Land Payment definition

Land Payment means the payment or payments of up to, but not more in the aggregate than, $2,000,000 to the Township as required by Sections 2, 3 or 4 below.
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Land Payment has the meaning given in Section 2.1.
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Examples of Land Payment in a sentence

  • These costs borne by the Developer shall be in addition to the Land Payment.

  • Any unpaid balance of the $2,000,000 Land Payment shall continue to be payable from 50% of the Net Proceeds (after achievement of a 15% Internal Rate of Return on all cash contributed (whether as debt or equity) to the Project by the Equity Owners, including, without limitation, Initial Cricket Owner) of subsequent Refinancings or Equity Recapitalizations.

  • If the Initial Cricket Owner converts residential apartments in the Project to include residential condominium units, then, upon the sale of the residential condominium units, the Initial Cricket Owner shall pay to the Township a Land Payment, in installments as provided below in this Section 3, up to a total amount which, when aggregated with other payments under Sections 2, 3 and 4 hereof shall equal Two Million Dollars ($2,000,000.00).

  • Such document will provide for recordation of the sums received and reducing the outstanding amount owed under this Section 2.3(b) and for the release of the applicable condominium unit from the lien and effect of the Declaration upon the payment of the portion of the Land Payment apportioned to such unit.

  • The requirement to make the Land Payment shall be a lien upon the Cricket Portion of the Project, but such lien shall be subordinated at the request of any construction mortgage loan or subsequent Refinancing (subject to the payment of all sums, if any, required to be made at the time of such Refinancing).

  • Nothing contained in this Section 3 is intended to entitle the Township to a Land Payment in excess of $2,000,000 in the aggregate.

  • Dranoff shall pay or cause to be paid to the Township, for use of the Township’s land for the Project One Million Dollars ($1,000,000.00) (“Land Payment”), and the Township’s sole obligation to contribute to the cost of the Project shall be to apply an amount equal to the Land Payment actually received.

  • The requirement to pay the Land Payment shall constitute a lien upon the Cricket Lot, but such lien and the effect of such lien shall be subordinated in lien and in payment at the request of any lender making a construction mortgage loan or subsequent Refinancing, subject to the payment under this Agreement of all sums, if any, required to be made to the Township at the time of such Refinancing.

  • If construction of a permanent elementary school campus (not portable buildings) does not commence within this 7 year period, the offer of dedication shall terminate and the Developer shall make the School Land Payment to the City.

  • If the Land Payments under Sections 2, 3 and 4 in the aggregate amount of $2,000,000 has not been completely repaid on or before the date which is twenty (20) years after the date of commencement of construction on the Project, the balance of the unpaid Land Payment shall be paid at that time.

Related to Land Payment

  • Bond Payment Date means any date on which principal of or interest on any Bond is payable.

  • PAGA Payment means the penalties pursuant to PAGA that the Parties have agreed is a

  • Funding and Payment Office means the office of Administrative Agent and Swing Line Lender located at One Chase ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ or such offices of Administrative Agent or any successor Administrative Agent specified by Administrative Agent or such successor Administrative Agent in a written notice to Loan Parties and Lenders).

  • Cash Exchange Payment means with respect to a particular Exchange (including a Direct Exchange) for which the General Partner, on behalf of the Partnership, or the Special Limited Partner, as applicable, has elected to make a Cash Exchange Payment in accordance with Section 14.1(a)(ii):

  • Interim Payment has the meaning specified in Section 10.1.