Common use of City’s Obligations Clause in Contracts

City’s Obligations. Subject to Section 7, City, Building Corp. or RDC, as applicable, shall: (a) execute and perform (or cause the applicable City Bodies thereto to execute and perform) the Ancillary Agreements; (b) subject to approval of the Plat, make available Loan Proceeds for Phase 1 within thirty (30) days after Closing pursuant to the Loan Agreement and make available Loan Proceeds for Phase 2 within forty-five (45) days after issuance of the Office Building’s building permit pursuant to the Loan Agreement for the purposes set forth in this Agreement; (c) determine the Loan Costs within thirty (30) days of the Effective Date; (d) review and issue the City’s development and permit applications necessary to develop the Project Site and construct the Project, including, whenever possible, coordinating with the Developer to lower project costs by issuing interim, partial, and/or conditional approvals to allow project critical activities to occur while reserving final approval of less critical activities (e.g., review and approval of the ILP and foundation release permits to allow overall site work and foundation installation for the buildings to be expedited and reserving for later review streetscape improvements and other improvements to be constructed later in the construction phasing) to the extent allowed by the Laws; and (e) notify Developer on or before August 1, 2019, of the terms of the Initial Loan Payment.

City’s Obligations. Subject to Section 7, City, Building Corp. or RDC, as applicable, shall: (a) execute and perform (or cause the applicable City Bodies thereto to execute and perform) the Ancillary Agreements; (b) subject to approval of the Plat, make available the Phase 1 Loan Proceeds for Phase 1 to Developer within thirty (30) days after Closing pursuant to the Loan Agreement and (c) make available the Phase 2 Loan Proceeds for Phase 2 to Developer within forty-five (45) days after issuance of the Office Building’s building permit pursuant to the Loan Agreement for the purposes set forth in this Agreement; (c) determine the Loan Costs within thirty (30) days of the Effective Date; (d) review and issue the City’s development and permit applications necessary to develop the Project Site and construct the Project, including, whenever possible, coordinating with the Developer to lower project costs by issuing interim, partial, and/or conditional approvals to allow project critical activities to occur while reserving final approval of less critical activities (e.g., review and approval of the ILP and foundation release permits to allow overall site work and foundation installation for the buildings to be expedited and reserving for later review streetscape improvements and other improvements to be constructed later in the construction phasing) to the extent allowed by the Laws; and (e) notify Developer on or before August 1, 2019, of the terms of the Initial Loan Payment.