Future Riverwalk Owner Sample Clauses

Future Riverwalk Owner. The parties understand and agree that it is highly unusual to advance a project through construction without identifying the entity or entities that will own or operate the Riverwalk. The parties commit to developing and participating in a process to identify a future owner and shall strive to identify the owner(s) and operator(s) of the Riverwalk prior to submittal of application(s) for demolition or building permits, whichever is sooner. If the entity or entities that will own or operate the Riverwalk are not a party to this Agreement or if the future owner(s) desire additional decisionmaking rights regarding the Phase 1 Project, the parties will amend this Agreement appropriately and enter into a separate agreement with the owner or operator, as necessary. The prospective owner(s) will be considered “identified” when they have committed to the Partners Group to take responsibility for future operations, maintenance and security of the Riverwalk. An entity’s commitment to ownership and/or operation to the Partners Group should be in the form of a resolution adopted by the entity’s governing body.‌
Sample 1
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Future Riverwalk Owner. The parties understand and agree that work on the Riverwalk can progress only so far without identification of the entity or entities that will in fact own or operate the Riverwalk. The parties shall strive to identify the owner(s) and operator(s) of the Riverwalk by completion of pre-concept design work (approximately June 2016), such that design decisions that affect future ownership and operation of the Riverwalk are made with the approval of the entity or entities that will own and operate the Riverwalk. If the entity or entities that will own or operate the Riverwalk are not a party to this Agreement, the parties will amend this Agreement appropriately and enter into a separate agreement with the owner or operator, as necessary. The prospective owner(s) will be considered “identified” when they have committed to the Partners Group to seek to construct the Riverwalk. The prospective operator(s) will be considered “identified” when they have committed to the Partners Group to take responsibility for future operations, maintenance and security of the Riverwalk. An entity’s commitment to ownership and/or operation to the Partners Group should be in the form of a resolution adopted by the entity’s governing body.
Sample 1

Related to Future Riverwalk Owner

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