Optional Development Obligation Sample Clauses

Optional Development Obligation. 12.6.1 The Concessionaire shall have the right but not the obligation to construct and develop any unutilised land which forms part of the Project Site for building any facility, which may include permanent and temporary structures, extension of the building façade, construction of facilities for adventure sports, etc., for the benefit of the Users which by its nature may increment the Hospitality Services and may lead to the potential increase in the Revenue from the Project on or after the Project COD during the period up to [5 (five) years] prior to the expiry of the Concession Period (the “Optional Development Obligation”), provided, that it has got prior permission from the Authority of its proposal to undertake the Optional Development Obligation. In the event that the Concessionaire exercises its right to undertake the Optional Development Obligation, it shall do so at its own risk, cost and expense provided that such obligation does not affect the existing Resort and the Project Infrastructure. All the terms, conditions, rights and obligations of the Concessionaire in relation to construction and operation of the Mandatory Development Obligation including submission of Drawings in accordance with Article 12.2 shall apply mutatis mutandis for the construction, development and operation of any facility as part of the Optional Development Obligation including, submission of periodic reports and other relevant documents to the Independent Expert under Article 13, Article 14, and Article 15. Further, the Concessionaire while seeking permission from the Authority of its proposal to undertake Optional Development Obligation, shall also submit projected additional year on year Revenue from the Optional Development. The projected additional year on year Revenue shall be duly examined and certified by the Independent Engineer. After completion of Optional Development, the Concessionaire shall pay [15% (fifteen percent)] of the actual additional Revenue on yearly basis. The additional Revenue shall deemed to be part of the Concession Fee for each year of the Concession Period starting from operationalization of the Optional Development.
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Optional Development Obligation. 12.6.1 The Concessionaire shall have the right but not the obligation to construct and develop any unutilised land which forms part of the Project Site for building any facility, except increasing the number of Keys, for the benefit of the Users which by its nature may increment the Hospitality Services and may lead to the potential increase in the Revenue from the Project on or after the Project COD during the period up to [5 (five) years] prior to the expiry of the Concession Period (the “Optional Development Obligation”), provided, that it has given a prior written intimation to the Authority of its intent to undertake the Optional Development Obligation. In the event that the Concessionaire exercises its right to undertake the Optional Development Obligation, it shall do so at its own risk, cost and expense provided that such obligation does not affect the existing Resort and the Project Infrastructure. All the terms, conditions, rights and obligations of the Concessionaire in relation to construction and operation of the Mandatory Development Obligation including submission of Drawings in accordance with Article 12.2 shall apply mutatis mutandis for the construction, development 23 To be replaced with [COD of each Phase] in case the Project is being developed in Phases. and operation of any facility as part of the Optional Development Obligation including, submission of periodic reports and other relevant documents to the Independent Expert under Article 13, Article 14, and Article 15.
Sample 1

Related to Optional Development Obligation

  • Local Church’s Payment Obligations At Closing or otherwise prior to or on the Disaffiliation Date, Local Church shall pay to the Annual Conference, in a manner specified by Annual Conference, the following:

  • Repayment Obligation In the event that any State and/or federal funds are deferred and/or disallowed as a result of any audits or expended in violation of the laws applicable to the expenditure of such funds, the Contractor shall be liable to the Agency for the full amount of any claim disallowed and for all related penalties incurred. The requirements of this paragraph shall apply to the Contractor as well as any subcontractors.

  • PROCUREMENT OBLIGATIONS Notwithstanding any other provisions of this Part B, where in this Part B the Customer accepts an obligation to procure that a Former Supplier does or does not do something, such obligation shall be limited so that it extends only to the extent that the Customer's contract with the Former Supplier contains a contractual right in that regard which the Customer may enforce, or otherwise so that it requires only that the Customer must use reasonable endeavours to procure that the Former Supplier does or does not act accordingly.

  • Independent Obligations The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer with respect to the Capital Securities and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee notwithstanding the occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 4.3 hereof.

  • Payment Obligation (a) The Subscriber shall bear the obligation to pay the Service Fee to SORACOM from the day when SORACOM starts to provide the Subscriber with the telecommunication channel pursuant to this Agreement.

  • Client Obligations 3.1 The Client shall:

  • STUDENT OBLIGATIONS The student agrees to use the property as his or her personal residence. The student shall maintain the interior of the property in a reasonably clean and safe condition, use reasonable care in consumption of utilities and services furnished by the landlord, and avoid unreasonable noise or other disruption of the privacy and peaceful enjoyment of the premises by the landlord and other students. The student shall be responsible for any damage to the property beyond reasonable wear and tear by the student, members of the student's family, or persons invited on the property by the student. The student shall not make, or cause to be made, any alterations to the property or its contents without first obtaining the written consent of the landlord. The student agrees to notify the landlord in writing about any needed repairs or violations of the Honor Code or Residential Living Standards involving other students or residents. *The BYU Student agrees to update their residential address on myBYU each semester/term, failure to do so will result in non-compliance fees of up to $175 and housing holds affecting their ability to register.

  • Recipient Obligations 2.1 The Recipient agrees to support the Project in accordance with this Agreement.

  • Obligations Beyond Contract Term The Contract shall remain in full force and effect to the end of the specified term or until terminated or canceled pursuant to the Contract. All obligations of the Contractor incurred or existing under the Contract as of the date of expiration, termination or cancellation will survive the termination, expiration or conclusion of the Contract.

  • Professional Development Fund A budget item equal to one-half (½) of one (1) percent of employees' salaries shall be set aside annually to be used to:

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