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 ▇▇▇▇▇ 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 ▇▇▇▇▇ Road and 20th Street. Notwithstanding the foregoing, Developer acknowledges that at such time as the intersection of ▇▇▇▇▇ 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 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 improvementsimprovements (except the north/south sidewalk). The parties acknowledge in particular that the north side of the ▇▇▇▇▇ 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 ▇▇▇▇▇ Road and 20th Street. Notwithstanding the foregoing, Developer acknowledges that at such time as the intersection of ▇▇▇▇▇ 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.