City's Early Termination Rights for Failure to Satisfy Ten or Twenty Year Sample Clauses

City's Early Termination Rights for Failure to Satisfy Ten or Twenty Year. Development Obligations. At each annual compliance review of this Agreement and of Xxxxxxxxx’s performance hereunder pursuant to Section 18.02.300 of the Municipal Code, the City and Developer shall discuss the then-current status of Developer’s satisfaction of the Ten Year or Twenty Year Development Obligation, as applicable, and, whether development and payment obligations remain to be performed in order to satisfy the Ten or Twenty Year Development Obligation. In addition, if Developer has not already satisfied the Ten Year or Twenty Year Development Obligation, as applicable, then, no earlier than one (1) year and not less than ninety (90) days prior to the end of the ten (10) or twenty (20)-year period described in Section 2.2, Developer shall give City notice of the status of Developer’s satisfaction of the Ten Year or Twenty Year Development Obligation, as applicable, substantially in the form of the notice letter attached hereto at Exhibit P (the “Status Notice”). If Developer has given the City a Status Notice, and Developer thereafter fails to satisfy the Ten Year Development Obligation or the Twenty Year Development Obligation on or before the applicable deadline for satisfying the obligations thereunder, then the City may give Developer a termination notice at any time after the last date by which Developer must satisfy (a) the Ten Year Development Obligation, in the case of a notice regarding the failure to satisfy the Ten Year Development Obligation or (b) the Twenty Year Development Obligation, in the case of a notice regarding the failure to satisfy the Twenty Year Development Obligation, which termination notice shall terminate this Agreement effective as of the date of Developer’s receipt of such termination notice; provided, however, that if Developer satisfies the applicable obligation prior to the date on which Developer receives the termination notice, then such termination notice shall be null and void and this Agreement shall remain in effect. If (i) Developer fails to provide a Status Notice and (ii) Developer has not satisfied the Ten Year Development Obligation or Twenty Year Development Obligation, as applicable, and such failure to satisfy the applicable obligation is not then the subject of a dispute between the City and Developer, then this Agreement shall terminate on the date immediately following the end of the ten (10) or twenty (20)-year period described in Section 2.2, as applicable, without the need for the City to giv...
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Related to City's Early Termination Rights for Failure to Satisfy Ten or Twenty Year

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