Developer Acquisition Conditions Clause Samples

Developer Acquisition Conditions. Subject to Developer and Escrow Agent executing escrow instructions consistent with the requirements of this Agreement, Developer’s obligation to acquire a leasehold interest in the Site shall be conditional and contingent upon the satisfaction, or waiver by Developer in its sole and absolute discretion, of each and all of the following conditions (collectively, the “Developer Acquisition Conditions”): a. City shall have delivered to Escrow Agent (i) Memorandum of Ground Lease; and (ii) City Regulatory Agreement(iii) Notice of Affordability Restrictions, all duly executed and acknowledged by Developer for recordation, and Escrow Agent shall have recorded, or shall record, each of the same.‌ b. Developer shall have obtained all of the Project Entitlements for the development of the Project on the Site in accordance with this Agreement. c. City shall have approved a parcel map establishing the Site as a separate legal parcel, subject to easements for public egress, access and parking.‌ d. Developer has obtained permits for grading and building for the Project on the Site. Ground Lease. e. City shall have executed and delivered to Escrow Agent the City f. The City Manager shall have approved (such approval not to be unreasonably withheld, conditioned, or delayed) Developer’s evidence of insurance required pursuant to Section 3.5 of this Agreement. g. The City Manager shall have approved (such approval not to be unreasonably withheld, conditioned, or delayed) Developer’s financial statements and other documents required by Section 2.1.5 herein.‌ h. Developer shall have obtained conditional financing commitment letters for all of the financing set forth in the Project Budget outlining the financial terms, conditions and requirements of an investment in or loan to the Developer’s limited partnership in the forms required by TCAC pursuant to its tax credit application. i. Developer has closed on the Construction Loan and all of the construction financing set forth in the Project Budget; or, concurrent with the Close of Escrow, Developer will close on the Construction Loan and all of the construction financing set forth in the Project Budget. j. The Title Company shall be irrevocably committed to issue to Developer on the Close of Escrow an ALTA owner’s leasehold title policy consistent with the provisions in Section 2.3.3 hereof and subject only to the Permitted Exceptions.‌ k. No administrative action/quasi-judicial proceeding or litigation has been filed or is pend...