Property Redevelopment; Proof of Investment. Provided Closing occurs, within ten (10) months after the Closing Date, Buyer will commence construction and redevelopment of the Property for the Intended Use and will provide Seller with such commencement date (the “Construction Commencement Date”). Buyer will expend an amount (including hard and soft costs) of not less than One Million Dollars ($1,000,000.00) to complete the Property Improvements to redevelop the Property for the Intended Use. Promptly upon completing the Property Improvements, Xxxxx will submit to Seller records proving the above required expenditures and will provide to Seller copies of the certificate(s) of occupancy for the Property Improvements. Buyer shall permit Seller to perform reviews and monitor the progress of the construction of the Property Improvements. The parties expect the Property Improvements to be completed within thirty (30) months of the Construction Commencement Date (the “Completion Date”). If the Property Improvements have not been completed by the Completion Date, the Buyer shall be in default under this Agreement.
Property Redevelopment; Proof of Investment. Within six (6) months after the Closing Date, Xxxxx will commence construction and redevelopment of the Property for the Intended Use. Buyer will expend an amount (including hard and soft costs) of not less than Eight Million Three Hundred Thousand Dollars ($8,300,000.00) to complete the Property Improvements to redevelop the Property for the Intended Use, including the incorporation of the Fa9ades into the new building in accordance with the Construction Plan. Promptly upon completing the Property Improvements, Xxxxx will submit to Seller records proving the above required expenditures and will provide to Seller copies of the certificate(s) of occupancy for the
Property Redevelopment; Proof of Investment. Provided Closing occurs, within six (6) months after the Closing Date, Buyer will commence construction and redevelopment of the Property for the Intended Use. Buyer will expend an amount (including hard and soft costs) of not less than Twelve Million Dollars ($12,000,000.00) to complete the Property Improvements to redevelop the Property for the Intended Use. Promptly upon completing the Property Improvements, which shall occur no later than a date that is thirty-six (36) months from the Closing Date, Buyer will submit to Seller records proving the above required expenditures and will provide to Seller copies of the certificate(s) of occupancy for the Property Improvements. Buyer shall permit Seller to perform reviews and monitor the progress of the construction of the Property Improvements.
