(b) Changed Market Conditions. Subject to the provisions of Section 5.1(c) below, Redeveloper’s failure or refusal to develop the Phase 1 Project shall not constitute a Default if such failure or refusal is the result of changed market conditions encompassing market or economic phenomena or conditions that are not unique to the Phase 1 Project, which changed market conditions render the development and marketing of the Phase 1 Project based upon the product type and financial assumptions currently proposed by Redeveloper economically infeasible or remote.
(b) Changed Market Conditions. Subject to the provisions of Section 5.2(c) below, Redeveloper’s failure or refusal to acquire an Acquisition Parcel or to develop a particular Phase of the Project shall not constitute a Default if such failure or refusal is the result of changed market conditions encompassing market or economic phenomena or conditions that are not unique to the Project, which changed market conditions render the development and marketing of the Parcel or Phase based upon the product type and financial assumptions currently proposed by Redeveloper economically infeasible or remote.
