Phasing Plan Division Clause Samples

Phasing Plan Division. The Phasing Plan is in all respects subject to the City’s approval of the final Required Entitlement Documents (Defined in Section 5.2.5; Master Tentative Map). The parties hereto intend for the Phasing Plan to result in Buyer’s acquisition of approximately fifty percent (50%) of the Property at each Closing and, in any event, no less than forty-five percent (45%) of the Property at the Phase 1 Closing (the “Acquisition Threshold”). Seller and Buyer shall cooperate and use commercially reasonable efforts to cause the final Required Entitlement Documents approved by the City to (i) permit Buyer to meet the Acquisition Threshold at each Closing and (ii) reflect the Phasing Plan as closely as practicable. SMRH:4867-2220-9151.17 -4- 2. PURCHASE PRICE; DEPOSIT; INFRASTRUCTURE CREDIT; EXACTION PAYMENTS.