Phase 2 Improvements. Developer shall complete the design, plan check, permitting and construction of the Phase 2 Improvements.
Phase 2 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 2 Improvements on Parcel A and Parcel C, no later than the last day of the fifth (5th) Lease Year ("Phase 2 Completion Date"):
(i) Design, build, and install an approximately five thousand (5,000) square feet flight based operations terminal building with related offices on Parcel A.
(ii) Design, build, and install an approximately ten thousand (10,000) square foot aerial banners operation hangar on Parcel A.
(iii) Design, build, and install a hangar of approximately eight thousand (8,000) square feet with approximately one thousand five hundred (1,500) square feet of office space on Parcel A.
(iv) Design, build, and install one open bay hangar of approximately eight thousand (8,000) square feet with approximately one thousand five hundred (1,500) square feet of office space on Parcel A.
(v) Pave Parcel C and install and complete all required Improvements for the use of Parcel C for tie‐down purposes together with any required Improvements and connectors to the associated Taxiway(s).
(vi) Complete any and all structural, electrical, and plumbing updates that are required for all Improvements in order to achieve a CO for all Phase 2 Improvements.
(vii) Pave associated ramp, public and employee parking, and any required connectors to the associated taxiway between the main taxiway and the Premises on Parcel A.
(viii) Install required landscaping for Parcel A and Parcel C.
(ix) Install all required utilities, to include conduit ducts for cable, telecommunications, and electric power, sewage, electrical system, wastewater disposal, a perimeter safety fence, lighting, and security measures, as required on Parcel A and Parcel C.
(x) After the Phase 1 Completion Date, and upon County issuance of a Notice to Proceed, demolition of Existing Hangars on Parcel A.
Phase 2 Improvements. The Improvements identified in Section 6.2(b).
Phase 2 Improvements. The Property on Acoma and Hampden will contain a high-quality three story walk-up apartment building with a mix of commercial and residential units on the ground floor, including approximately 31 surface parking spaces. The parking garage, along with some of the surface parking, is meant to continue to serve the businesses on Broadway as well as new tenants pursuant to a shared Parking Agreement to be negotiated prior to Closing. The acquisition and development of the property shall be contingent on a Parking Agreement with shared parking terms acceptable to the Developer, the City and the Authority. The mid-block connection between Broadway and Acoma shall include community space and approximately 40 surface parking spaces. The development will contain a total of approximately 100-110 residential units, including market- rate and affordable units. Subject to the requirements of Section 7.5, the Parties acknowledge and agree that specific aspects of the final development plan submitted by the Developer and approved by the City and the Authority may vary from the details set forth above by as much as 20% (either higher or lower), including the actual number of apartment units, parking spaces, square feet of commercial storefront or community space and number of affordable versus market-rate units.
Phase 2 Improvements. The term “Phase 2 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 2 Plans as they relate to the construction of a new convention and meeting space, and any other improvements the parties determine to complete it being understood that the Lender shall only be obligated to disburse Advances for the construction of the Phase 2 Improvements up to an aggregate amount of $2,000,000, all as shown on the Approved Budget.
Phase 2 Improvements. To receive Program Grants related to the Phase 2 Improvements, Company must meet the following conditions:
a. Begin construction of the Phase 2 Improvements on or before December 31, 2023 (“Phase 2 Start Date”). For purposes of this Agreement, construction of the Phase 2 Improvements begins on the later date that both of the following are met: (i) Company closes on financing necessary to begin the Phase 2 Improvements and (ii) Company receives its first building permit for the Phase 2 Improvements. The Phase 2 Start Date will be memorialized by way of an addendum to this Agreement, the form of which is attached hereto as Exhibit A.
b. Cause the Phase 2 Property Owner to execute and deliver the Phase 2 Loan Agreement, the Phase 2 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 2 Improvements, such closing which must occur on or before the Phase 2 Start Date. The Phase 2 Deed of Trust will be recorded prior to the commencement of any construction of the Phase 2 Improvements and will be subordinated to the Phase 2 Property Owner’s construction or permanent financing, such subordination agreement which shall be in a form and substance approved by the City, in its reasonable discretion.
c. Expend or cause to be expended an aggregate amount of Seventy Million Dollars and Zero Cents ($70,000,000.00) in Total Development Costs on the Real Property Improvements (which includes both the Phase 1 Improvements and Phase 2 Improvements) (“Phase 2 Real Property Commitment”).
d. The Phase 2 Completion Date must occur on or before the Phase 2 Completion Deadline, as evidence by the Phase 2 Certificate of Completion.
e. Meet any and all other requirements of this Agreement in connection with the completion of the Phase 2 Improvements.
Phase 2 Improvements. Lessee shall construct at another location, that represents at least twenty percent (20%) of the Development Parcel's area, a hangar facility of at least 19,000 square feet with all associated infrastructure including ramp, utilities, offices and parking. All Phase 2 Improvements shall be completed by no later than the Phase 2 Date; and
Phase 2 Improvements
