Representation as to Development. Developer represents and agrees that its purchase of the Development Property or portions thereof, and its other undertakings pursuant to the Agreement, are, and will be used, for the purpose of development of the Development Property and not for speculation in land holding.
Representation as to Development. The Developer represents and agrees that its use of the Site, and the Developer’s other undertakings pursuant to this Agreement, are and shall be only for the purpose of development of the Site and not for speculation in land holding. The Developer represents to the Agency that the Developer has not made or created, and that it will not, prior to the proper completion of the Improvements, make or create, or suffer to be made or created, any total or partial sale, assignment, conveyance, or lease (other than with respect to financing or transfer to an Affiliate of Developer, as anticipated in this Agreement, and other than to an end user of a building or other portion of the Improvements and as otherwise provided in Section 4.1(DC) of this Agreement), or any trust or power, or transfer in any other mode or form of or in respect to this Agreement or the Site, or any part thereof or any interest therein, or any contract or agreement to do any of the same, without the prior written approval of the Agency.
Representation as to Development. Assignee represents to Assignor, the City and Authority that its purchase of the Development Property, and its other undertakings under this Agreement, are for the purpose of developing Vertical Development on the Development Property, and not for the purpose of speculation in land holding.
Representation as to Development. The Developer’s undertakings pursuant to the Agreement, are, and will be, for the purpose of constructing the Minimum Improvements for the Developer’s use as an expansion to its corporate headquarters and not for speculation in land holding.
Representation as to Development. Xxxxxxx represents to Developer, the City and Authority that its purchase of the Development Property, and its other undertakings under this Agreement, are for the purpose of developing Vertical Development on the Development Property, and not for the purpose of speculation in land holding.
Representation as to Development. Developer represents to the City and Authority that its purchase of the Property, and its other undertakings under this Agreement, are for the purpose of developing the Project, including selling Lots to Secondary Developers for the construction of the private Vertical Development; and not for the purpose of speculation in land holding. Developer acknowledges that, in view of the importance of the development of the Property to the general welfare of the City and the Authority, and the substantial financing and other public aids that have been made available by the City and the Authority for the purpose of making such development possible, the qualifications and identity of Developer are of particular concern to the City and the Authority. Developer further acknowledges that the City and the Authority is willing to enter into this Agreement with Developer because of the qualifications and identity of Developer.
Representation as to Development. The Developer represents and agrees that its purchase of the Development Property, and its other undertakings pursuant to the Agreement, are, and will be used, for the purpose of development of the Development Property and not for speculation in land holding. The Developer further recognizes that, in view of (a) the importance of the development of the Development Property to the general welfare of the community; (b) the substantial financing and other public aids that have been made available by the City for the purpose of making such development possible; and (c) the fact that prior to the issuance of the Certificate of Completion any act or transaction involving or resulting in a significant change in the identity of the parties in control of the Developer or the degree of their control is for practical purposes a transfer or disposition of the property then owned by the Developer, the qualifications and identity of the Developer, and its shareholders, are of particular concern to the community and the City. The Developer further recognizes that it is because of such qualifications and identity that the City is entering into the Agreement with the Developer, and, in so doing, is further willing to accept and rely on the obligations of the Developer for the faithful performance of all undertakings and covenants hereby by it to be performed relating to the construction of the Minimum Improvements. This section, however, shall not be construed to prohibit the merger of the Developer with another company or any transfer to an Affiliate.
Representation as to Development. Developer represents to the City and Authority that its purchase of the Property, and its other undertakings under this Agreement, are for the purpose of developing the Project, including selling Lots to Secondary Developers for the construction of the private Vertical Development; and not for the purpose of speculation in land holding. Developer acknowledges that, in view of the importance of the development of the Property to the general welfare of the City and the Authority, and the substantial financing and other public aids that have been made available by the City and the Authority for the purpose of making such development possible, the qualifications and identity of Developer are of particular concern to the City and the Authority. Developer further acknowledges that the City and the Authority is willing to enter into this Agreement with Developer because of the qualifications and identity of Developer.
Representation as to Development. The Developer represents and agrees that its purchase of the Development Property, and its other undertakings pursuant to the Agreement, are, and will be used, for the purpose of development of the Development Property and not for speculation in land holding. The Developer further recognizes that, in view of (a) the importance of the development of the Development Property to the general welfare of the community; (b) the substantial financing and other public aids that have been made available by the City for the purpose of making such development possible; and (c) the fact that prior to the issuance of the Certificate of Completion any act or transaction involving or resulting in a significant change in the identity of the parties in control of the Developer or the degree of their control is for practical purposes a transfer or disposition of the property then owned by the Developer, the qualifications and identity of the Developer, and its shareholders, are of particular concern to the community and the City. The Developer further recognizes that it is because of such qualifications and identity that the City is entering into the Agreement with the Developer, and, in so doing, is further willing to accept and rely on the obligations of the Developer for the faithful performance of all undertakings and covenants hereby by it to be performed relating to the construction of the Minimum Improvements. This section, however, shall not be construed to prohibit the merger of the Developer with another company or any transfer to an Affiliate.
