DEVELOPMENT TO PROCEED EXPEDITIOUSLY. This Agreement requires that development of Phase __ of the Plan commence within one (1) year and that Phase __ be completed within four (4) years of the date of this Agreement, unless otherwise agreed to by the City. If the proposed development governed by this Agreement is not commenced within one (1) year from the date that this Agreement is fully executed by both parties, the City may, at its sole option and on thirty (30) days notice to the Owner, declare this Agreement null and void and of no further force or effect. The Owner shall not be entitled to a refund or credit of any fees, levies, development or other charges paid by the Owner or for any credits for works constructed or provided by the Owner in lieu of payment of any development charges otherwise payable pursuant to this Agreement.
DEVELOPMENT TO PROCEED EXPEDITIOUSLY. This Agreement requires that development commence within one (1) year and be completed within three (3) years of the date of this Agreement unless otherwise changed hereunder. If the proposed development governed by this Agreement is not commenced within one (1) year from the date of the execution of this Agreement, the Municipality may, at its sole option and on thirty (30) days notice to the Owner, declare this Agreement null and void and of no further force or effect. The refund of any fees, levies or other charges paid by the Owner pursuant to this Agreement shall be in the sole discretion of the Municipality. In the event that the works, building and other structures are not completed within three (3) years from the date of the signing of this Agreement, the Municipality may, at its option, declare this Agreement to be in default. Any securities held at the time of default of this Agreement by the Municipality shall be returned forthwith to the Developer less the Municipality’s expenses for rendering the Lands safe and presentable, together with its overhead expenses, or, at the Municipality’s discretion, the Municipality may fully complete the works required by this Agreement utilizing the securities to recover associated costs, together with overhead, legal or other expenses. In returning any deposits or securities, under no circumstances will interest be paid on any refund.
DEVELOPMENT TO PROCEED EXPEDITIOUSLY. This Agreement requires that development commence within one (1) year and be completed within three (3) years of the date of this Agreement unless otherwise changed hereunder. If the proposed development governed by this Agreement is not commenced within one (1) year from the date of the execution of this Agreement, the Municipality may, at its sole option and on thirty (30) days notice to the Owner terminate this agreement. In the event that the Works (defined below) are not completed within three (3) years from the date of the signing of this Agreement, the Municipality may, at its option, declare this Agreement to be in default. Any securities held at the time of default of this Agreement by the Municipality shall be returned forthwith to the Owner less the Municipality’s expenses for rendering the Land safe and presentable, together with its overhead expenses, or, at the Municipality’s discretion, the Municipality may fully complete the works required by this Agreement utilizing the securities to recover associated costs, together with overhead, legal or other expenses. In returning any deposits or securities, under no circumstances will interest be paid on any refund.
