CreditEnhancementAgreement合同協(xié)議書英文版

編號(hào):CreditEnhancementAgreement甲方：乙方：簽訂日期：年M日CREDITENHANCEMENTAGREEMENTbetweenAAA,(ADDRESS)andBBBCORPORATIONDatedasof,,(M/D/Y).TABLEOFCONTENTSDefinitionsInterpretationandConstructionDevelopmentProgramCompletionCityCostsAgreementControlsCreationofDevelopmentProgramFundLiensDepositsintoDevelopmentProgramFundMoniesHeldinTrustCreditEnhancementPaymentsFailuretoMakePaymentMannerofPaymentsObligationsUnconditionalLimitedObligationCalculationofRetainedTaxIncrementRevaluationPledgeofProjectCostAccountPerfectionofInterestFurtherInstrumentsNoDispositionofDeveloperSubaccountAccesstoBooksandRecordsEventsofDefaultRemediesonDefaultRemediesCumulativeSection5.4.AgreementtoPayAttorneys'FeesandExpensesSection5.5.TaxLawsEffectiveDateandTermCancellationandExpirationofTermConsenttoPledgeand/orAssignmentPledge,AssignmentorSecurityInterestAssignmentSuccessorsPartiesinInterestSeverabilityNoPersonalLiabilityofOfficialsoftheCityCounterpartsGoverningLawNoticesAmendmentsNetAgreementBenefitofAssigneeorPledgesIntegrationDisputesArbitrationTHISCREDITENHANCEMENTAGREEMENTdatedasof,,(M/D/Y),betweentheAAA,(the'City'),amunicipalbodycorporateandpoliticandapoliticalsubdivisionoftheStateof,andBBBCorporation(the'Developer'),a(ADDRESS)corporationwithaplaceofbusinessinBath,(ADDRESS).WITNESSETHTHATWHEREAS,theCitydesignatedTheBBBMunicipalDevelopmentandTaxIncrementFinancingDistrict#1andTheBBBMunicipalDevelopmentandTaxIncrementFinancingDistrict#2(the'Districts')pursuanttoChapter207ofTitle30-Aofthe(ADDRESS)RevisedStatutes,asamended,byactionoftheCityCouncilataCityCouncilMeetingheldon,,(M/D/Y)(the'Vote')andpursuanttothesameVoteadoptedadevelopmentprogramandfinancialplanfortheDistricts(the'DevelopmentProgram');andWHEREAS,the(ADDRESS)DepartmentofEconomicandCommunityDevelopmenthasreviewedandacceptedtheDistrictandtheDevelopmentProgrameffective,,(M/D/Y);andWHEREAS,theDevelopmentProgramcontemplatestheexecutionanddeliveryofacreditenhancementagreementbetweentheCityandtheDeveloper;andWHEREAS,theCityandtheDeveloperdesireandintendthatthisCreditEnhancementAgreementbeandconstitutethecreditenhancementagreementcontemplatedbyanddescribedintheDevelopmentProgram;NOW,THEREFORE,inconsiderationoftheforegoingandinconsiderationofthemutualpromisesandcovenantssetforthherein,thepartiesherebyagreeasfollows:ARTICLEIDEFINITIONS:INTERPRETATIONSSECTION1.1.DEFINITIONS.ThetermsdefinedinthisArticleIshall,forallpurposesofthisAgreement,havethemeaningshereinspecified,unlessthecontextclearlyrequiresotherwise:'Agreement'shallmeanthisCreditEnhancementAgreementbetweentheCityandtheDeveloper.'CapturedAssessedValue'shallmeanthevaluationamountbywhichthethencurrentassessedvalueoftheDistrictsexceedstheOriginalAssessedValueoftheDistricts.'City'meanstheAAA,(ADDRESS),amunicipalitydulyorganizedandexistingunderthelawsoftheStateof(ADDRESS).'CityShare'means(a)alloftheRetainedTaxIncrementRevenuesotherthantheDeveloperSharethereofplus(b)allinterestandearningsonalloftheRetainedTaxIncrementRevenues,exceptasprovidedinSection3.1(e)hereof.'Developer'meansBBBCorporation,a(ADDRESS)corporationwithaplaceofbusinessinBath,(ADDRESS).'DevelopmentProgram'meansthedevelopmentprogramfortheDistrictasadoptedbytheBathCityCouncilataMeetingheldon,,(M/D/Y).'DevelopmentProgramFund'meansthedevelopmentprogramfunddescribedintheFinancialPlansectionoftheDevelopmentProgramandestablishedandmaintainedpursuanttoArticleIIhereof.'DeveloperShare'means(a)100%oftheRealPropertyIncrementwithrespecttotheLandLevelFacilityand50%oftheRealPropertyIncrementwithrespecttotheExistingFacilityand50%ofthePersonalPropertyIncrementwithrespecttotheLandLevelFacilityand50%ofthePersonalPropertyIncrementwithrespecttotheExistingFacility,foreachofthetwenty-fiveyearsofthetermofthisAgreement(commencingwiththeyearTaxYear)oftheRetainedTaxIncrementRevenues,provided,however,thatsuchpercentagesshallbereducedtothefollowingamountsatsuchtimethattheaggregateamountofpaymentsbytheCitytotheDeveloperduringthetermofthisAgreementandpursuanttothisAgreementequal$;100%oftheRealPropertyIncrementwithrespecttotheLandLevelFacilitywithrespecttoassessedvalueequaltotheassessedvalueofLandLevelFacility(District#1)realpropertyasof,,(M/D/Y);35%oftheRealPropertyIncrementwithrespecttotheLandLevelFacilitywithrespecttoassessedvalueofrealpropertyinexcessoftheassessedvalueofLandLevelFacility(District#1)realpropertyasof,,(M/D/Y);35%ofthePersonalPropertyIncrementwithrespecttotheLandLevelFacility;35%oftheRealPropertyIncrementwithrespecttotheExistingFacility;and35%ofthePersonalPropertyIncrementwithrespecttotheExistingFacility.IntheeventthattheTaxShiftFormulasarechangedandasaresulttheCity'sTaxShiftamountisdecreasedbyreasonofinclusionintheCity'svaluationforpurposesoftheTaxShiftFormulasofanyportionoftheCapturedAssessedValuewithrespecttowhichtheDeveloper'sShareisdeterminedhereunder,then,commencingwiththelaterof(a)theFiscalYearor(b)theFiscalYearinwhichtheTaxShiftFormulasarechanged,theDeveloperShareshallbereducedbyanamountequalto50%ofthedifference,calculatedsolelywithrespecttotheDeveloperShareoftheRetainedTaxIncrement,between(a)theTaxShiftasdeterminedusingthemethodsetforthinthecurrentTaxShiftFormulasand(b)theTaxShiftasproperlydeterminedusingthetheneffectiveStatelawsrelatingtostateaidtoeducation,revenuesharingandcountytax;anyreductionunderthisparagraphshallbecalculatedannuallyandappliedtoreducethepaymentsoftheDeveloperShareonthenextscheduledpaymentdatehereinfollowingsuchcalculation.AchangeintheTaxShiftresultingotherthanfromincludingCapturedAssessedValueintheCity'svaluationshallnotresultinareductionoftheDeveloper'sShare.AnythinginthisAgreementtothecontrarynotwithstanding,forpurposesofcalculatingtheDeveloper'sShare,theplatformfortheLandLevelTransferSystem(theconcretepad,filledlandandpilingssupportingthestructuresthereon)shallbeincludedwithintherealpropertyincrementoftheLandLevelFacility.'District(s)'meanstheBBBCorporationMunicipalDevelopmentandTaxIncrementFinancingDistrict#1('District#1')andTheBBBMunicipalDevelopmentandTaxIncrementFinancingDistrict#2('District#2')designatedbytheCitypursuanttoChapter207ofTitle30-Aofthe(ADDRESS)RevisedStatutes,asamended,byvoteatCityCouncilMeetingheldon,,(M,D,Y),whichDistrictsshallincludetheExistingFacilityandtheLandLevelFacility.'EffectiveDate'means,,(M/D/Y).'ExistingFacility'meansthePropertyconsistingoftheexistingshipbuildingfacilityoftheDeveloper,locatedontheparcelshownonTax,(M,D)asParcel142withinDistrict#2,includingallland,buildings,andallpersonalpropertylocatedonsuchparcelasof,(M,D)eachyearsubjecttoCityadvaloremtaxestogetherwithallimprovementsoradditionstheretowithintheexistinggeographicboundariesofsuchfacility,allascurrentlydepictedonExhibitAhereto.'FinancialPlan'meansthefinancialplandescribedinthe'FinancialPlan'SectionoftheDevelopmentProgram.'FiscalYear'means,(M/D)to,(M/D)ofeachyearorsuchotherfiscalyearastheCitymayfromtimetotimeestablish;forpurposesofthisAgreement,theFiscalYearmeanstheFiscalYearcommencing,,(M/D/Y)andending,,(M/D/Y)andtheFiscalYear$meanstheFiscalYearcommencing,,(M/D/Y)andending,,(M/D/Y).'LandLevelFacility'meansthelandlevelfacilitytobeconstructedinDistrict#1bytheDeveloperadjacenttotheExistingFacility,togetherwithallland,buildings,personalpropertylocatedonsuchadjacentlandasofApril1ofeachyearsubjecttoCityadvaloremtaxestogetherwithallimprovementsoradditionstheretoasdepictedonExhibitBhereto.'OriginalAssessedValue'means$,theassessedvalueoftheDistrictsasof,,(M/D/Y)asthesamemaybeadjustedfromtimetotimeinaccordancewithSection3.7hereof.'PersonalPropertyIncrement'meansthatportionoftheTaxIncrementattributabletoincreasesinpersonalpropertyvaluationswithrespecttopersonalpropertylocatedintheDistricts.'Project'meansthedesign,planning,development,acquisition,constructionandoperationoftheLandLevelFacilityandotherBBBCorporationimprovementswithintheDistrictsasdescribedintheDevelopmentProgram.'ProjectCostAccount'meanstheprojectcostaccountdescribedintheFinancialPlanSectionoftheDevelopmentProgramconsistingoftheCitySubaccountandtheDeveloperSubaccountandestablishedandmaintainedpursuanttoArticleIIhereofandtoprovisionsof30-AM.R.S.A.Section5254(3)(A)(2).'ProjectCosts'means'projectcosts'asdefinedin30-AM.R.S.A.Section5152(8).'Property'meansallrealpropertyandallpersonalpropertynoworhereafterlocatedintheDistricts.'PropertyTaxes'meansanyandalladvalorempropertytaxeslevied,chargedorassessedagainstrealorpersonalpropertyintheDistrictsbytheCity,oronitsbehalf.'RealPropertyIncrement'meansthatportionoftheTaxIncrementattributabletoincreasesinrealestatevaluationswithrespecttorealestatelocatedintheDistricts.'RetainedTaxIncrementRevenues'meansthatportionoftheTaxIncrementtoberetainedbytheCityanddepositedintotheDevelopmentProgramFundpursuanttothetermsoftheDevelopmentProgramandthisAgreement.'TaxIncrement'meanstherealandpersonalpropertytaxesexclusiveofanystate,countryorspecialdistricttax,assessedbytheCityonthecapturedassessedvalueofpropertywithintheDistricts,whichTaxIncrementshallconsistoftheRealPropertyIncrementandthePersonalPropertyIncrement.'TaxPaymentDate'meansthedate(s)onwhichpropertytaxesleviedbytheCityaredueandpayablefromownersofpropertylocatedwithintheCity.'TaxShift'meansthedecreaseincountytaxpayablebytheCityandtheincreasesinStateaidforeducationandrevenuesharinginallthreecasesresultingfromtheexclusionofCapturedAssessedValuefromtheCity'svaluationincalculatingsuchamountsofcountytax,StateaidtoeducationandrevenuesharingunderthecurrentTaxShiftFormulas.'TaxShiftFormulas'meantheformulascurrentlyutilizedbytheStateof(ADDRESS)incalculating(a)thecountytaxpayableinaccordancewith30-AM.R.S.A.Section706and36M.R.S.A.Sections305⑴,381;(b)themunicipalrevenuesharingdistributionoftheLocalGovernmentFundinaccordancewith30-AM.R.S.A.Section5681;and(c)Stateaidtoeducation,includingaidfortotaloperatingcosts,totalprogramcostallocation(takingintoaccountthemaximumlocalshareorcircuitbreaker)andtotaldebtservicecostallocation(takingintoaccountthemaximumlocalshareorcircuitbreaker),allascomputedinaccordancewith(ADDRESS)DepartmentofEducationFormED261.INTERPRETATIONANDCONSTRUCTION.InthisAgreement,unlessthecontextotherwiserequires:Theterms'hereby,''hereof,''hereto,''herein,''hereunder'andanysimilarterms,asusedinthisAgreement,refertothisAgreement,andtheterm'hereafter'meansafter,andtheterm'heretofore'meansbefore,thedateofdeliveryofthisAgreement.Wordsimportingaparticulargendermeanandincludecorrelativewordsofeveryothergenderandwordsimportingthesingularnumbermeanandincludethepluralnumberandviceversa.Wordsimportingpersonsmeanandincludefirms,associations,partnerships(includinglimitedpartnerships),trusts,corporationsandotherlegalentities,includingpublicorgovernmentalbodies,aswellasanynaturalpersons.AnyheadingsprecedingthetextsoftheseveralArticlesandSectionsofthisAgreement,andanytableofcontentsormarginalnotesappendedtocopieshereof,shallbesolelyforconvenienceofreferenceandshallnotconstituteapartofthisAgreement,norshalltheyaffectitsmeaning,constructionoreffect.Exceptasotherwiseprovidedherein,allapprovals,consentsandacceptancesrequiredtobegivenormadepursuanttothisAgreementbyanysignatoryheretoshallnotbewithheldunreasonably,provided,thatthisparagraphshallnotapplytoapprovals,consentsandacceptancesunderapplicablelaws,ordinancesandcodes,including,withoutlimitation,landuseordinances.Allnoticestobegivenhereundershallbegiveninwritingand,unlessacertainnumberofdaysisspecified,withinareasonabletime.Ifanyclause,provisionorSectionofthisAgreementshallberuledinvalidbyanycourtofcompetentjurisdiction,theinvalidityofsuchclause,provisionorSectionshallnotaffectanyoftheremainingprovisionshereofexceptasotherwiseprovidedinSection3.4hereof.DEVELOPMENTPROGRAM.NeitherthisAgreementnortheDevelopmentProgramobligatetheDevelopertoconstructtheLandLevelFacilityortomakeanyotherimprovementstoitsfacility.COMPLETION.TheDevelopershallhavecompletedasmuchoftheDevelopmentProgramaswillqualifyforfinancialassistancehereunderwithinfive(5)yearsaftertheEffectiveDate.IfnoneoftheDevelopmentProgramiscompletedwithinfive(5)yearsaftertheEffectiveDate,thenthisAgreement(exceptSection1.5pertainingtocosts)andtheDistrictshallterminateattheendoffive(5)yearsaftertheEffectiveDate.Notwithstandinganyotherprovisionhereof,nopaymentsshallbemadeorbepayablebytheCitytotheDeveloperunderthisAgreementunlesssuchpaymentsareusedtopayorreimbursetheDeveloperforProjectCostsincurredwithinfive(5)yearsoftheEffectiveDatepursuanttoproperdocumentationthereofprovidedbytheDeveloperpursuanttoSection3.1(d)hereof.CITYCOSTS.TheDevelopershallpayorreimbursetheCityforallreasonablefees,expensesandotherchargesoftheCityanditsconsultants,includingtheCity'sattorneys,accountantsandovertimeoftheCity'sappraiser,taxassessorandotherCitystaff,inconnectionwiththereview,negotiation,approval,execution,administration,enforcementandcarryingoutofthisAgreementandthereview,negotiation,approval,administration,enforcementandcarryingoutoftheDevelopmentProgram.NotwithstandinganyoftheprovisionofthisAgreement,thissectionshallsurviveanyterminationofthisAgreement.AGREEMENTDNTROLSlntheeventofanyinconsistencybetweenthisAgreementandtheDevelopmentProgram,thetermsandprovisionsofthisAgreementshalltakeprecedence,totheextentpermittedbylaw,overtheinconsistentprovisionsoftheDevelopmentProgram.PROJECTCOSTACCOUNTANDFUNDINGREQUIREMENTSCREATIONDFDEVELOPMENRROGRAMJND.TheCityherebyconfirmsthecreationandestablishmentofasegregatedfundinthenameoftheCitydesignatedasthe'BBBCorporationMunicipalDevelopmentTaxIncrementFinancingDistrictProgramFund'(the'DevelopmentProgramFund')pursuantto,andinaccordancewiththetermsandconditionsof,theDevelopmentProgram.TheDevelopmentProgramFundshallconsistoftheProjectCostAccount.TheProjectCostAccountshallconsistoftheCitySubaccountandtheDeveloperSubaccount.LIENS.TheCityshallnotcreateanyliens,encumbrancesorotherinterestsofanynaturewhatsoever,norshallithypothecatetheDeveloperSubaccountoftheProjectCostAccountoftheDevelopmentProgramFundoranyfundsthereinorrevenuesresultingfrominvestmentoffundstherein,otherthantheinterestoftheDevelopergrantedunderthisAgreementinandtotheamountsondepositintheDeveloperSubaccount,provided,however,nothinghereinshallprohibitcreationofrealandpersonalpropertytaxliensontheDeveloper'spropertyinaccordancewith,andentitledtothepriorityprovidedunder,(ADDRESS)law.DEPOSITSNTODEVELOPMENTROGRAMUND.TheCityshalldepositintotheDeveloperSubaccountoftheProjectCostAccountwithinfifteen(15)daysaftertheCity'sreceiptthereof,anamountequaltotheDeveloperShareoftheRetainedTaxIncrementRevenuesfortheperiodtowhichthepaymentrelates.AllamountsdepositedinortransferredtotheDeveloperSubaccountoftheProjectCostAccountshallbepaidtotheDeveloperinaccordancewithArticleIIIofthisAgreement.AllinterestandearningsontheRetainedTaxIncrementRevenuespriortoandafterdepositthereofintotheProjectCostAccountshallbethesolepropertyoftheCityandshallbefreeandclearofanyinterestoftheDeveloperunderthisAgreement.MONIESHELDINTRUST.ExceptasotherwisepermittedinthisAgreement,allmoniesrequiredtobedepositedwithorpaidintotheDeveloperSubaccountoftheProjectCostAccounttofundpaymentstoDeveloperundertheprovisionshereofandtheprovisionsoftheDevelopmentProgram,shallbeheldbytheCity,intrust,forthebenefitoftheDeveloperinaccordancewiththeprovisionsofthisAgreement.AllfundsintheCitySubaccountoftheProjectCostAccountshallbethesoleandexclusivepropertyoftheCityandshallnotbesubjectinanywaytothetermsorprovisionsofthisAgreement.PAYMENTOBLIGATIONSCREDITENHANCEMENTPAYMENTS.TheCityshallretainanddeposit,withinfifteen(15)daysfollowingeachTaxPaymentDateorthedatepaymentisactuallyreceivedbytheCitywithrespecttoPropertyintheDistricts,whicheverislater,intheDeveloperSubaccountoftheProjectCostAccount,theDeveloperShareoftheTaxIncrementineachyearcommencingwiththeCity'sFiscalYearandcontinuingthereafterthroughandincludingtheFiscalYear.Notwithstandingtheforegoing,ifatanytimetheassessedvalueoftheExistingFacilityislessthantheOriginalAssessedValue,thentheamountpayablewithrespecttotheLandLevelFacilityshallbereducedbyanamountequaltothedifferencebetweenthePropertyTaxesthatwouldbethenpayableonanamountequaltoOriginalAssessedValueandthePropertyTaxespayableonthethenassessedvalueoftheExistingFacility.SubjecttotheprovisionsofthisAgreement,theCityagreestopayDeveloper,withinfifteen(15)daysfollowingeachTaxPaymentDateorthedatepaymentisactuallyreceivedbytheCity,whicheverislater,theDeveloperShareoftheRetainedTaxIncrementRevenuesresultingfromthePropertyTaxpaymentsdueonsuchTaxPaymentDateandactuallyreceivedbytheCitywithrespecttoPropertyintheDistricts.If,withrespecttoanyTaxPaymentDate,DeveloperfailstopayanyportionofthePropertyTaxesassessedbytheCity