Development Agreement relating to Orono Woods Apartments 4-30-01

Home Browse Search

mortgages referenced in Article V of this Agreement and any other instrument creating an encumbrance or lien upon the Development or any part thereof as security for a loan. The term "Holder" in reference to a Mortgage includes any insurer or guarantor (other than the Developer) of any obligation or condition secured by such Mortgage or deed of trust. (p) Permitted Encumbrances. The encumbrances on the Development Property which are permitted to exist and the time the Development Property is conveyed to the HRA, which encumbrances shall consist only of and such other encumbrances as the City and HRA may approve in writing. (q) Project. The Development Property and the Improvements to be constructed thereon pursuant to this Agreement. (r) Project Costs. Project Costs means: (a) Costs incurred directly or indirectly for or in connection with the acquisition, construction, installation or equipping of the Project, including other costs incurred in respect of the Project for preliminary planning and studies; architectural, legal, engineering, account, consulting, development, supervisory and other services; land, labor, services and materials and recording of documents and title work. (b) Premiums attributable to any surety bonds and insurance required to be taken out and maintained during the construction period with respect to the Development Property and the Improvements. (c) Taxes, assessments and other governmental charges in respect of the Project that may become due and payable during the construction period. (d) Costs incurred directly or indirectly in seeking to enforce any remedy against any contractor or subcontractor in respect of any actual or claimed default under any contract relating to the Improvements. (e) Financial, legal, accounting, printing and engraving fees, charges and expenses and all other such fees, charges and expenses incurred in connection with the authorization, sale, issuance and delivery of the Housing Bonds and Subordinate Housing Note including, without limitation, the fees and expenses of the City and HRA and the fees and expenses of the trustee, the paying agent, the registrar and the authenticating agent properly incurred under the Financing Documents that may become due and payable during the construction period. (1) Any other costs, expenses, fees and charges properly chargeable to the cost of acquisition, construction, installation and equipping of the Project. (s) PUD Agreement. The Agreement dated , 2001 between the Developer and the City relating to development of the Development Property and an adjacent parcel as a planned unit development.