Common use of Developer Performance Clause in Contracts

Developer Performance. i. In the event that the Developer fails to obtain the necessary building permits for Building A and Building D in accordance with the timelines set forth herein (except if same are unreasonably withheld, unreasonably conditioned or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), the City may, at its option and within its sole discretion, terminate this Agreement and terminate the related Xxxxxxxxxx Reimbursement Agreement and Xxxxxxxxxx Redevelopment Plan, either immediately or prospectively; provided that, prior to any such termination, the Developer shall have ninety (90) business days to cure any default after written notice of the same. ii. In the event Developer fails to complete Building C by January 1, 2025 (except if any actions including permits, approvals, reviews, or inspections are unreasonably withheld, unreasonably conditioned, or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), subject to any delays permitted under the terms of this Agreement, and the City has provided notice in accordance with Paragraph VI a) above, and Developer has failed to cure such default to the satisfaction of the City, Developer shall transfer fee title to the Building C Property (“Parcel C”), free and clear of any liens, to the City for use as a public open space, restricted to use of the property as public open space. Public open space means land dedicated or reserved for parks, recreational areas, and scenic areas. Parcel C may be built upon as part of a larger development or the adjacent roads may be reconfigured, provided such development has, or the road reconfiguration provides, a contiguous public open and landscaped space of the same size as Parcel C, suitable for outdoor recreation and events. Transfer of Parcel C to the City shall be deemed to satisfy any requirement of any City ordinance related to the types of housing that comprise the Project and shall be enforceable by the City in equity, not as a penalty but to satisfy the Developer’s obligation to comply with the City ordinance, it being understood that the City's actual damages may be extremely difficult to calculate. If the delay is caused by causes beyond the reasonable control of the Developer, and the Developer has started actions to cure such delay, the time to cure shall be extended to the time reasonably needed to complete it.

Developer Performance. i. In the event that the Developer fails to obtain the necessary building permits for Building A and Building D in accordance with the timelines set forth herein (except if same are unreasonably withheld, unreasonably conditioned or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), the City may, at its option and within its sole discretion, terminate this Agreement and terminate the related Xxxxxxxxxx Reimbursement Agreement and Xxxxxxxxxx Redevelopment Plan, either immediately or prospectively; provided that, prior to any such termination, the Developer shall have ninety (90) business days to cure any default after written notice of the same. ii. In the event Developer fails to complete Building C by January 1, 2025 (except if any actions including permits, approvals, reviews, or inspections are unreasonably withheld, unreasonably conditioned, or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), subject to any delays permitted under the terms of this Agreement, and the City has provided notice in accordance with Paragraph VI a) above, and Developer has failed to cure such default to the satisfaction of the City, Developer shall transfer fee title to the Building C Property (“Parcel C”), free and clear of any liens, to the City for use as a public open space, restricted to use of the property as public open space. Public open space means land dedicated or reserved for parks, recreational areas, and scenic areas. Parcel C may be built upon as part of a larger development or the adjacent roads may be reconfiguredused to reconfigure adjacent roads, provided such development has, or the road reconfiguration provides, a contiguous public open and landscaped space of the same size as Parcel C, suitable for outdoor recreation and events, in addition to the open space that is already part of Valley Court Park. Transfer of Parcel C to the City shall be deemed to satisfy any requirement of any City ordinance related to the types of housing that comprise the Project and shall be enforceable by the City in equity, not as a penalty but to satisfy the Developer’s obligation to comply with the City ordinance, it being understood that the City's actual damages may be extremely difficult to calculate. If the delay is caused by causes beyond the reasonable control of the Developer, and the Developer has started actions to cure such delay, the time to cure shall be extended to the time reasonably needed to complete it.

Developer Performance. i. In the event that the Developer fails to obtain the necessary building permits for Building A and Building D in accordance with the timelines set forth herein (except if same are unreasonably withheld, unreasonably conditioned or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), the City may, at its option and within its sole discretion, terminate this Agreement and terminate the related Xxxxxxxxxx Reimbursement Agreement and Xxxxxxxxxx Redevelopment Plan, either immediately or prospectively; provided that, prior to any such termination, the Developer shall have ninety (90) business days to cure any default after written notice of the same. ii. In the event Developer fails to complete Building C by January August 2025January 1, 2025 2024 (except if any actions including permits, approvals, reviews, or inspections are unreasonably withheld, unreasonably conditioned, or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), subject to any delays permitted under the terms of this Agreement, and the City has provided notice in accordance with Paragraph VI a) above, and Developer has failed to cure such default to the satisfaction of the City, Developer shall transfer fee title to the Building C Property (“Parcel C”)Property, free and clear of any liens, to the City for use as a public open space, park restricted to use of the property as a public open spaceparkas liquidated damages for breach of this agreement. Public open space means land dedicated or reserved for parks, recreational areas, and scenic areas. Parcel C may be built upon as part of a larger development or the adjacent roads may be reconfigured, provided such development has, or the road reconfiguration provides, a contiguous public open and landscaped space Developer acknowledges that this is not n ature of the same size as Parcel C, suitable City’s damages for outdoor recreation a breach of this nature the City’s total damages would otherwise be uncertain and eventsdifficult to ascertain. Transfer of Parcel C to the City Such transfer shall not be deemed to satisfy any requirement of any City ordinance related to the types of housing that comprise the Project and shall be enforceable by the City in equity, not as a penalty but to satisfy the Developer’s obligation to comply with the City ordinance, it being understood that the City's actual damages may be extremely difficult to calculateProject. If the delay is caused by causes beyond the reasonable control of the Developer, and the Developer has started actions to cure such delay, the time to cure shall be extended to the time reasonably needed to complete it.

Developer Performance. i. In the event that the Developer fails to obtain the necessary building permits for Building A and Building D in accordance with the timelines set forth herein (except if same are unreasonably withheld, unreasonably conditioned or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), the City may, at its option and within its sole discretion, terminate this Agreement and terminate the related Xxxxxxxxxx Reimbursement Agreement and Xxxxxxxxxx Redevelopment Plan, either immediately or prospectively; provided that, prior to any such termination, the Developer shall have ninety (90) business days to cure any default after written notice of the same. ii. In the event Developer fails to complete Building C by January 1, 2025 (except if any actions including permits, approvals, reviews, or inspections are unreasonably withheld, unreasonably conditioned, or unreasonably delayed by the City, or any other governmental unit, in contravention of this Agreement, or Enforced Delays), subject to any delays permitted under the terms of this Agreement, and the City has provided notice in accordance with Paragraph VI a) above, and Developer has failed to cure such default to the satisfaction of the City, Developer shall transfer fee title to the Building C Property (“Parcel C”), free and clear of any liens, to the City for use as a public open space, restricted to use of the property as public open space. Public open space means land dedicated or reserved for parks, recreational areas, and scenic areas. Parcel C may be built upon as part of a larger development or the themay be used to reconfigure adjacent roads may be reconfigured, provided such development has, or the road reconfiguration provides, a contiguous public open and landscaped space of the same size as Parcel C, suitable for outdoor recreation and events., in addition to the open space that is already part of Valley Court Park. Transfer of Parcel C to the City shall be deemed to satisfy any requirement of any City ordinance related to the types of housing that comprise the Project and shall be enforceable by the City in equity, not as a penalty but to satisfy the Developer’s obligation to comply with the City ordinance, it being understood that the City's actual damages may be extremely difficult to calculate. If the delay is caused by causes beyond the reasonable control of the Developer, and the Developer has started actions to cure such delay, the time to cure shall be extended to the time reasonably needed to complete it.