Developer’s Risk. Subject to the foregoing provisions of this Section 18, Developer acknowledges and agrees that it is proceeding at its own risk and expense until such time as the Transaction Documents are approved and without any assurance that the Transaction Documents will be approved.
Developer’s Risk. Subject to Article 5, Developer acknowledges and agrees that it is proceeding at its own risk and expense and without any assurance that the key business DocuSign Envelope ID: 93B39195-D5C3-430B-8A8C-CCAC6E53AEA8 terms of the Transaction Documents, the design package for the Project, or CEQA documentation for the Project will be approved by the Regents and without assurance that there will not be a CEQA Delay, CEQA Lawsuit or CEQA Appeal, once CEQA approval has been received.
Developer’s Risk. Subject to the foregoing provisions of this Section 14, Developer acknowledges and agrees that it is proceeding at its own risk and expense until such time as the Transaction Documents are approved by City Council and without any assurance that the Transaction Documents will be approved.
Developer’s Risk. The Developer will proceed at limited risk and expense, which will be determined by establishing the reimbursement authority for Phase 1 and Phase 2. The Phase 1 reimbursement authority has been established at $300,000.00. The Phase 2 reimbursement authority will be subject to the further agreement of the Parties and City Council action following the completion of Phase1. Assuming that the Parties actually execute an MDA, the Developer will not require reimbursement from the City for the Phase I Expenses and the Phase 2 Expenses and such expenses shall be addressed in the MDA as costs of the Project and will be used under the MDA in calculating the Developer’s return on investment. Likewise, the Developer may accrue an annual administrative fee of $500,000.00 (increased at the rate of 3% year over year after the first 12 months of the Term) and construction management fees of 4% on all hard and soft costs incurred by the Developer from the execution of this Agreement until the execution of the MDA. Assuming that the Parties actually execute an MDA the accrued administrative fees and the accrued construction management fees shall be deemed costs of the Project in the MDA and will be used under the MDA in calculating the Developer’s return on investment. If the City and the Developer fail to execute an MDA by the end of the Phase 1 or the Term (as it may be extended in accordance with this Agreement), then the City will reimburse the Developer the amounts authorized for the Phase 1 Services and, as applicable, the Phase 2 Services. If the City and the Developer fail to execute an MDA by the end of Phase 1 and do not proceed to Phase 2, any accrued administrative fees and construction management fees shall be waived by the Developer. At the time that the Phase 1 Report and Phase 2 Recommendations are presented to City Council, the Developer may request that it receive all or part of its then accrued and future administrative and construction management fees to cover its internal costs in the event that the Parties subsequently fail to execute an MDA by the end of the Term (as it may be extended) as a condition to moving on to Phase 2.
Developer’s Risk. Each of Affordable Developer and Lead Developer acknowledges and agrees it is proceeding at its own risk and expense without any assurance that the Transaction Documents will be approved.
Developer’s Risk. Except as otherwise provided herein, the undertaking of the Project and the satisfaction of the conditions of this Agreement are at the Developer's sole risk and expense.
