Community Builder Lots Sample Clauses

Community Builder Lots. 17.4.1 Within thirty (60) days after the date that a Lot Appraisal for a Community Builder Lot is initiated (the “Community Builder Election Period”), the Community Builder assigned to that Lot under the Community Benefits Plan must elect to participate in the Community Builder Program under one of the models of participation described in the Community Benefits Plan by providing written notice of its selected model of participation to Developer and the Agency. For a period of ninety (90) days following receipt of such notice by Developer, which period may be extended by the Community Builder for an additional sixty (60) days if reasonably necessary in order to reach agreement (the “Community Builder Negotiation Period”), Developer, an Affiliate of Developer or a Qualified Buyer (the “Developer Community Builder Partner”) shall negotiate in good faith with the applicable Community Builder to enter into the agreements applicable to such model of participation, in forms agreed to by Developer and the Community Builder, that provide for the Community Builder to participate in the development or purchase of the Lot “as is, where is” (subject to Developer’s obligations to Complete the Lot as required under this DDA) and, for purchases, at a purchase price at least equal to the Minimum Purchase Price of the Lot, payable in full to seller at closing (collectively, the “Community Builder Agreements”). The Developer Community Builder Partner shall keep the Agency Director reasonably informed of the status of negotiations during the Community Builder Negotiation Period, including any issues that the Developer Community Builder Partner and the Community Builder are not able to resolve. 17.4.2 If (i) the assigned Community Builder does not elect to participate in the Community Builder Program during the Community Builder Election Period in accordance with Section 17.4.1, (ii) the intended parties to the Community Builder Agreements are unable to execute and deliver such Community Builder Agreements within the Community Builder Negotiation Period, or (iii) the Community Builder defaults under the Community Builder Agreements and does not cure such default in accordance with the terms thereof, then the Developer Community Builder Partner shall notify the Agency of the facts and circumstances surrounding the failure or default and the Agency shall have the right, but not the obligation, for a period of sixty (60) days to help find a resolution acceptable to the Developer ...
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Related to Community Builder Lots

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