Section 3

Citation: Section 3 (2)
Parent Document: Amherst General Bylaws (rental-housing provisions: Art. 3.50 Residential Rental, 3.26 Nuisance House, 3.48 Stretch Energy, 3.3 Human Rights)
Jurisdiction: Amherst (municipal)
Original Source: https://amherstma.gov/DocumentCenter/View/83790/General-Bylaws-of-the-Town-of... ↗

Full Text

1,604 chars

(2) In the event the Sponsor challenges the Town’s efforts to invoke the
          forfeiture/clawback provisions of this Agreement or to obtain revocation by the state,
          or challenges any decision to revoke any certification or approval of the grant of Tax
          Relief by the state, the Sponsor shall set aside in an escrow account an amount equal
          to the full amount of the tax savings that previously would have accrued under the
          Agreement while any such challenge remains pending. The Sponsor shall have a
          continuing obligation to contribute to the escrow account amounts equal to the
                                               121
                                         General Bylaws
                                   Effective December 8, 2025
            additional tax savings that accrue under this Agreement while its challenge remains
            pending. The Sponsor shall promptly provide to the Town documentation of its
            compliance with this obligation. The conditions of the escrow account shall provide
            that, in the event the Sponsor is unsuccessful in its challenge, the funds in the account
            shall be paid to the Town. The Sponsor’s obligations under this subsection shall be
            judicially enforceable. It is the intent of the parties to this Agreement that Amherst
            Residents are third party beneficiaries of this Agreement, and that it may be enforced
            in a civil proceeding brought by not less than 10 taxable inhabitants. F. Requirements for Successors-In-Interest

Other Sections in This Document (1273)

Full Text