Common use of PID Clause in Contracts

PID. In the event of termination of this Agreement, the City may (i) use remaining PID Bond Proceeds pursuant to the provisions of the Indenture or (ii) construct or cause to be constructed the remaining Authorized Improvements for which the PID Bonds were issued, payable from PID Bond Proceeds. Upon termination, the Developer shall convey all completed Authorized Improvements to the City and the Developer shall have no claim or right to any further payments for Authorized Improvement Project Costs pursuant to this except that, (i) any Authorized Improvements completed and accepted by the City or (ii) Authorized Improvement Project Costs incurred by the Developer up until the date of termination shall still be subject to reimbursement.