Restaurant Commitment; Restaurant Operator Clause Samples

Restaurant Commitment; Restaurant Operator. No later than the time specified in the Schedule of Performance, the Developer and the Restaurant Operator shall have negotiated the Restaurant Operator's binding letter of intent, binding request to lease, or other binding preliminary agreement for the operation of the Restaurant Development (the "Restaurant Commitment"), and shall have submitted the proposed Restaurant Commitment to the City. The City's review of the proposed Restaurant Commitment to be executed by the Developer and the Restaurant Operator shall be for the sole purposes of determining that: (i) the Restaurant Operator meets the criteria set forth herein; (ii) the Restaurant Improvements shall constitute a full-service restaurant in accordance with Section 6.11 and the Restaurant Use Agreement and shall be operated for a term of not less than five (5) years following the date of the issuance of the Certificate of Completion for the Restaurant Development; (iii) the term of the Restaurant Lease will be at least five (5) years and, except upon the City's prior written consent, such agreement may not be transferred by the Restaurant Operator during the first five (5) years of the Restaurant Lease; and (iv) the Restaurant Operator is a reputable operator of sit-down dining establishments in California reasonably acceptable to the City. The City shall have fifteen (15) days following the Developer's submittal of the proposed Restaurant Commitment to either approve or disapprove of the Restaurant Commitment, and, if not approved or disapproved within such fifteen (15) day period, the proposed Restaurant Commitment shall be deemed approved. The City shall approve the proposed Restaurant Commitment if it complies with this Agreement. If the City disapproves the submission, the City shall specify in writing the reasons for disapproval. Within fifteen (15) days following notice of disapproval from the City the Developer shall thereafter revise the proposed Restaurant Commitment so as to remove the reasons for disapproval and submit the revised proposed Restaurant Commitment to the City for approval. The City shall approve or disapprove the revised proposed Restaurant Commitment within fifteen (15) days following submission, and if not disapproved within that fifteen (15) day period, the revised proposed Restaurant Commitment shall be deemed approved. The process for revision and review shall be repeated until the City has approved the Restaurant Commitment; provided, however that if the City's appr...