Examples of Development Term in a sentence
Any Development Term Rent payable for less than a full year shall be prorated by Lessee on the basis of a 365-day year.
Commencing on the Effective Date, and thereafter within fifteen (15) days after each anniversary of the Effective Date during the Development Term (unless this Lease is earlier terminated), Lessee shall pay to Lessor, annually in advance, an amount equal to the Total Acreage multiplied by the amount shown on the following table for the applicable Lease year (the “Development Term Rent”): The first payment of Development Term Rent shall be made within thirty (30) days after the Effective Date.
The location and development of the Wind Power Facilities on the Property shall be guided by a site plan to be mutually agreed upon by Lessor and Lessee during the Development Term.
Payment of the Development Term Fee shall be made annually in advance with the first payment due on or before sixty (60) days following the Effective Date and each subsequent payment shall be due on or before each anniversary of the Effective Date, as applicable.
Unless otherwise agreed to in writing by both Parties, in no event shall the combined length of the Development Term and the Extended Term of this Lease exceed the date that is thirty-five (35) years after the Effective Date of the Lease.