CreditEnhancementAgreement.docx

credit enhancement agreementcredit enhancement agreement betweenaaa, _(address) and bbb corporation dated as of _,_,_(m/d/y) .table of contentsarticle isection 1.1. definitionssection 1.2. interpretation and constructionsection 1.3. development programsection 1.4. completionsection 1.5. city costssection 1.6. agreement controlsarticle iisection 2.1. creation of development program fundsection 2.2. lienssection 2.3. deposits into development program fundsection 2.4. monies held in trustarticle iiisection 3.1. credit enhancement paymentssection 3.2. failure to make paymentsection 3.3. manner of paymentssection 3.4. obligations unconditionalsection 3.5. limited obligationsection 3.6. calculation of retained tax incrementsection 3.7. revaluationarticle ivsection 4.1. pledge of project cost accountsection 4.2. perfection of interestsection 4.3. further instrumentssection 4.4. no disposition of developer subaccountsection 4.5. access to books and recordsarticle vsection 5.1. events of defaultsection 5.2. remedies on defaultsection 5.3. remedies cumulativesection 5 .4. agreement to pay attorneys fees and expensessection 5.5. tax lawsarticle visection 6.1. effective date and termsection 6.2. cancellation and expiration of termarticle viisection 7.1. consent to pledge and/or assignmentsection 7.2. pledge, assignment or security interestsection 7.3. assignmentarticle viiisection 8.1. successorssection 8.2. parties in interestsection 8.3. severabilitysection 8.4. no personal liability of officials of the citysection 8.5. counterpartssection 8.6. governing lawsection 8.7. noticessection 8.8. amendmentssection 8.9. net agreementsection 8.10. benefit of assignee or pledgessection 8.11. integrationsection 8.12. disputessection 8.13. arbitrationthis credit enhancement agreement dated as of _,_,_(m/d/y), between the aaa, _ (the city), a municipal body corporate and politic and a political subdivision of the state of _, and bbb corporation (the developer), a _(address) corporation with a place of business in bath, _(address) .witnesseth thatwhereas, the city designated the bbb municipal development and tax increment financing district #1 and the bbb municipal development and tax increment financing district #2 (the districts) pursuant to chapter 207 of title 30-a of the _(address) revised statutes, as amended, by action of the city council at a city council meeting held on _,_,_(m/d/y) (the vote) and pursuant to the sa