Development Contingencies Sample Clauses
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Development Contingencies. The Prospective Purchaser understands that there are numerous contingencies associated with the development of the Townhome and Community including, by way of example, the need for Developer to secure all necessary approvals from governmental bodies having jurisdiction over the Community, the ability of Developer to arrange financing for the construction of the Townhome and Community, and the ability of Developer to negotiate construction and other development-related contracts that are satisfactory to Developer in its sole discretion. There can be no assurance that Developer will be able to satisfy these contingencies.
Development Contingencies. The Authority acknowledges that the Developer's ability to perform many responsibilities under this Agreement is substantially contingent upon actions by third parties over which Developer has limited or no control, or factual circumstances which could not reasonably have been determined as of the date of this Agreement ("Development Contingencies"). Such Development Contingencies include, but may not be limited to the following items as to which the Revitalization Plan reflects certain expectations of the parties:
i. the availability and acquisition, where necessary, of adequate Additional Sites (and of each of the Existing Sites) for development of the full number of units Developer is anticipated to construct in accordance with in the Rebuilding Plan, free and clear of any title defect that could interfere with the Development as set forth in Sections 6.1 and 6.4.3;
ii. the successful elimination of Hazardous Materials from the Development Site (or any applicable portion thereof) within the Master Budget, including such actions as may arise or be required by the Developer and third party funding sources pursuant to Article 5 and the delivery of the Development Site (or any applicable portion thereof) in Clean and Buildable Condition pursuant to Section 3.3;
iii. the performance of all Site Preparation Work relative to the Development Site (or any applicable portion thereof);
iv. the availability of all Public Infrastructure Improvements on or available to the Development Site pursuant to Section 3.3;
v. the availability of CDBG-DR Funds, Insurance Funds or any other Authority Funds (excluding the award of tax credits or tax-exempt bond financing) in the amounts reflected in the Master Budget or a Phase Development Budget and on terms consistent with this Agreement and with the Rebuilding Plan;
vi. the receipt of all necessary government approvals, including without limitation approval of all components of the Rebuilding Plan, this Agreement, and any Mixed-Finance Proposal, as applicable and to the extent required, by HUD, by the City and by each Authority Funding Body; and
vii. the receipt of support from the City in connection with funding applications (including applications for tax credits or tax-exempt bond financing) to the extent such support is required;
viii. the availability of all requisite permits from the City for the Rebuilding Plan (including, as applicable and without limitation, for the Site Preparation Work, the Public Infrastructure Im...
Development Contingencies. The City acknowledges that the Housing Authority’s ability to perform many responsibilities under this Agreement (collectively, “Development Contingencies”) is substantially contingent upon actions by third parties over which the Housing Authority has limited control, or factual circumstances that could not reasonably have been determined as of the date of this Agreement. Such Development Contingencies include, but may not be limited to, the following items as to which the Project Plan reflects certain expectations of the Parties:
1. The successful elimination from the Property of Prohibited Substances;
2. The successful elimination or control of adverse geotechnical conditions or environmental matters; provided however, the cause of the environmental matter is not attributed to the Housing Authority’s or City’s direct or indirect action or inaction;
3. The receipt of all City-required approvals, with conditions of approval that are acceptable to Housing Authority and the Owner Entity;
4. The availability of public and private assistance, including grants and loans in the aggregate amounts set forth in the Project Budget.
Development Contingencies
Development Contingencies