Department Options Upon Developer Notice Sample Clauses

Department Options Upon Developer Notice. If Developer gives written notice of conditional election to terminate, including an estimate (with supporting documentation) of the compensation that would be paid or reimbursed to Developer under Section 19.2.3.1, the Department shall have the option either: (a) to accept such notice, or (b) to continue this Agreement and the Lease in effect, provided that the Department in its reasonable discretion determines that the Project can be completed or re- opened, as applicable, on a commercially reasonable basis, in each case by delivering to Developer written notice of the Department’s choice not later than [30] days after Developer delivers its notice. If the Department does not deliver such written notice within such [30]-day period, then it shall be conclusively deemed to have accepted Developer’s election to terminate this Agreement and the Lease. If the Department delivers timely written notice choosing to continue this Agreement and the Lease in effect, then:
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Related to Department Options Upon Developer Notice

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