Developer's Obligation to Develop Premises Clause Samples
The Developer's Obligation to Develop Premises clause requires the developer to construct, renovate, or otherwise prepare a property according to agreed specifications and timelines. This clause typically outlines the standards of work, deadlines for completion, and may specify milestones or deliverables that must be met during the development process. Its core function is to ensure that the developer is contractually bound to deliver the premises as promised, thereby protecting the interests of the property owner or tenant and reducing the risk of delays or substandard work.
Developer's Obligation to Develop Premises. Developer agrees to ------------------------------------------ commence the construction of improvements upon Parcel 3 or Parcel 4 of the Premises on or before May 1, 1990, subject to marketing conditions then existing and the granting of all required governmental approvals and subject to subsection 17.3. After completion of the first building on Parcel 3 or Parcel 4, Developer shall use its best efforts to undertake as expeditiously and fully as is reasonable possible in the exercise of sound business judgment, the planning and construction of improvements upon the other of Parcel 3 or Parcel 4 of the Premises to the end that there will be ultimately constructed as a part of the Project the development contemplated in the Basic Concept Documents or its alternative as approved by Landlord pursuant to subsection 7.3.7. Developer intends to conform to the construction schedule attached as Exhibit "J" entitled "Construction Schedule" but is not required to do so, except as provided in this subsection. In the event Developer has not commenced construction on the last of either Parcel 3 or Parcel 4 by January 1, 1993, then the fair market rental value of said parcel shall be adjusted in the manner set forth in Section 3.2, as of
Developer's Obligation to Develop Premises. Developer has ------------------------------------------ completed the construction of improvements upon both Parcel 1 and Parcel 2 of the Premises, consisting of a 128,981 square foot 3-story building on Parcel 1, and a 98,243 square foot 2-story building on Parcel 2, as a part of the development contemplated in the Basic Concept Documents or its alternative as approved by Landlord pursuant to subsection 7.3.7.
Developer's Obligation to Develop Premises. Developer has ------------------------------------------ commenced the construction of improvements upon both Parcel 5 and Parcel 6 of the Premises as a part of the development contemplated in the Basic Concept Documents or its alternative as approved by Landlord pursuant to subsection 7.3.7.
Developer's Obligation to Develop Premises. Developer ------------------------------------------ agrees to commence the construction of improvements upon the Premises, including the first building, on or before September 1, 1985, subject to granting of all required governmental approvals and subject to subsection 17.3. After completion of the initial building, Developer shall use its best efforts to undertake as expeditiously and fully as is reasonably possible in the exercise of sound business judgment, the planning and construction of improvements upon Premises and to further the interest thereof to the end that there will be ultimately constructed on the Premises the development contemplated in the Basic Concept Documents or its alternative as approved by Landlord pursuant to subsection 7.3.7. Developer intends to conform to the construction schedule attached as Exhibit "J" entitled "Construction Schedule" but is not required to do so, except as provided in this subsection. In the event Developer has not commenced construction on the last parcel by January 1, 1993, then the fair market rental value of said parcel shall be adjusted in the manner set forth in subsection 3.2, as of January, 1993, upon the assumption that the building or buildings planned for construction upon said parcel had, in fact, been completed.
Developer's Obligation to Develop Premises. Developer ------------------------------------------ agrees to commence the construction of improvements upon the Premises as an orderly development in conjunction with the development of the adjoining property leased from the City of Long Beach. Developer shall undertake as expeditiously and fully as is reasonably possible in the exercise of sound business judgment, the planning and construction of improvements upon Premises and to further the interest thereof to the end that there will be ultimately constructed on the Premises the development contemplated the Basic Concept Documents or its alternative as approved by Landlord pursuant to subsection 7.3.7. In the event Developer has not commenced construction on the Premises by January 1, 1995, then the fair market rental value of the Premises shall be adjusted in the manner set forth in subsection 3.2, as of January, 1995, upon the assumption its that any building or buildings or other material improvements planned for construction upon Premises had, in fact, been completed, unless the provisions of section 3.1.3 shall apply.