Development Properties. Section 5.14 DGCL...........................................................
Development Properties. 18 2.22 EQR Shares of Beneficial Interest................................ 18 2.23 Investment Company Act of 1940................................... 18
Development Properties. Schedule 2.21 of the Wellsford Disclosure Letter lists all agreements entered into by Wellsford or any of the Wellsford Subsidiaries relating to the development or construction of, or additions or expansions to, any real properties which are currently in effect and under which Wellsford or any of the Wellsford Subsidiaries currently has, or expects to incur, an obligation in excess of $250,000. True and correct copies of such agreements have previously been delivered or made available to EQR.
Development Properties. 23 2.23 Investment Company Act of 1940.................................................................23 2.24 Trademarks, Patents and Copyrights.............................................................23 2.25 Insurance......................................................................................24 2.26 Definition of Knowledge of Merry Land..........................................................24 i 3
Development Properties. Schedule 2.22 to the Merry Land Disclosure Letter lists all agreements entered into by Merry Land or any of the Merry Land Subsidiaries relating to the development or construction of, or additions or expansions to, any real properties which are currently in effect.
Development Properties. Schedule 2.22 to the Merry Land Disclosure Letter lists all agreements entered into by Merry Land or any of the Merry Land Subsidiaries relating to the development or construction of, or additions or expansions to, any real properties which are currently in effect. As of the date hereof, Merry Land’s business plan to complete development of Xxxxxxx at Whitemarsh (Phase I) does not contemplate disbursement of funds to complete such development in addition to those provided through the loan for such development disclosed on Schedule 2.18(3) to the Merry Land Disclosure Letter.
Development Properties. The Lessee shall continue the development and ---------------------- construction of the Development Properties in accordance with the existing plans and specifications therefor and, in connection therewith, shall be entitled as the Lessor's sole agent to request advances of the Senior Loans applicable to the Development Properties on the terms provided in the Loan Documents. The Lessee shall provide to the Lessor a plan and cost review acceptable to the Lessor in the Lessor's sole discretion for construction of the Improvements on each of the Development Properties within thirty days following the Commencement Date. If the Lessee has not delivered an acceptable plan and cost review within thirty days following the Commencement Date for any Development Property, then the Lessor shall be entitled to revoke the grant of agency provided for in this Section 11.2. In addition, the Lessee shall pay as Supplemental Rent hereunder ------------ the costs and expenses of the Lessor's consultant to monitor the progress of construction on the Development Properties. The Lessee shall be permitted to make or approve immaterial changes to the plans and specifications provided that such changes do not affect the intended use or have a material impact on the construction budget. The Lessee shall provide to the Lessor copies of all draw requests submitted pursuant to the Loan Documents and quarterly reports, which reports shall be in form and substance reasonably satisfactory to the Lessor, as to the progress of construction and advances of the Senior Loans, and in the event that the Lessor in its sole discretion finds the progress of construction or advances of the Senior Loans unsatisfactory, the Lessor shall be entitled to revoke the grant of agency provided for in this Section 11.2. The Lessor agrees ------------ to promptly execute and deliver any documents reasonably required by the Lessee in connection with the Lessee's exercise of rights under this Section 11.2. ------------
