Phase 1 Improvements. In the event that Lessee does not terminate as to Parcel B and Parcel C during the Due Diligence Period, Lessee shall construct and complete the following Phase 1 Improvements on Parcel B no later than the last day of the third (3rd) Lease Year ("Phase 1 Completion Date"):
(i) Design, build, and install twelve (12) new T hangars.
(ii) Design, build, and install a new approximately eight thousand (8,000) square foot helicopter hangar including office space.
(iii) Design, build, and install three (3) hangars of approximately four thousand (4,000) square feet each.
(iv) Design, build, and install two (2) hangars of approximately eight thousand (8,000) square feet each with office space within each.
(v) Pave associated ramp, public and employee parking, and any required connectors to the associated Taxiway(s).
(vi) Install required landscaping for Parcel B.
(vii) Install all required utilities, including conduit ducts for cable, telecommunications, electric power, sewage, electrical system, wastewater disposal, a perimeter, safety fence, lighting, and security measures, as required.
(viii) Complete any and all structural, electrical, and plumbing updates that are required for all Improvements in order to achieve a CO for all Phase 1 Improvements.
Phase 1 Improvements. The Improvements identified in Section 6.2(a).
Phase 1 Improvements. The term “Phase 1 Improvements” shall mean all buildings and other improvements of whatever nature to the Maryland Property, the construction of which is required to properly develop the Maryland Property as contemplated in the Phase 1 Plans as they relate to the conversion of the existing convention center to a casino facility with at least 500 video lottery terminals (or slot machines) and such other gaming devices as allowed by applicable law in numbers and types of games determined by Borrower in its sole and absolute discretion, and any other improvements the parties determine to erect it being understood that the Lender shall only be obligated to disburse Advances for the construction of the Phase 1 Improvements up to an aggregate amount of $15,500,000, all as shown on the Approved Budget.
Phase 1 Improvements. To receive Program Grants related to the Phase 1 Improvements, Company must meet the following conditions (“Phase 1 Real Property Commitments”):
a. Begin construction of the Phase 1 Improvements within eighteen
b. Cause the Phase 1 Property Owner to execute and deliver the Phase 1 Loan Agreement, the Phase 1 Deed of Trust, and any other documents related thereto (which shall be in a form and substance reasonably acceptable to City and Company) concurrently with the closing of the construction financing for the Phase 1 Improvements, such closing which must occur on or before the Phase 1 Start Date. The Phase 1 Deed of Trust will be recorded prior to the commencement of any construction of the Phase 1 Improvements and will be subordinated to the Phase 1 Property Owner’s construction or permanent financing, such subordination agreement which shall be in a form and substance approved by the City, such approval not to be unreasonably withheld, conditioned, or delayed.
c. Expend or cause to be expended at least Sixty Million Dollar and Zero Cents ($60,000,000.00) in Total Development Costs on the Phase 1 Improvements, of which at least Fifty-Six Million Dollars and Zero Cents ($56,000,000.00) must be expended on Hard Construction Costs.
d. Cause the Phase 1 Property Owner to execute the Purchase and Lease Agreement prior to the Phase 1 Completion Date and provide a copy of the fully executed Purchase and Lease Agreement to the Director.
e. The Phase 1 Completion Date must occur on or before the Phase 1 Completion Deadline, as evidenced by the Phase 1 Certificate of Completion.
f. Meet any and all other requirements of this Agreement in connection with the completion of the Phase 1 Improvements.
Phase 1 Improvements. Lessee shall construct at a location that represents at least sixty percent (60%) of the Development Parcel's area, a hangar facility of at least 19,000 square feet with all associated infrastructure including vehicular access, parking, utilities, and ramp, along with an additional terminal building of at least 6,000 square feet and an aircraft wash rack. All Phase 1 Improvements shall be completed by no later than the Phase 1 Date.
Phase 1 Improvements
