Common use of NO DEVELOPMENT OBLIGATION Clause in Contracts

NO DEVELOPMENT OBLIGATION. There is no requirement under this Agreement that Landowner initiate or complete development of the Project, or any portion thereof, except for Project Infrastructure, public benefits xxxxx Affordable Housing, to the extent any such obligation has arisen as provided in this Agreement. There is no requirement that development be initiated or completed within any period of time or in any particular order except as provided in Section 17.2. The development of the Project is subject to numerous factors that are not within the control of Landowner or the Local Agency, such as the availability of financing, interest rates, access to capital and other market conditions and similar factors. Except as expressly required by this Agreement, including without limitation, the applicability of the County’s Growth Management System and the requirements of the Phasing Plan, Landowner may develop the Project in such order and at such rate and times as Landowner deems appropriate within the exercise of its sole and subjective business judgment, provided, however, that Local Agency shall have the right to withhold building permits for any proposed development to the extent the proposed sequence of development of Project Infrastructure (including but not limited to the Open Space Phasing) fails to conform to the Phasing Plan set forth in Exhibit D. In Xxxxxx Construction Co. v. City of Camarillo, 37 Cal.3d 465 (1984), the California Supreme Court ruled that the failure of the parties therein to provide for the timing of development resulted in a later adopted initiative restricting the timing of development and controlling the parties’ agreement. It is the intent of the Parties to avoid such a result by acknowledging and providing for the timing of development of the Project in the manner set forth herein. The Parties acknowledge that such a right is consistent with the intent, purpose and understanding of the Parties to this Agreement, and that without such a right, Xxxxxxxxx’s development of the Project would be subject to the uncertainties sought to be avoided by the Development Agreement Statute, Chapter 56 of this Agreement.

NO DEVELOPMENT OBLIGATION. There is no requirement under this Agreement that Landowner initiate or complete development of the Project, or any portion thereof, except for Project Infrastructure, public benefits xxxxx and Affordable Housing, to the extent any such obligation has arisen as provided in this Agreement. There is no requirement that development be initiated or completed within any period of time or in any particular order except as provided in Section 17.2. The development of the Project is subject to numerous factors that are not within the control of Landowner or the Local Agency, such as the availability of financing, interest rates, access to capital and other market conditions and similar factors. Except as expressly required by this Agreement, including without limitation, the applicability of the County’s Growth Management System and the requirements of the Phasing Plan, Landowner may develop the Project in such order and at such rate and times as Landowner deems appropriate within the exercise of its sole and subjective business judgment, provided, however, that Local Agency shall have the right to withhold building permits for any proposed development to the extent the proposed sequence of development of Project Infrastructure (including but not limited to the Open Space Phasing) fails to conform to the Phasing Plan set forth in Exhibit D. In Xxxxxx Construction Co. v. City of Camarillo, 37 Cal.3d 465 (1984), the California Supreme Court ruled that the failure of the parties therein to provide for the timing of development resulted in a later adopted initiative restricting the timing of development and controlling the parties’ agreement. It is the intent of the Parties to avoid such a result by acknowledging and providing for the timing of development of the Project in the manner set forth herein. The Parties acknowledge that such a right is consistent with the intent, purpose and understanding of the Parties to this Agreement, and that without such a right, Xxxxxxxxx’s development of the Project would be subject to the uncertainties sought to be avoided by the Development Agreement Statute, Chapter 56 of Statute and this Agreement.

NO DEVELOPMENT OBLIGATION. There is no requirement under this Agreement that Landowner initiate or complete development of the Project, or any portion thereof, except for Project Infrastructure, public benefits xxxxx or Affordable Housing, to the extent any such obligation has arisen as provided in this Agreement. There is no requirement that development be initiated or completed within any period of time or in any particular order except as provided in Section 17.2. The development of the Project is subject to numerous factors that are not within the control of Landowner or the Local Agency, such as the availability of financing, interest rates, access to capital and other market conditions and similar factors. Except as expressly required by this Agreement, including without limitation, the applicability of the County’s Growth Management System and the requirements of the Phasing Plan, Landowner may develop the Project in such order and at such rate and times as Landowner deems appropriate within the exercise of its sole and subjective business judgment, provided, however, that Local Agency shall have the right to withhold building permits for any proposed development to the extent the proposed sequence of development of Project Infrastructure (including but not limited to the Open Space Phasing) fails to conform to the Phasing Plan set forth in Exhibit D. In Xxxxxx Construction Co. v. City of Camarillo, 37 Cal.3d 465 (1984), the California Supreme Court ruled that the failure of the parties therein to provide for the timing of development resulted in a later adopted initiative restricting the timing of development and controlling the parties’ agreement. It is the intent of the Parties to avoid such a result by acknowledging and providing for the timing of development of the Project in the manner set forth herein. The Parties acknowledge that such a right is consistent with the intent, purpose and understanding of the Parties to this Agreement, and that without such a right, Xxxxxxxxx’s development of the Project would be subject to the uncertainties sought to be avoided by the Development Agreement Statute, Chapter 56 of this Agreement.