Right to Receive TIF Incentive Payments After Sale Clause Samples

Right to Receive TIF Incentive Payments After Sale. Notwithstanding the Developer’s sale, lease or other disposition of all or any portion of the Project (including, but not limited to, the sale or lease of all or any portion of the residential units or commercial uses contemplated as part of the Project) (collectively, a “Sale”), the Developer shall continue to receive the Recapture TIF Incentive Payments for the Term of this Agreement subject to the terms and conditions hereof including, but not limited to, the payment of real estate taxes for the Property prior to delinquency. The foregoing shall only apply to a Sale that occurs following five (5) years after Substantial Completion. If a Sale occurs prior to five (5) years after Substantial Completion the CRA shall be a material default on the part of the Developer thereby entitling the CRA to all of its rights and remedies as set forth in Section 11 below.