DEVELOPMENT BENCHMARKS Sample Clauses
DEVELOPMENT BENCHMARKS. BENCHMARKS FOR REQUISITIONS
DEVELOPMENT BENCHMARKS. In the event that Schering has not (i) [**] following its acceptance of the first Development Candidate, or (ii) has not [**] of acceptance of the applicable Development Candidate, then PTC shall have the right to request that the Parties meet to discuss in good faith any concerns that PTC may have regarding Schering's satisfaction of its diligence obligations set forth in Section 4.1(d). During such discussions, Schering shall provide a reasonable explanation as to why it believes either of the foregoing specified events has not occurred by the applicable date.
(i) If (A) after good faith discussions PTC still reasonably believes that Schering's failure to achieve either of the events specified in Section 4.1(e) by the dates specified therein demonstrates that Schering has breached its diligence obligation pursuant to Section 4.1(d), or (B) such good faith discussions have not been initiated within [**] of PTC's request therefor or completed within [**] (or in either case such longer time period as the Parties may mutually agree), then PTC shall have the right to initiate dispute resolution proceedings pursuant to Article 12. In such proceedings, [**].
(ii) For the avoidance of doubt, nothing in Section 4.1(d) is intended to limit the ability of PTC to bring claims in good faith against Schering at any time regarding Schering's alleged breaches of Section 4.1(d); provided, however, it is understood that [**] shall apply solely with respect to the specific issue described in such section and only with respect to those proceedings (including litigation) related to such specific issue and not to any other allegations of PTC regarding lack of diligence (whether such allegations are raised in a dispute resolution proceeding initiated pursuant to Section 4.1(e)(i) or otherwise).
(iii) The Parties acknowledge that there are numerous reasons that are beyond the control of Schering that might impact Schering's ability to achieve either of the events specified in Section 4.1(e) by the dates specified therein (e.g., safety concerns which arise during testing of the Development Candidate), and it is understood that the failure by Schering to achieve either of such events by such dates shall not, in and of itself, be deemed a breach of Schering's diligence obligations under Section 4.1(d) or create any inference that Schering has breached its obligations under Section 4.1(d).
DEVELOPMENT BENCHMARKS. 1. As a condition of this Agreement, Xxxxxxxxx agrees that on January 1 of the year following the final certificate of occupancy for the Property, the improvements on the Property shall value at least $7,000,000.00 as determined by the Brazos Central Appraisal District. Additionally, the improvements on the Property must continue to be appraised having at least $7,000,000.00 in value throughout the term of this Agreement.
2. As a condition of prior versions of this Agreement, Developer applied for building permits for the development of the Property in a timely manner. Building permits were obtained on October 26, 2021.
3. Xxxxxxxxx further agrees that it will have obtained a final certificate of occupancy for the development of the Property within eighteen (18) months of obtaining the permits discussed in the preceding paragraph.
4. As a condition of this Agreement, Xxxxxxxxx agrees to comply with all City ordinances and applicable state laws relating to the construction and maintenance of the Property. Failure to obtain a certificate of occupancy due to non-compliance with this condition shall be deemed a breach of this Agreement.
DEVELOPMENT BENCHMARKS. BENCHMARKS FOR REQUISITIONS Development Benchmarks for Requisitions: The following benchmarks describe when Requisitions may occur, but is subject to all applicable terms and conditions of this Agreement. All square footage below excludes parking.