Developer; Vertical Developer Clause Samples

Developer; Vertical Developer. The City and the Authority agree that: (a) this ICA is for Developer’s express benefit, subject to Developer’s Consent, which is attached to and is a part of this ICA; (b) except as set forth in Section 7.4, Developer Parties are entitled to rely on, receive benefits conferred by, and enforce this ICA, but only on the condition that neither the Authority nor the City will be liable for any damages under this ICA; and (c) their intention is to provide mechanisms for Developer to develop the Project in accordance with this ICA and the Development Requirements. Developer’s burdens and benefits under this ICA and the Developer’s Consent, and all limitations on those burdens and benefits, will accrue to the applicable Developer Party. The DDA contemplates partial Transfers and partial terminations of the DDA as well as the sale of Lots to Vertical Developers for development of Vertical Improvements through Vertical DDAs. Developer Parties will have third-party beneficiary rights under this ICA only to the extent it affects or relates to the land on which Developer, the Transferee or Vertical Developer, as applicable, has rights under the DDA or Vertical DDA, as applicable.

Developer; Vertical Developer. The Agency and the Department agree that: (a) this Agreement is for the express benefit of the Developer Parties, subject to Developer’s Consent, which is attached to and is a part of this Agreement; (b) the Developer Parties are entitled to rely on, receive benefits conferred by, and enforce this Agreement, but only on the condition that neither the Agency nor the Department will be liable for any damages under this Agreement; and (c) their intention is to provide mechanisms for the Developer Parties to develop the Project on the Project Site in accordance with this Agreement and the Redevelopment Documents. Developer’s burdens and benefits under this Agreement and the Developer’s Consent attached to this Agreement, and all limitations on those burdens and benefits, will accrue to the Developer Parties, as applicable. The DDA contemplates partial transfers and partial terminations of the DDA, and each Developer Party will have third-party beneficiary rights under this Agreement only to the extent it affects or relates to the land on which the Developer Party has rights under the DDA.