Minimum Takedown Obligation Sample Clauses
Minimum Takedown Obligation. Subject to the satisfaction of the conditions set forth in Section 3.2(b) and the satisfaction or waiver of the conditions set forth in Section 3.2(a), Catellus (or a Catellus Takedown Party, as appropriate) shall Takedown a minimum of 8.6 acres of the Property per year calculated on a running cumulative average as of each anniversary of the first Takedown Date, subject to Catellus’ rights to toll such obligations as provided below (the “Minimum Takedown Obligation”). Any unsold Property remaining at the end of the Term shall remain City-owned.”
Minimum Takedown Obligation. Subject to the satisfaction or waiver of the conditions set forth in Section 3.2(b) and the satisfaction or waiver of the conditions set forth in Section 3.2(a), Developer (or a Developer Takedown Party, as appropriate) must comply with the Takedown Schedule, subject to Developer’s rights to toll such obligations as provided below (the “Minimum Takedown Obligation”). Developer may update the Takedown Schedule from time to time for particular phases or sub-phases as shown on the Phasing Plan based on the Phasing schedule, Offsite Infrastructure schedule, and funding availability. The City shall have the right to approve, disapprove, or comment on the updates to the Takedown Schedule. The City shall notify Developer of the City’s approval, disapproval, or comments to the Takedown Schedule or updates to the Takedown Schedule, as applicable, within ten (10) days after notice thereof. If the Takedown Schedule or updates to the Takedown Schedule, as applicable, are not approved by the City within such 10-day period, then beginning on the 20th day after the end of the 10- day review period, the Minimum Takedown Obligation shall be tolled until the same is approved by the City.