Conveyance of District Funded Public Improvements to the District Sample Clauses

Conveyance of District Funded Public Improvements to the District. All or any portion of the District Funded Public Improvements, which have been accepted by the District as described in Section 3.D above, shall be conveyed by a Builder to the District by one or more bills of sale, together with such easements, rights of way or other legal rights of occupancy necessary to site the District Funded Public Improvements on real property. Upon acceptance by and conveyance to the District of all or a portion of the District Funded Public Improvements, the District shall (to the extent such conveyance does not occur contemporaneous with the issuance of a series of District Bonds in an amount sufficient to fund the Acquisition Amount (as defined in Section 4 of this Agreement) for all the District Funded Public Improvements or the delivery of the corresponding Acquisition Amount to the Developer from the proceeds of the District Special Levy) deliver one or more Subordinate Obligations , which the Developer may direct to be substantially in the form of a subordinate promissory note attached as Exhibit D to this Agreement and hereby incorporated into and made a part of this Agreement (the “Subordinate Promissory Note”), memorializing the District’s obligation to pay the Developer for the costs of constructing (as described in Section 3.D(ii) of this Agreement) those District Funded Public Improvements received by the District, subject to the Reimbursement Cap. Issuance of the District Bonds or availability of adequate funds to pay the Subordinate Obligations, shall not be a condition precedent to the District’s obligation to accept conveyance of all or any portion of the District Funded Public Improvements or reconveyance of such improvements by the District, as provided in Section 4.F of this Agreement, to the City or, as applicable, a Participating Agency.
Sample 1
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