Developer Note definition

Developer Note means that instrument, substantially in the form and content attached hereto as Exhibit B, evidencing the limited obligation of the Village of Westmont to repay the registered owner of such instrument designated by Developer, or registered owner’s assignees, the principal amount of $3,000,000.00 plus interest on such principal amount out of Tax Revenues (as herein defined) until the earlier to occur of payment in full of the monetary obligation detailed in such instrument or the maturity date of the instrument, in accordance with the terms, rights and obligations more particularly set forth in Exhibit B attached hereto and incorporated by reference.
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Developer Note means that certain Amended Promissory Note dated April 9, 1986 in the original principal amount of $55,000,000 payable by Costa Mesa Partners, a California general partnership, to the order of the Orange County Housing Authority, California, evidencing the obligation to repay a loan made by the Orange County Housing Authority, California to Costa Mesa Partners with the proceeds of the Bonds.
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Examples of Developer Note in a sentence

  • Each Seller has fulfilled in all material respects its respective obligations under each Developer Note Receivable and related developer Receivables Document.

  • The Revenue Note Ordinance shall pledge the Tax Revenues to the repayment of the Developer Note.

  • From and after the Effective Date, the interest rate applicable to amounts outstanding under the Developer Note shall be 5.45% per annum.

  • Lender acknowledges and hereby agrees that Borrower’s obligations under the Developer Note are subject and subordinate to the Senior Obligations and the Senior Subordinate Obligations in right to payment and performance.

  • At Closing, legal counsel for the Village shall provide (i) an opinion to its client and to Developer, of due authorization, execution and enforceability of this Agreement and all other documentation provided for herein, and (ii) an opinion to Developer or its designee as registered owner of the Developer Note, that the Developer Note was duly authorized and executed, in accordance with all Applicable Laws and is enforceable according to its terms.

  • If at the Closing, Developer has not submitted evidence of expenditure of redevelopment project costs totaling $2,325,000.00 issuance of the Developer Note shall be postponed until such submittal is made.

  • The parties agree to extend the Maturity Date (as defined in the Developer Note) to December 31, 2030, provided that Borrower shall pay amounts due and owing under the Developer Note as and when funds are available after application of funds pursuant to the Senior Loan Agreement, Senior Swap Agreement and Subordinate Indenture and satisfaction of the other Senior Obligations and Senior Subordinate Obligations, subject to the pari passu payment rights of UCCS under the UCCS Loan Agreement.

  • Lender acknowledges and hereby agrees that Lender’s rights under the Loan Agreement are pari passu with the rights of the Developer under the Developer Note.

  • Lender acknowledges and hereby agrees that Lender’s rights under the Developer Note are pari passu with the rights of UCCS under the UCCS Loan Agreement.

  • Except as modified by this Amendment, all other terms of the Developer Note shall remain in full force and effect and remain unchanged.