07-23-14 Meeting of the La Porte Redevelopment Authority minutes

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agreement or instrument to which the Owner is a party or by which the Owner or its assets may be bound or affected. (C) The Owner will have sufficient capital to perform its obligations under this Agreement at the time it needs to have sufficient capital. (D) This Agreement has been duly authorized, executed and delivered and constitutes a legal, valid .and binding obligation of the Owner, enforceable in accordance with its terms except to the extent that (i) the enforceability of such instruments may be 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 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 ('s File No MQ825a the Owner contributed the Land upon which a portion of the Public Improvements will be located. 3.2 Reimbursement of Escrow Deposit 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 J__hemy 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 LOL-K� tinejhpjL-QD-upon receipt of evidence from the Owner that fdw-entiroty-ef+the Owner Tract Loi Related Pcu ion gmmaUas 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 LQx-WjfioWhm pursuant to the Appraisal shall constitute the Value of the Land boa~ padi9n1hgjgpWbr purposes of this Agreement. 3.4 Acknowledgment and Agreement of the Developer. By its execution of the acknowledgment to this Agreement, the Developer hereby acknowledges and agrees that tithe 6 HOU:-3444464-a24,j�4