Failure to Construct Hotel Sample Clauses

Failure to Construct Hotel. In the event that SED does not obtain a building permit for construction of the Hotel within the time periods required by this Agreement, then SED hereby grants to City the option (the “City Hotel Option”) to elect (in its sole and absolute discretion) to either (i) repurchase the Phase Two Property from SED, or its successors, for the purchase price of the Phase Two Property as determined at fair market value (the “Purchase Price of Phase Two Property”); or (ii) coordinate with SED to market and sell the Phase Two Property whereby SED would receive the proceeds equal to or up to the Purchase Price of Phase Two Property and the City and SED would split the proceeds in excess of the Purchase Price of the Phase Two Property (if any). The City must exercise the City Hotel Option stated in this Section 5.7.7.2 within six (6) months from the time periods set forth in Section 4.3 together with any extensions set forth in Section 5.7.7.5. In the event that the City does not timely exercise the City Hotel Option, the City Hotel Option shall become null and void and SED shall own the Phase Two Property free and clear of any option to repurchase from the City. The City Hotel Option shall run with the land and be binding upon the Premises and all successor owners of the Premises unless terminated pursuant to this Section 5.7.7.2.
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Related to Failure to Construct Hotel

  • Advice on Construction Progress To each Change Order which grants an extension in the Contract Time, the Design Professional shall attach its Advice on Construction Progress, in the format provided in the Forms Packet, and provide a copy to the CM/GC.

  • No Construction Against Drafter The Parties acknowledge that this Agreement and all the terms and conditions contained herein have been fully reviewed and negotiated by the Parties. Having acknowledged the foregoing, the Parties agree that any principle of construction or rule of law that provides that, in the event of any inconsistency or ambiguity, an agreement shall be construed against the drafter of the agreement shall have no application to the terms and conditions of this Agreement.

  • Legal Construction If one or more of the provisions contained in this Agreement shall for any reason be held invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions and this Agreement shall be construed as if it did not contain the invalid, illegal, or unenforceable provision.

  • DAF Construction The DAF shall be designed and constructed in accordance with Good Utility Practice. Within one hundred twenty (120) Calendar Days after the Commercial Operation Date, unless the Developer and Connecting Transmission Owner agree on another mutually acceptable deadline, the Developer shall deliver to the Connecting Transmission Owner and NYISO “as- built” drawings, information and documents for the DAF, such as: a one-line diagram, a site plan showing the Large Generating Facility and the DAF, plan and elevation drawings showing the layout of the DAF, a relay functional diagram, relaying AC and DC schematic wiring diagrams and relay settings for all facilities associated with the Developer’s step-up transformers, the facilities connecting the Large Generating Facility to the step-up transformers and the DAF, and the impedances (determined by factory tests) for the associated step-up transformers and the Large Generating Facility. The Developer shall provide to, and coordinate with, Connecting Transmission Owner and NYISO with respect to proposed specifications for the excitation system, automatic voltage regulator, Large Generating Facility control and protection settings, transformer tap settings, and communications, if applicable.

  • No Construction Against Drafting Party The rule of construction that ambiguities are resolved against the drafting party shall not apply to this Lease.

  • Governing Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.

  • Project Construction The Contractor agrees to provide continuous on-site supervision on each Job Order, while progress on the project is being accomplished. The Contractor’s Project Manager will ensure:

  • General Construction Obligations (a) Without limiting Section 10.3:

  • Contract Construction 6.27.1 The parties acknowledge that each party and its counsel have reviewed this CONTRACT and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this CONTRACT or any amendment or exhibits hereto.

  • New Construction If this contract is for a Property that is newly constructed and the new construction option is selected, coverage begins on day one (1) of month thirteen

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