Common use of Prohibition Against Speculative Development Clause in Contracts

Prohibition Against Speculative Development. Because of the importance of the development of the Redevelopment Area to the general welfare of the community, Redeveloper represents and agrees that Redeveloper’s undertakings pursuant to this Agreement are, and will be used, for the purpose of the redevelopment of the Redevelopment Area as provided herein and not for any other purpose.

Prohibition Against Speculative Development. Because of the importance of the development of the Redevelopment Project Area to the general welfare of the community, the Redeveloper represents and agrees that its acquisition of the Project Area and the Redeveloper’s undertakings pursuant to this Redevelopment Agreement are, and will be used, for the purpose of the redevelopment or rehabilitation of the Redevelopment Project Area as provided herein herein, and not for any other purposespeculation in land holding.

Prohibition Against Speculative Development. Because of the importance of the development of the Redevelopment Area to the general welfare of the community, the Redeveloper represents and agrees that its acquisition of the Redevelopment Area and the Redeveloper’s undertakings pursuant to this Redevelopment Agreement are, and will be used, for the purpose of the redevelopment or rehabilitation of the Redevelopment Area as provided herein herein, and not for any other purposespeculation in land holding.