Developer Funds. The Developer will submit to the Agreement Administrator in conjunction with the project manager such documentation in order to demonstrate to the CITY the Developer's financial commitment to construct the Project. The documentation shall be due as set forth in the Project Schedule. The requirement to submit the documentation may be satisfied by submittal to the CITY of a letter, on the Developer's corporate letterhead, that Developer shall finance its commitment from corporate funds. The Developer's failure to provide such documentation shall constitute an Event of Default, as hereinafter defined, upon which occurrence the provisions of Article VII shall become applicable, unless the time for such submittal is extended by the CITY.
Developer Funds. Upon the sale of property to a third-party, the Developer shall not be entitled to Developer Funds, as defined in the Escrow Agreement, for such portion of the Property absent written approval of the Town Manager, at the Town Manager’s discretion. To determine whether to allow disbursement of Developer Funds, the Town Manager may request, among other information, documentation evidencing: (i) the identity of the purchaser of the property and the anticipated retail use; (ii) the anticipated construction schedule and date by which the purchaser intends to be open for retail business; and (iii) as between the Developer and the third-purchaser, the financial terms of the construction of the Private Improvements.
Developer Funds. Equity and/or Lender Financing shall be used to pay all Project costs, including but not limited to Redevelopment Project costs and costs of TIF-Funded Improvements. The Developer is solely responsible for completing any required National Environmental Policy Act ("NEPA") reviews required to obtain federal funding from the Developer's lender.
Developer Funds. Developer will bear the responsibility for all costs and expenses related to the design, permitting and construction of the Project. Should the Developer fail to secure necessary financing to fund the Project during the Inspection Period then Developer or County may choose to terminate this Agreement. Developer shall demonstrate to the County prior to execution of the Lease that it has funding commitments sufficient to complete construction of the Hotel Project, and has the professional expertise to complete the Hotel Project. County may terminate this Agreement if it determines, in the sole discretion of the Board of County Commissioners, that funding commitments are not sufficient to complete the Hotel Project.
Developer Funds. Equity and/or Lender Financing may be used to pay any Project cost, including but not limited to Redevelopment Project Costs.
