07-23-14 LPRDA/TIRZ - Laserfiche WebLink

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limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws of general application in effect from time to time relating to or affecting the enforcement of creditors' rights and (ii) certain equitable remedies including specific performance may be unavailable. ARTICLE 3 REIMBURSEMENT TO THE OWNER 3.1 Public Improvements. The Developer is obligated to construct the Public Improvements pursuant to the terms of the Existing Agreement. Pursuant to the Escrow Agreement, the Owner deposited the Escrow Deposit with the Title Company to be used by the Developer to fund a portion of the construction of the Public Improvements. In addition, pursuant to the , the Owner contributed the Land upon which a portion of the Public Improvements will be located. 3.2 Reimbursement of Escrow De osit to the Owner. At such time(s) as the Developer submits a Request for Contract Progress Payment pursuant to the Existing Agreement with respect to those Public Improvements identified as "Detention Items" in Exhibit B to the Existing Agreement, and upon written confirmation from the Developer that the Owner has released its share of such Contract Progress Payment pursuant to the Escrow Agreement, the Authority shall pay or reimburse to the Owner the amount of the Owner's share so released; provided, however, that the amounts payable to the Owner pursuant to this Section 3.2 shall be payable solely from Tax Increment generated from the Owner Tract and shall not exceed the amount of the Escrow Deposit. 3.3 Reimbursement of Owner for the Value of the Land. The Authority shall pay or reimburse to the Owner an amount equal to the Value of the Land upon receipt of evidence from the Owner that [the entirety ofj the Owner Tract has been sold by the Owner; provided, however, that the amounts payable to the Owner pursuant to this Section 3.3 shall be payable solely from Tax Increment generated from the Owner Tract. Upon receipt of such evidence from the Owner, the Authority shall obtain an Appraisal. The value assigned to the Land pursuant to the Appraisal shall constitute the Value of the Land for purposes of this Agreement. 3.4 Acknowledgment and Agreement of he ,Developer. By its execution of the acknowledgment to this Agreement, the Developer hereby acknowledges and agrees that the amounts payable to it pursuant to the Existing Agreement shall be reduced by operation of Section 3.2 of this Agreement in the amount of the Escrow Deposit. ARTICLE 4 DEFAULT If the Authority or the Zone does not perform its obligations hereunder in compliance with this Agreement in all material respects, in addition to the other rights given the Owner under this Agreement, the Owner may enforce specific performance of this Agreement for any such default if such default is not cured or is not commenced and diligently pursued within thirty (30) days after receipt by the Authority and the Zone of a written notice detailing the event of default. b HOU:3454161.2