Phase B Residential Allocations Sample Clauses

Phase B Residential Allocations. As of the date of the City Manager’s written approval of the Phase B affordability level plan as set forth in Section 3.1.2, City shall grant 164 Residential Allocations out of the Residential Allocation Pool established by the Specific Plan for the development of Phase B of the Project. Once granted, the Residential Allocations for Phase B shall extend for the remainder of the Phase A Residential Allocation Term including any extensions granted pursuant to Section 4.1 (“Phase B Residential Allocation Term”). The City Manager may, for good cause, extend the Phase B Residential Allocation Term up to an additional one (1) year beyond the expiration of the Phase A Residential Allocation Term, provided the Developer has at the time of such extension applied for a building permit for Phase B and is otherwise in compliance with its obligations under this Agreement.