Development Properties. WITH RESPECT TO EACH DEVELOPMENT PROPERTY, IN THE EVENT THAT THE ESCROW AND THE TRANSACTIONS CONTEMPLATED HEREBY TO THE EXTENT RELATED TO SUCH DEVELOPMENT PROPERTY FAIL TO CLOSE AS A RESULT OF THE DEFAULT OF TRANSFEREE IN THE PERFORMANCE OF ITS OBLIGATIONS UNDER THIS AGREEMENT TO ACQUIRE SUCH DEVELOPMENT PROPERTY, TRANSFEREE, PMB LLC AND TRANSFERORS AGREE THAT PMB LLC’S AND TRANSFERORS’ ACTUAL DAMAGES WOULD BE IMPRACTICABLE OR EXTREMELY DIFFICULT TO FIX. SUBJECT TO SECTION 12.2 HEREOF, THE PARTIES THEREFORE AGREE THAT, WITH RESPECT TO EACH DEVELOPMENT PROPERTY, IN THE EVENT THAT THE ESCROW AND THE TRANSACTIONS CONTEMPLATED HEREIN WITH RESPECT TO SUCH DEVELOPMENT PROPERTY FAIL TO CLOSE AS A RESULT OF THE DEFAULT OF TRANSFEREE IN THE PERFORMANCE OF ITS OBLIGATIONS HEREUNDER TO ACQUIRE SUCH DEVELOPMENT PROPERTY, TRANSFEREE, AS PMB LLC’S AND TRANSFERORS’ SOLE AND EXCLUSIVE REMEDY, SHALL PAY TO PMB LLC (FOR THE BENEFIT OF PMB LLC AND ALL APPLICABLE TRANSFERORS) LIQUIDATED DAMAGES IN THE AMOUNT OF FIVE PERCENT (5%) OF THE TOTAL PROPERTY VALUE FOR SUCH DEVELOPMENT PROPERTY (THE “DEVELOPMENT PROPERTY LIQUIDATED DAMAGES AMOUNT”). IN THE EVENT THAT THE ESCROW WITH RESPECT TO SUCH DEVELOPMENT PROPERTY FAILS TO CLOSE AS A RESULT OF TRANSFEREE’S DEFAULT, THEN (A) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF TRANSFEREE, PMB LLC AND TRANSFERORS HEREUNDER WITH RESPECT TO SUCH DEVELOPMENT PROPERTY AND THE ESCROW CREATED HEREBY WITH RESPECT TO SUCH DEVELOPMENT PROPERTY SHALL TERMINATE, (B) ESCROW AGENT SHALL, AND IS HEREBY AUTHORIZED AND INSTRUCTED TO, RETURN PROMPTLY TO TRANSFEREE, PMB LLC AND THE APPLICABLE TRANSFERORS ALL DOCUMENTS AND INSTRUMENTS WITH RESPECT TO SUCH DEVELOPMENT PROPERTY TO THE PARTIES WHO DEPOSITED THE SAME, (C) TRANSFEREE SHALL DELIVER THE DEVELOPMENT PROPERTY LIQUIDATED DAMAGES AMOUNT TO PMB LLC, AND THE SAME SHALL BE THE FULL, AGREED AND LIQUIDATED DAMAGES, AND (D) ALL RELATED TITLE AND ESCROW CANCELLATION CHARGES, IF ANY, SHALL BE CHARGED TO TRANSFEREE.
Development Properties. Schedule 7.2.16 contains the budget and development schedule therefor prepared by or for FDC for each of the Development Properties (collectively, the "Development Budget and Schedule"). Except as set forth on Schedule 7.2.16, to FDC's knowledge, each Development Property is zoned for the lawful development and/or redevelopment thereon, and FDC has obtained all permits, licenses, consents and authorizations required for the current stage of development or redevelopment thereon, the absence of which would have a Material Adverse Effect on FDC or the applicable Development Property. Except as set forth on Schedule 7.2.16, to FDC's knowledge, there are no material impediments to or constraints on the development or redevelopment of any Development Property, in all material respects within the time frame and for the cost set forth in the Development Budget and Schedule applicable thereto. In the case of each Development Property, the development or redevelopment of which has commenced, to FDC's knowledge, the costs and expenses incurred in connection with such Development Property and the progress thereof are consistent and in compliance in all material respects with all aspects of the Development Budget and Schedule applicable thereto. To FDC's knowledge, FDC has made available to MAAC all feasibility studies, soil tests, due diligence reports and other studies, test or reports performed by or for FDC or otherwise in the possession of FDC, which relate to the Development Properties. 7.2.17
Development Properties. [Deleted].