,becauseofavaluationdisputeorotherwise,thepropertytaxesactuallypaidbyDeveloperwithrespecttosuchTaxPaymentDateshall,first,beappliedtotaxesdueonaccountofOriginalAssessedValueand,second,shallconstituteRetainedTaxIncrementRevenues.TheDeveloperagreesthatallpaymentsmadewillbeusedandappliedtoeitherpaydebtserviceonindebtednessincurredtofinance'ProjectCosts'asthattermisdefinedunderActanddescribedintheDevelopmentProgramorusedtopaydirectly,amortizeorreimburseDeveloperforpaymentof,qualifiedProjectCosts.TheCityshallberequiredtomakepaymentsunderthisAgreementonlyuponreceiptofsatisfactorydocumentationthattheamountsarebeingpaidforProjectCostspursuanttoSection1.4hereof,whichdocumentationshallbeintheformofproperlycompletedcertificates,executedbytheDeveloperintheformattachedheretoasExhibitA.Inaddition,notwithstandinganyotherprovisionsofthisAgreement,including,withoutlimitation,theprovisionsofSection3.1(a)-(b),theCityshallnotbeobligatedtomakeanypaymentstotheDeveloperunlesstheDeveloperprovidessuchdocumentationevidencingthatDeveloperhasincurredProjectCostsafterthedateofthisAgreementequaltoorgreaterthan$$by,,(M/D/Y)and$by,,(M/D/Y)relatingtoconstructionandequippingoftheLandLevelFacilityand/ortheExistingFacility.DevelopershallrepaytoCityanypaymentsmadehereunderifDeveloperfailstomeetitsobligationsetforthabove.TheDeveloper(anditssuccessorsandassigns,asownersofpropertyintheDistrict)shallpaytotheCity,whendue,allPropertyTaxesandassessmentswithrespecttopropertyoftheDeveloperintheAAA.IfsuchPropertyTaxesandassessmentsarenotpaidwhendue,theCitymaywithholdandsuspendallpaymentsunderthisAgreementuntilsuchPropertyTaxesandassessmentsandallinterestthereonandothercostsrelatingtheretoarepaidinfull.Inaddition,iftheDeveloperinstitutesanytaxabatementproceedingwithrespecttoanyPropertyintheDistrict,theCitymaywithholdandsuspendallpaymentsoftheDeveloperShareoftheTaxIncrementwithrespecttotheitemsofPropertysubjecttotheabatementproceeding,andshalldepositthewithheldamountintoaseparateinterestbearingescrowaccount.Uponfinalactionandcompletionofsuchabatementproceeding,theproperamount(basedontheresultsoftheabatementproceedingsplusanallocableshareoftheinterestaccruedthereon)heldinescrowaccountshallbepaidtotheDeveloper.Developercovenantsandagreesthat(i)intheeventanypartofthePropertynoworhereafterlocatedintheDistrictshouldbevaluedatlessthanitsfullvalueorisnowexemptfrompaymentofPropertyTaxforanyreasonorforanyreasonhereafterbecomesexemptfrompaymentofPropertyTax,including,butnotlimitedto,anyportionoftheLandLevelFacilitybeinglocatedonsubmergedlandorifanyofthePropertyisnoworhereafterleasedbyDeveloperfromanypersonorentityincluding,withoutlimitation,anysubmergedorintertidallandsleasefromtheStateof(ADDRESS)andanyleasefromanyprivatelandowneror(ii)intheeventthattitletoanypropertyintheDistrictishereaftertransferredtoanyentityexemptfromthepaymentofPropertyTaxes,including,withoutlimitation,theStateof(ADDRESS)oranyagencyorauthoritythereof,or(iii)intheeventthatanysubmergedlandsleaseexpiresoristransferredtoanotherparty,thenDeveloper,itssuccessorsandassigns,asowner,lesseeoruserofrealestateintheDistrictandasacovenantrunningwiththelandshallbeobligatedtopaytotheCityeachyearduringandaftertheexpirationorterminationofthisAgreement,anamountequalto(a)100%ofthePropertyTaxesthatwouldbeassessedbytheCityonsuchProperty,asifandundertheassumptionthatallsuchPropertywerefullytaxableandownedinfeebyDeveloperandnotexemptfromPropertyTaxesless(b)solelyduringthetwenty-five(25)yeartermofthisAgreement,theportionoftheamountsdescribedintheprecedingclause(a)thatwouldhavebeenpayabletotheDeveloper,oritssuccessorsandassigns,underSection3.1(a)ifsuchPropertyweretaxable.ThecovenantsinthisparagraphshallsurviveexpirationorterminationofthisAgreement.Notwithstandingtheforegoing,theprovisionsofthisparagraph3.1(f)shallnotapplytopropertytakenbyeminentdomainorconveyedtoanygovernmentalentityunderabonafidethreatofcondemnation,exceptforsuchperiodoftime,ifany,asDeveloper,itssuccessorsorassigns,continuestooperateanybusinessonthePropertyfollowingsuchcondemnationordeedinlieuofcondemnation.DeveloperagreesthatforpurposesofthisAgreementandforpurposesoftheassessmentofPropertyTax,thefollowingshallconstitutepersonalproperty:(a)drydocks(butexcludinglandinggridsconsistingofthelargecementblockslocatedunderthedrydockarea);(b)cranes;(c)railsystemsforcranesandships;(d)portablestagingandweldingequipment;(e)personnellifts;(f)modularormobileequipmentandworkstations;(g)supportequipment;(h)outfitsupportterminals;(i)shiptransfersystems;(j)processpiping;(k)manufacturingprocesswiring;(l)firesuppressionsystems;(m)fenderbumpersystems;and(n)allpropertythatispersonalpropertyunderapplicablelaw.Whenanissuearisesastowhetheranitemisconsideredrealorpersonalproperty,thedeterminingfactoriswhethertheiteminquestionprimarilysupportsthemanufacturingprocess,inwhichcaseitshallbeconsideredpersonalproperty,orsupportsabuildingorstructureorconstitutesanimprovementtotheland,inwhichcaseitshallbeconsideredrealproperty.FAILURETOMAKEPAYMENT.IntheeventtheCityshouldfailto,orbeunableto,makeanyofthepaymentsrequiredundertheforegoingprovisionsofthisArticleIII,theitemorinstallmentsounpaidshallcontinueasalimitedobligationoftheCity,underthetermsandconditionshereinaftersetforth,untiltheamountunpaidshallhavebeenfullypaid.DevelopershallbeentitledtoinitiateanactionagainsttheCitytospecificallyenforceitsobligationshereunder,includingwithoutlimitationthecity'sobligationtoestablishandmaintaintheDevelopmentProgramFund,depositallRetainedTaxIncrementRevenuesintotheDeveloperSubaccountoftheProjectCostAccountestablishedthereunderandmakerequiredpaymentstoDeveloper.MANNEOFPAYMENTSThepaymentsprovidedforinthisArticleIIImannerprovidedhereinaboveforitsshallbepaiddirectlytotheDeveloperintheownuseandbenmannerprovidedhereinaboveforitsOBLIGATIONSUNCONDITIONAL.ExceptasotherwiseprovidedinthisAgreementorasrequiredbyapplicablelaw,theobligationsoftheCitytomakethepaymentsdescribedinthisAgreementinaccordancewiththetermshereofshallbeabsoluteandunconditional,andtheCityshallnotsuspendordiscontinueanypaymenthereunderorterminatethisAgreementforanycause,irrespectiveofanydefenseoranyrightsofsetoff,recoupmentorcounterclaimitmightotherwisehaveagainsttheDeveloper,otherthanbyreasonofandtotheextentprovidedinafinaljudgmentbyacourtofcompetentjurisdiction.Notwithstandingtheforegoing,theCityreservestherighttoterminatethisAgreementuponreceiptofafinaljudgmentbyacourtofcompetentjurisdictiontotheeffectthatthisAgreementortheDevelopmentProgram(orthedesignationoftheDistricts)adoptedinconnectionherewithoranypaymentmadethereunderorhereunderisorwouldbeillegalorinvalidornotproperlyaut