MDDA definition
Examples of MDDA in a sentence
Address to, M/s ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, 32, MDDA Colony, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇.▇.
US2 acknowledges and agrees that as of April 1, 2017 all inspection and diligence periods with respect to the D-2 Block (except for the parcels which are still occupied as of the Effective Date, for which US2 shall have sixty (60) days after such parcel is vacated to complete its environmental diligence), under the MDDA and otherwise, shall have expired or have been waived, and the D-2 Block is being sold in an “AS IS, WHERE IS” condition and “WITH ALL FAULTS” as of the D-2 Block Closing Date.
Upon execution of this Agreement, the MDDA shall be deemed terminated and of no further force or effect.
The balance of the D-2 Block Purchase Price (other than the Option Payment (as defined in the MDDA) of Fifty Thousand and No/100 Dollars ($50,000.00) which was previously paid to the SRA pursuant to the MDDA, and which shall be credited towards the D-2 Block Deposit) (the “D-2 Block Closing Payment”) shall be paid to the SRA on the D-2 Block Closing Date by certified check or wire transfer of immediately available funds in accordance with wire instructions provided by SRA.
This Agreement supersedes the MDDA with regard to the Disposition Parcels and the Project, and the MDDA has no further force or effect with regard to the Disposition Parcels and the Project.
Nothing contained in this Master LDA shall in any way negate, limit or restrict the SRA’s jurisdiction, authority or rights over the Disposition Parcels under the Revitalization Plan or the MDDA.
At the Closing, the Company shall reimburse and/or pay certain expenses of the CDA, the YIDA and certain City agencies in the amount of $988,212.23 (the "Reimbursement"), representing amounts previously incurred for legal and professional fees in connection with the Project, prior to execution of the MDDA.
This Agreement is a Project Specific Agreement (as defined in the MDDA) and therefore supersedes all prior agreements and understandings between the parties with regard to the Disposition Parcels and the Project, including, but not limited to, the MDDA.
Nothing contained in this Covenant shall in any way negate, limit or restrict the SRA’s or the City’s jurisdiction and authority over this Project or Future Phases, including, without limitation, jurisdiction under applicable provisions of the Somerville Zoning Ordinance, the MDDA, MLDA or any land disposition agreement relating to the Project or the Future Phases.
Without in any way limiting US2’s obligations under the MDDA, MLDA or any related land disposition agreement (whether executed by US2 or an affiliate) entered into with the SRA, US2 shall contribute funds in the amount of $2.00 per gross square foot of development of a Future Phase (the “Future Phase Contribution”).