Phasing of Project. The parties agree that the Project may be constructed in two (2) phases (each a "Phase" or collectively "Phases"), as described below. The parties hereby agree that the Phases shall be as follows:
Phasing of Project. Developer has acquired the right-of-way or easement necessary for a second vehicular access in a configuration and location acceptable to the City, and may commence construction on Phase 1, simultaneously with the construction of the roadway across the Southerly Access described in Section 5.1, below, provided that: (1) the eight residential units that comprise all of Phase 1 contain fire sprinklers similar to those installed in the residences constructed in the Original Project; and (2) the eight residential units that comprise all of Phase 1 are not occupied until the roadway across the Southerly Access is complete. In the event the Southerly Access is constructed and accepted by the City prior to the City issuing a final certificate of occupancy for each of the eight residential units that comprise Phase 1, the provisions of this section shall not apply.
Phasing of Project. The parties hereby agree that Section 2.03(b) of the Development Agreement is deleted in its entirety and replaced with the following:
Phasing of Project. The Town Center Development will consist of a Developer-coordinated project which will be developed in phases on Lots 1, 2, 3, 4, 7 and 11, of the BSP (each, a “Phase”), commencing with the Developer’s purchase of the Xxx 0 Xxxxxxxx xxx xxxxxxxxxxx xx xxx Xxxxx 0 Project described in Recital I above, and continuing with up to five (5) additional phases subject to adjustment as set forth herein. Developer may, at Developer’s option, purchase any other of the Phased Properties when it has closed the purchase of the Lot 7 Property and has an executed lease for an approximately 38,000 square foot regional anchor use thereon. With the exception of the Phase 1 Project, the parties hereto understand and agree that the improvements to be built on the various lots and the timing of development to be constructed by Developer on the various lots is subject to fluctuation based upon a variety of factors, including, but not limited to, tenant interest in the proposed commercial space to be developed as part of the Town Center Development, financial feasibility, and the general economic climate. The type of the buildings and uses, and sequence of development will evolve as the project progresses but will fully comply with the City’s Town Center zoning overlay and comprehensive design guidelines. Developer shall have the right to combine any of the Phases into a single phase for both purchase and development so long as Developer is in a position to satisfy all conditions precedent to purchase of the applicable Phases.
