General Description of Construction Delay Payments Sample Clauses

General Description of Construction Delay Payments. As set forth in Section 25 of the Xxxxx 00 Xxxxxxxx Xxxxxxxxx, if Landlord, as “Buyer”, fails to cause “Completion of Construction” (as defined in the Xxxxx 00 Xxxxxxxx Xxxxxxxxx) of one or more Buildings containing, in the aggregate, at least 270,000 “Gross Square Feet” (as defined in the Xxxxx 00 Xxxxxxxx Xxxxxxxxx) (the “Initial Required Square Footage”) on or before December 15, 2017 (subject to “Unavoidable Delay” (as defined in the Xxxxx 00 Xxxxxxxx Xxxxxxxxx)), then Landlord, as “Buyer”, must pay to Focil a “Construction Delay Payment” (as defined in the Xxxxx 00 Xxxxxxxx Xxxxxxxxx) equal to Three Hundred Seventy-Five Thousand Dollars ($375,000.00) on December 15, 2017 and every six (6) months thereafter until the date that “Completion of Construction” of the Initial Required Square Footage occurs. Furthermore, if Landlord fails to cause “Completion of Construction” of one or more Buildings containing, in the aggregate, 635,000 “Gross Square Feet” (the “Minimum Square Footage”) on or before December 15, 2020, then, in addition to the payments set forth above, Landlord, as “Buyer”, must pay to Focil a “Construction Delay Payment” equal to Three Hundred Seventy-Five Thousand Dollars ($375,000.00) on December 15, 2020 and every six (6) months thereafter until the date that Completion of Construction of the Minimum Square Footage occurs. The amount of each Construction Delay Payments increased on January 1, 2016 (which increase is not reflected in the above-described amounts), and shall increase annually thereafter, by two percent (2%). Landlord, as “Buyer”, also has the right to make certain final payments pursuant to Section 25.6 of the Block 40 Purchase Agreement in lieu of making further “Construction Delay Payments”.