Development Of The North Beach Property Sample Clauses

Development Of The North Beach Property. Borrower shall have the right to demolish up to nine (9) "keys" (comprising all of the units) of the North Beach Property in order to allow new keys to be built without obtaining Lender's prior consent to such development provided such development will not impair or otherwise adversely affect the Liens, security interests and other rights of Lender under the Loan Documents and the other conditions of this section are complied with. Any development on the North Beach Property (irrespective of whether or not the North Beach Property has been released from the Liens of the Security Instrument before or after such development) must be managed by an Affiliate of Borrower as part of a rental management program approved by Lender in its reasonable discretion (the Rental Management Program). Borrower must complete within 24 months following any demolition of any "key" on the North Beach Property, subject to an outside completion date of no later than six (6) months prior to the Maturity Date, as the same may be extended in accordance with the terms of the Note (the Outside Completion Date), a new hotel room or condominium complex on the North Beach Property with no fewer than 12 individual keys which complies in all material respects with all Legal Requirements and the terms hereof (with delivery of a permanent certificate of occupancy for such development delivered to Lender before the expiration of such 24 month period or, if no such permanent certificate of occupancy has been issued, delivery to Lender of a temporary certificate of occupancy with no material conditions remaining that are necessary to deliver a permanent certificate of occupancy to Lender). After development of the North Beach Property, at least 12 individual keys on such property must be part of the Rental Management Program that is collaterally assigned to Lender. To the extent Borrower fails to complete development of the North Beach Property in accordance with the requirements hereof by the Outside Completion Date, Borrower will be required to pay to Lender a $3,500,000 payment (to be applied to reduce the Loan) within two (2) Business Days of the Outside Completion Date. Notwithstanding the foregoing, this Section 2.3.4(d) shall be inapplicable if, prior to Securitization, and prior to the commencement of any demolition or construction work on the North Beach Property, Borrower subdivides and conveys the North Beach Property in accordance with, and pursuant to, Sections 2.3.4(a) and Section...
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Related to Development Of The North Beach Property

  • Development of the Project The Board of Managers shall take such actions as shall be required to cause either the Company or the Management Company (as defined in Section 9(b) below) to perform and complete the construction and other development work as contemplated and/or required under the NVR Purchase and Sale Agreements, or any other construction company selected by the Board of Managers (the “Development Work”), substantially in accordance with the Project Plan, at a cost to the Company not exceeding the total cost set forth in the Budget, in a manner consistent with this Agreement and all applicable laws, ordinances, rules, regulations or requirements (including, without limitation, those with respect to discrimination) of governmental authorities, and in compliance with any covenants, conditions or restrictions affecting all or any portion of the Property.

  • Condominiums/Planned Unit Developments If the Mortgaged Property is a condominium unit or a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project such Mortgage Loan was originated in accordance with, and the Mortgaged Property meets the guidelines set forth in the Originator's Underwriting Guidelines;

  • Information Systems Acquisition Development and Maintenance a. Client Data – Client Data will only be used by State Street for the purposes specified in this Agreement.

  • Access to Properties Subject to the rights of Tenants, Borrower shall permit agents, representatives and employees of Lender to inspect the Properties or any part thereof at reasonable hours upon reasonable advance notice.

  • Development Records Each Party shall maintain complete, current and accurate records of all Development activities conducted by it hereunder, and all data and other information resulting from such activities. Such records shall fully and properly reflect all work done and results achieved in the performance of the Development activities in good scientific manner appropriate for regulatory and patent purposes. Each Party shall document all non-clinical studies and Clinical Trials in formal written study reports according to Applicable Laws and national and international guidelines (e.g., ICH, cGCP, cGLP, and cGMP).

  • Development Activities NovaDel shall not be required to commence any Development Activities until Licensee has paid at least twenty-five percent (25%) of the non-refundable License Fee described in Section 4.4.

  • Development of Products (a) During the term of this Agreement, ViewRay may from time to time seek services from PEKO with respect to the development of certain Products that can be incorporated into the ViewRay Renaissance™ MRI-guided radiation therapy system. For each Program to be undertaken by PEKO pursuant to this Agreement, the parties will prepare a “Work Statement” and agree to said “Work Statement” in substantially the form attached as Attachment 1. Each Work Statement will describe: (i) the (i) services that PEKO will be responsible for providing to ViewRay and the deliverables that PEKO will be responsible for delivering to ViewRay (“Deliverable(s)”), (ii) delivery schedule for the Deliverables, (iii) pricing terms, (iv) work plan for the Program, and (v) ViewRay’s responsibilities in connection with the Program. Each Work Statement will be prepared based upon the requirements and information provided to PEKO by ViewRay. A separate Work Statement will be required for each Program; and each Work Statement will become subject to this Agreement only when mutually agreed and signed by ViewRay and PEKO.

  • Development Diligence Pfizer will use its Commercially Reasonable Efforts to Develop and seek Regulatory Approval for [ * ] Product [ * ] in the Field [ * ]. Pfizer will [ * ] with respect to the Development or Regulatory Approval of Products under this Agreement.

  • Inventions and Improvements During the term of his employment, Executive shall promptly communicate to Company all ideas, discoveries and inventions which are or may be useful to Company or its business. Executive acknowledges that all ideas, discoveries, inventions, and improvements which are made, conceived, or reduced to practice by him and every item of knowledge relating to Company's business interests (including potential business interests) gained by him during his employment hereunder are the property of Company, and Executive hereby irrevocably assigns all such ideas, discoveries, inventions, improvements, and knowledge to Company for its sole use and benefit, without additional compensation. The provisions of this Section shall apply whether such ideas, discoveries, inventions, improvements or knowledge are conceived, made or gained by him alone or with others, whether during or after usual working hours, whether on or off the job, whether applicable to matters directly or indirectly related to Company's business interests (including potential business interests), and whether or not within the specific realm of his duties. It shall be conclusively presumed that ideas, inventions, and improvements relating to Company's business interests or potential business interests conceived during the two (2) years following termination of employment are, for the purposes of this Agreement, conceived prior to termination of employment. Executive shall, upon request of Company, but at no expense to Executive, at any time during or after his employment with Company, sign all instruments and documents requested by Company and otherwise cooperate with Company to protect its right to such ideas, discoveries, inventions, improvements, and knowledge, including applying for, obtaining, and enforcing patents and copyrights thereon in any and all countries.

  • Project The Land and all improvements thereon, including the Building, the Parking Facilities, and all Common Areas.

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