Common use of Project Operational Phase Clause in Contracts

Project Operational Phase. The second phase shall consist of the ongoing operation of the Project Premises as housing for persons who would otherwise be homeless, including resident occupancy, management and provision of necessary support services. This phase shall commence upon the written approval by the Corporation of the Project Premises for occupancy as a Homeless Project and shall conclude upon the satisfactory completion of a period of no less than twenty-five (25) years from the date of such approval (hereinafter the "Project Operational Phase").