Project Covenant. It is acknowledged that the Authority’s willingness to enter into this Contract and carry out the Authority’s obligations under the Transaction Documents is based on the anticipated benefits (the “Public Benefits”) to be derived in the City through the Redeveloper’s completion of the Project and the proper maintenance of the Project and/or any Project Improvements. Accordingly, and as a material inducement to the Authority to enter into this Contract and consummate the transactions contemplated by the Transaction Documents, the Redeveloper covenants and agrees that it will at all times during the term of this Contract, as may be amended from time to time: (a) properly complete and operate the Project and the Project Improvements; (b) properly maintain the Property and the Project Improvements; and (c) observe and perform every other term, covenant, condition, or agreement to be observed or performed by Redeveloper under this Contract (the “Project Covenant”).
Project Covenant. A declaration encumbering title to the Project in respect to exclusion of uses thereon that violate any of the exclusive uses permitted under that certain lease pursuant to which Best Products is the tenant on the Best Products Pad.
Project Covenant. It is acknowledged that the Authority’s willingness to enter into this Contract and carry out the Authority’s obligations under the Transaction Documents is based on the anticipated benefits (the “Public Benefits”) to be derived in the City through the Redeveloper's completion of the Project and the proper maintenance of the Property. The Authority and the Redeveloper Parties acknowledge that the Public Benefits to be derived from the Project are that the Redeveloper will build and maintain the Project and the Project Improvements during the term of the Urban Renewal Plan. Accordingly, and as a material inducement to the Authority to enter into this Contract and consummate the transactions contemplated by the Transaction Documents, the Redeveloper covenants and agrees that it will complete the Project and, upon issuance of the Completion Certificate, at all times during the term of the Urban Renewal Plan, as may be amended from time to time, either perform or cause to be performed the following: (a) complete and operate the Project and the Project Improvements; (b) maintain the Property in good condition; and (c) observe and perform every other term, covenant, condition, or agreement to be observed or performed by Redeveloper Parties under this Contract (the “Project Covenant”).
