Development Area Budget and Allocation Clause Samples

Development Area Budget and Allocation. The Property's total Development Area Budget shall not exceed the maximum Development Attributes specified in the Development Plan approved in the Rezoning Case and the Development Area Budget attached hereto as Exhibit “E.” Any future transfer of development rights between parcels in the Property, including with respect to the Parcels, that is different from the development rights allocations that are set forth and disclosed on the Development Plan and the Development Area Budget will require an application signed by all Owners of the affected parcels and lienholders of such parcels in the Property and is subject to the notice and hearing requirements of section 9- 462.04 of the Arizona Revised Statutes. 4.2.1 The Developer may divide a parcel into two or more smaller parcels (each, a "Child Parcel") and allocate Development Attributes to, and determine the development standards under the PSD for, each Child Parcel. The total Development Attributes allocated to all Child Parcels following such division shall not exceed the amount of Development Attributes allocated to the Parent Parcel, unless Developer allocates additional, unallocated Development Attributes from the Development Area Budget to such Child Parcels pursuant to the application, notice and hearing, and approval process specified in Section 4.2. 4.2.2 The Developer may combine two or more Child Parcels into one parcel (a "Combined Parcel") and allocate Development Attributes to the Combined Parcel. The total Development Attributes allocated to the Combined Parcel shall not exceed the total amount of Development Attributes previously allocated to the Child Parcels comprising the Combined Parcel, unless Developer transfers additional development rights to such Combined Parcel pursuant to the application, notice and hearing, and approval process specified in Section 4.2.