Common use of Failure to Make Payment Clause in Contracts

Failure to Make Payment. In the event the Town should fail to, or be unable to, make any of the payments at the time and in the amount required under the foregoing provisions of this Article IV, the item or installment so unpaid shall continue as a limited obligation of the Town, under the terms and conditions hereinafter set forth, until the amount unpaid shall have been fully paid. The Developer shall have the right to initiate and maintain an action to specifically enforce the Town’s obligations hereunder, including without limitation, the Town’s obligation to deposit Developer Tax Increment Revenues to the Developer Project Cost Account and its obligation to make payment out of the Developer Project Cost Account to the Developer.

Failure to Make Payment. In the event the Town should fail to, or be unable to, make any of the payments at the time and in the amount required under the foregoing provisions of this Article IVIII, the item or installment amount so unpaid shall continue as a limited obligation of the Town, under the terms and conditions hereinafter set forth, until the amount unpaid shall have been fully paid. The Developer shall have the right be entitled to initiate and maintain an action against the Town to specifically enforce the Town’s its obligations hereunder, including without limitation, limitation the Town’s 's obligation to deposit Developer Tax Increment Revenues to establish and maintain the Developer Developer’s Project Cost Account and its obligation to make payment out of deposit the Developer Tax Increment (Developer’s Share) into the Developer’s Project Cost Account established thereunder and make required payments to the Developer.