Conditions Precedent to Developer Obligations Sample Clauses
The 'Conditions Precedent to Developer Obligations' clause defines specific requirements that must be satisfied before the developer is legally required to perform their contractual duties. Typically, these conditions might include obtaining necessary permits, securing financing, or receiving approvals from relevant authorities. By establishing these prerequisites, the clause ensures that the developer is not obligated to proceed until all critical factors are in place, thereby protecting the developer from undue risk and clarifying the sequence of contractual responsibilities.
Conditions Precedent to Developer Obligations. Developer shall have one hundred twenty (120) days (the “Due Diligence Period”) to examine the Property and determine technical and economic feasibility of the Project. During the Due Diligence Period, Purchaser may (a) conduct due diligence studies including such physical inspections and other tests, (b) obtain information, analysis, proposals and contracts from contractors, architects, consultants and other experts, examinations, studies, title and survey reviews and appraisals of the Property as Purchaser shall deem necessary, (c) collect further information on Project schedule and costs, and construction requirements and timing, and other information as needed, (d) pursue any type of zoning, site plan approvals and permits as may be required for Purchaser to utilize the Property for the Project, (e) acquire leases, operating agreements or other commitments pertaining to operation of the tenant spaces; and (f) determine overall economic feasibility of the Project in Developer's exclusive discretion. Developer may in its sole discretion and for any reason determine that the Project is not feasible or that Developer no longer desires to proceed with the Project and terminate the EDA without liability or penalty at any time prior to the conclusion of the Due Diligence Period.