Lease with CCTA/GMTA Sample Clauses

Lease with CCTA/GMTA. The City Project anticipates leasing a majority of the first floor of the Project building to CCTA/GMTA. The City will negotiate a letter of intent with CCTA/GMTA setting forth the material terms for such lease agreement. The City may enter into leases with third parties for other available portions of the first floor of the Project building. The Legal Contracts Phase shall be completed within ninety (90) days after the Effective Date (the “Legal Contracts Completion Date”); provided, however, that if the City has not obtained all necessary Legal Contracts by the end of such ninety (90) day period, the City and Redstone may agree to extend the Legal Contracts Completion Date by mutual agreement. In the event that either the City or Redstone determine, for any reason or no reason at all, after their review of the Legal Contracts that they do not wish to proceed with the development of the Project, a written notice of termination shall be delivered to the other party and upon such written notice, this Agreement shall terminate with each party having no further obligation or liability to the other except as specifically set forth on the Payment Schedule (defined below) and all of Redstone’s work product collected during the Legal Contracts Phase, if any shall be assigned to, and shall become the property of, the City. The decision as to whether or not to proceed to the next phase shall be made within thirty (30) days after the end of the Legal Contracts Phase, as it may be extended.
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