Common use of Phase I Completion Clause in Contracts

Phase I Completion. The parties acknowledge that as of the date of this Third Amendment, Phase I has been partially completed by Developer’s predecessor. With respect to the improvements and obligations of the Developer under Phase I Development as expressed in the Phase I Development Plans and in the Annexation Agreement, as previously amended, Developer shall have no obligation to complete or guarantee such Phase I improvements. The parties acknowledge in particular that the north side of the Xxxxx Road and 20th Street intersection has been improved. In particular, Developer shall have no obligation to contribute to the temporary signal-control devices at the intersection of Xxxxx Road and 20th Street. Notwithstanding the foregoing, Developer acknowledges that at such time as the intersection of Xxxxx Road and 20th Street is improved to include permanent signal-control devices, Developer shall be obligated to pay twenty-five percent (25%) of the permanent signal-control devices.

Phase I Completion. The parties acknowledge that as of the date of this Third Amendment, Phase I has been partially completed by DeveloperXxxxxxxxx’s predecessor. With respect to the improvements and obligations of the Developer under Phase I Development as expressed in the Phase I Development Plans and in the Annexation Agreement, as previously amended, Developer shall have no obligation to complete or guarantee such Phase I improvementsimprovements (except the north/south sidewalk). The parties acknowledge in particular that the north side of the Xxxxx Road and 20th Street intersection has been improved. In particular, Developer shall have no obligation to contribute to the temporary signal-control devices at the intersection of Xxxxx Road and 20th Street. Notwithstanding the foregoing, Developer acknowledges that at such time as the intersection of Xxxxx Road and 20th Street is improved to include permanent signal-control devices, Developer shall be obligated to pay twenty-five percent (25%) of the permanent signal-control devices.