Developer an accounting of the reimbursements to be made out of the 163\39\2457900.1 Reimbursement Deposit through the date of the City's request to replenish the Reimbursement Deposit in accordance with the terms of the Reimbursement Agreement.
Appears in 2 contracts