Developer Contingencies. Developer agrees and understands that this Agreement does not, and the Town Manager and the Town Council have no authority to, guarantee or agree that the following contingencies will be met, as these contingencies are dependent upon the decisions of the Town’s land use boards. Neither the Council nor this Agreement have any influence over the decisions of the land use boards, and the Town Council makes no recommendation whatsoever to the land use boards, regarding the contingencies below.
i. Developer obtaining final approval, after exhaustion of all appeal periods pursuant to RSA 677 from the Merrimack Zoning Board of Adjustment and the Merrimack Planning Board for six (6) additional subdivision lots above what is shown on the Plan, with said final approvals occurring no later than March 31, 2020.
ii. The last sentence of “Note 10” on the approved Cluster Subdivision Plan being removed by the Merrimack Planning Board; said sentence currently states: “The sewer repair for Baboosic Lake Road must be completed and accepted by Public Works prior to issuance of any building permits.”
Developer Contingencies. The Developer’s obligation to close on the North Site Land Transfers is expressly conditioned upon each of the following contingencies being satisfied or waived:
(i) No City Event of Default or Authority Event of Default shall exist under the terms of this Agreement or the Development Contract.
(ii) The Authority shall have delivered to the Developer all of the Authority Documents described in Section 4.4(b).
(iii) The Developer shall have examined title to the North Site; shall have determined that title to the North Site Commercial Element has not been subject to any new defects or encumbrances since the Developer’s initial review of title that are not acceptable to the Developer in the Developer’s reasonable discretion, and Escrow Agent shall be irrevocably committed to issuing to the Developer a 2006 ALTA Owner’s Policy of Title Insurance upon the Land Transfer Closing for the North Site Commercial Element insuring the Developer’s title to the North Site Commercial Element subject only to exceptions which are acceptable to the Developer in the Developer’s reasonable discretion.
(iv) The representations and warranties of the City and the Authority shall be true and correct as the Land Transfer Closing for the North Site Commercial Elements.
(v) The Authority shall have delivered, at the Land Transfer Closing Date for the North Site Transfer, a Certificate of Completion for the North Site Commercial Elements.
Developer Contingencies. The Developer’s obligation to close on the South Site Land Transfers is expressly conditioned upon each of the following contingencies being satisfied or waived:
(i) The City and Authority shall have performed all of the obligations required to be performed by the City and Authority under this Agreement as of the Land Transfer Closing Date for the South Site (including, but not limited to, completing the Xxxxxx Work) and shall not be in Default under this Agreement; provided further that the City shall not be in Default under the Development Contract.
(ii) The Authority shall have delivered to the Developer all of the documents to be delivered by Authority and described in Section 4.4(a).
(iii) The Authority shall have approved the Financing Commitment.
(iv) The City shall have approved the Final Development Plan, subject only to the Developer’s acquisition of the South Site and the City and the Developer shall have executed the Development Contract.
(v) The Developer shall have examined title to the South Site and the North Site; shall have determined that title to the South Site is and title to the North Site Commercial Element will be acceptable to the Developer in the Developer’s reasonable discretion, and Escrow Agent shall be irrevocably committed to issuing to the Developer a 2006 ALTA Owner’s Policy of Title Insurance upon the Land Transfer Closing for the South Site insuring the Developer’s title to the South Site subject only to exceptions which are acceptable to the Developer in the Developer’s reasonable discretion.
(vi) The Developer shall have conducted such investigations as to the environmental and geotechnical condition of the South Site and the North Site Commercial Element and shall have investigated the condition of the improvements located on the South Site and the North Site Commercial Element (if any) and shall be satisfied with the results of such investigations in the Developer’s reasonable discretion.
(vii) The representations and warranties of the City and the Authority shall be true and correct as the Land Transfer Closing for the South Site.
(viii) The Authority shall have entered into the Center Ramp Lease.
(ix) The Parties shall have entered into a mutually acceptable North Site Operating Agreement.
(x) The Authority shall have entered into the Affordable Housing Loan Agreement.
Developer Contingencies. The Developer’s obligations to continue through the various stages of development are as follows:
Developer Contingencies. The Developer’s obligation to fund the construction of the Developer Phase 1 Scope is contingent upon the following (the “Developer’s Contingencies”):
