Purchase Option for Construction Property Sample Clauses

Purchase Option for Construction Property. CAP Sellers hereby grant to Buyer Parent an option (the "Construction Property Option") to purchase the Real Property set forth on Schedule 2.6 (the "Construction Property"). The Construction Purchase Option shall be exercisable as provided in this Section 2.6 on or before March 31, 1999. The purchase price for the Construction Property shall be $68,000,000 (the "Construction Property Purchase Price") subject only to customary prorations and adjustments (i.e. similar in scope and substance to the prorations and adjustments set forth in Section 2.4) and free of all Encumbrances other than Permitted Encumbrances on the Construction Property. From and after the Closing Date, Seller shall notify Buyer Parent of the time and place of all monthly construction status meetings held with respect to the base building at the Construction Property ("Base Building") and all tenant work to be performed by Seller therein, and Buyer Parent shall have the option, at its election, of having a representative of Buyer Parent who has knowledge of construction matters participate in all such monthly construction meetings. Upon the closing of the purchase of the Construction Property, Buyer Parent shall receive a credit against the Construction Property Purchase Price in an amount equal to the Earned Amount to such closing. The "Earned Amount" shall mean an amount equal to (i) $5,000 multiplied by (ii) a fraction, expressed as a percentage, the numerator of which is the number of days in the period commencing on the Closing Date and ending on the date when such amount is payable hereunder and the denominator of which is 30, in payment of a portion of the costs, expenses and fees expended by or on behalf of Buyer Parent in performing its due diligence. If Buyer Parent fails to exercise the Construction Property Option by March 31, 1999, then the Earned Amount shall be paid to Buyer Parent to the date of such election by Buyer Parent. If Buyer Parent exercises the Construction Property Option by March 31, 1999, the parties shall enter into a purchase agreement in a form to be agreed upon on or before the Closing Date (the "Construction Property Purchase Agreement") with (A) a provision for the payment by Buyer Parent of a $3.4 million deposit (the "Construction Property Deposit") and survival of all representations and warranties in such purchase agreement for a one year period following the closing of such transaction (provided that all indemnification obligations of CAP Sellers ...
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Related to Purchase Option for Construction Property

  • Commencement and Completion of Construction Subject to Unavoidable Delays, Developer shall cause construction of the Minimum Improvements to be undertaken and completed: (i) by no later than June 1, 2020; or (ii) by such other date as the parties shall mutually agree upon in writing. Time lost as a result of Unavoidable Delays shall be added to extend this date by a number of days equal to the number of days lost as a result of Unavoidable Delays. All work with respect to the Minimum Improvements shall be in conformity with the Construction Plans approved by the building official or any amendments thereto as may be approved by the building official. Developer agrees that it shall permit designated representatives of the City, upon reasonable notice (which does not have to be written), to enter upon the Development Property during the construction of the Minimum Improvements to inspect such construction and the progress thereof.

  • New Construction If this contract is for a Property that is newly constructed and the new construction option is selected, coverage begins on day one (1) of month thirteen

  • ADDITIONAL CONSTRUCTIONS The Promoter undertakes that it has no right to make additions or to put up additional structure(s) anywhere in the Project after the building plan has been approved by the competent authority(ies) except for as provided in the Act.

  • Project Construction The Contractor agrees to provide continuous on-site supervision on each Job Order, while progress on the project is being accomplished. The Contractor’s Project Manager will ensure: 1. Coordination and providing supervision to all Subcontractor and workers; 2. Posting of the prevailing wage scale; 3. Maintaining a copy of the Contractors safety program manual made available to all construction personnel; 4. Conducting weekly on-site safety meetings; 5. Completing the daily labor and construction progress log on a daily basis and submit copies to the County on a daily basis. Copies of the previous day’s reports must be submitted by 9:00AM of the following day. a. Daily labor log is to include a listing of Subcontractor(s) and a count of workers by trade providing services for the day. b. Construction progress log is to include a narrative of the Work provided by trade(s). Narrative agrees to include the various areas of the jobsite where Work was performed and any problems or conditions that were encountered. c. In the event the Contractor fails to provide a daily log and/or construction progress log, the County may impose damages against the Contractor in the amount of fifty dollars ($50.00) for each log and deduct from the Contractor’s payment request, for each day the Contractor does not provide the documentation. 6. County may suspend Contractor operations if no Contractor Superintendent is observed. All delays caused by the suspension will be the responsibility of the Contractor. No time extension or claims for cost(s) associated with the suspension will be granted by the County.

  • Completion of Construction Within 60 days of the completion of construction of the Project, Project Owner shall deliver to DoD copies of the FAA form 7460-2 for each ASN, including the final coordinates for each turbine erected.

  • Contract Construction 6.27.1 The parties acknowledge that each party and its counsel have reviewed this CONTRACT and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this CONTRACT or any amendment or exhibits hereto.

  • Covenants and Conditions; Construction of Agreement All provisions of this Lease to be observed or performed by Lessee are both covenants and conditions. In construing this Lease, all headings and titles are for the convenience of the Parties only and shall not be considered a part of this Lease. Whenever required by the context, the singular shall include the plural and vice versa. This Lease shall not be construed as if prepared by one of the Parties, but rather according to its fair meaning as a whole, as if both Parties had prepared it.

  • Governing Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.

  • Time of the Essence in This Tenant Work Letter Unless otherwise indicated, all references herein to a “number of days” shall mean and refer to calendar days. If any item requiring approval is timely disapproved by Landlord, the procedure for preparation of the document and approval thereof shall be repeated until the document is approved by Landlord.

  • Notice to Proceed - Site Improvements The Recipient shall not commence, or cause to be commenced, any site improvements or other work on the Land until the Director has issued a Notice to Proceed to the Recipient. Such Notice to Proceed will not be issued until the Director is assured that the Recipient has complied with all requirements for the approval of a grant under Revised Code Sections 164.20 through 164.27 and has completed any land acquisition required by the Project. A Notice to Proceed shall be required for all Project prime contractors or direct procurement initiated by the Recipient following execution of this Agreement.

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