Common use of Legislative Authorization Clause in Contracts

Legislative Authorization. This Agreement is governed by and subject to the restrictions set forth in the Xxxxxxxxxx Redevelopment Financing Act and the Michigan General Property Tax Act. In the event that there is legislation enacted in the future which restricts or adversely affects the amount of Tax Increment Revenues capturable, Eligible Properties, or Eligible Activities relating to already approved plans, then any Owner’s rights and the ELBRA’s obligations under this Agreement shall be eliminated or modified accordingly.

Legislative Authorization. This Agreement is governed by and subject to the restrictions set forth in the Xxxxxxxxxx Redevelopment Financing Act and the Michigan General Property Tax Act. In the event that there is legislation enacted in the future which restricts or adversely affects the amount of Tax Increment Revenues capturable, Eligible Properties, or Eligible Activities relating to already approved plans, then any Owner’s rights and the ELBRABRA’s obligations under this Agreement shall be eliminated or modified accordingly.

Legislative Authorization. This Agreement is governed by and subject to the restrictions set forth in the Xxxxxxxxxx Redevelopment Financing Act and the Michigan General Property Tax Act. In the event that there is legislation enacted in the future which restricts or adversely affects the amount of Tax Increment Revenues capturable, Eligible Properties, or Eligible Activities relating to already approved plans, then any OwnerPetitioner’s rights and the ELBRA’s obligations under this Agreement shall be eliminated or modified accordingly.