east liberty station: realizing the potential - City of Pittsburgh

principal invested or any penalty for liquidation of an investment. Any such loss may diminish
the amounts available in the Construction Fund to fund the costs of the insert name Public
Improvements hereunder. The private developer acknowledges that the obligation of any owner
of real property in the elTRID Boundary, including the private developer to the extent it owns
any interest in real property in the elTRID Boundary, to pay real estate taxes is not in any way
affected by (a) the availability of amounts in the Construction Fund to pay for all or any portion
of the insert name Public Improvements or (b) the alleged or actual misconduct of elTRIDRA in
the performance of its obligations under this Development Agreement, the Indenture, or any
other agreement to which the private developer and elTRIDRA are signatories.
6. Payment.
(a) Payment. elTRIDRA shall not requisition funds from the Construction
Fund to pay the costs of the insert name Public Improvements except as provided herein, subject
to the requirements of the Indenture. Upon receipt of the Payment Request and Certificate of
Independent Inspector, elTRIDRA shall, by submitting the Payment Request prepared by private
developer, direct the Trustee to make payment to the private developer or third party payee of
the amount set forth in such Payment Request from monies on deposit in the Construction Fund.
Any approved Payment Request not paid due to an insufficiency of funds in the Construction
Fund shall be paid in accordance with Section 6(e) of this Development Agreement.
(b) Agreement to Fund Costs of Public Improvements. elTRIDRA hereby
agrees to cause amounts in the Construction Fund to be used to fund the costs of the insert name
Public Improvements to the private developer in accordance with the terms and conditions of this
Development Agreement, subject to the requirements of the Construction Agreements, the
Indenture, and the elTRID, unless this Development Agreement is terminated by elTRIDRA for
default as provided herein.
(c) Payment Requests. In order to receive funding for a insert name Public
Improvement, the private developer shall periodically, but no more frequently than monthly,
prepare and deliver to elTRIDRA (i) a Draw Request and (ii) a Payment Request for the costs of
such insert name Public Improvement, together with a Certificate of the Independent Inspector.
Private developer acknowledges that payments of moneys from the Construction Fund cannot be
paid by the Trustee until not less than fifteen (15) days following the submission by elTRIDRA
of a Draw Request to the Trustee, which Draw Request shall be prepared by private developer.
(d) Restrictions on Payments. The following restrictions shall apply to any
payments made to the private developer under this Article:
(i) Limitation on Amount of Payments. elTRIDRA shall not be
obligated to cause the Trustee to (A) make any disbursement to the private developer for the
benefit of any contractor for costs of any insert name Public Improvement that is subject to a
Construction Agreement that is in material default to the extent of such material default, (B)
make any disbursement to the private developer for costs of any insert name Public
Improvement for the benefit of any contractor as to which there has been issued a notice of a
default which is material in nature to the extent of such material default, or (C) make any
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