Subsequent Phases. (A) The buildings comprising Subsequent Phases do not need to be constructed simultaneously. Construction of the first Subsequent Phase after Phase One of the Development must commence within eighteen (18) months after the last available Certificate of Occupancy is issued on Phase One, but in no event later than twenty-four (24) months after Phase One is Substantially Complete. The next Subsequent Phase of the Development must begin within one (1) year after last available Certificate of Occupancy has been issued in the previous phase. A cumulative grace period of thirty- six (36) months will be allowed and exercised at the discretion of BTX between phases. BTX will make a good faith effort to promote and lease all available space. In any event, construction of all Phases must be completed no later than the expiration of this Agreement.
(B) BTX shall submit to the City its intent to design, develop and construct additional phases of the Development by submitting in writing to the City Manager, at a minimum, the following: (i) the buildings to be constructed, as labeled by the concept plan, (ii) the anticipated timeline for acquisition and construction, (iii) the anticipated tenants, if applicable, when it can be legally disclosed, and (iv) a formal request to initiate transfer of real property.
(C) If the City approves the submittal, City shall provide a written reply to BTX which shall include the following: (i) authorization to proceed with development applications on its behalf, (ii) authorization to commence any negotiations for utilization of the real property including the acceptance of letters-of-intent or the establishment of real estate contracts, and (iii) the anticipated timeline of City approvals for any actions that may be required for the next phase of Development. The City shall approve the submittal if BTX is in compliance with this Agreement. If BTX is not in compliance with this Agreement, the City shall give BTX notice detailing the non- compliance.
Subsequent Phases. 8 c. Functional Specifications for Subsequent Phases. . . . . . . . . . .8 d.
Subsequent Phases. Following the commencement of Phase One construction, BTX is entitled to purchase, and City shall convey fee title ownership of, the remainder of the property in phases, by special warranty deed, conditioned upon the following:
(i) Submittal of a development plan and schedule that is both substantially similar to the Concept Plan shown herein as Exhibit B and in accordance with this Agreement.
(ii) Reimburse the City for the pro-rata share of the Build-Ready Improvements for that correspond with each subsequent phase.
(iii) Compliance with the obligations under this Agreement.
(iv) Submittal of conveyance documents containing a duty and time frame for BTX to complete construction of approved Development components on the conveyed property with a right of revocation, deed restrictions, or right of City to repurchase to ensure compliance. No subsequent phase shall be burdened with a right of revocation, deed restrictions, or right of City to repurchase that is significantly different in terms than Phase One.
Subsequent Phases. If the Bank is to be established in phases, the Bank Sponsor or Property Owner shall submit a written request to the USFWS for approval of each phase. Subsequent phases will need to comply with USFWS documentation requirements in effect on the date of submission of the complete documentation for the proposed phase. Establishment of each phase must be approved by the USFWS. In general subsequent phases will either meet the minimum establishment criteria or be adjacent to prior phases of the bank.
Subsequent Phases. No later than sixty (60) days prior to any specific Closing Date for a Phase, Seller shall obtain and provide to Buyer an endorsement to the Title Commitment (or a new title commitment), updating the effective date thereof and providing that same is specifically for the then-current Phase to be closed. The endorsement or new commitment shall specifically include the legal description for the Phase to be closed and which title exceptions affect such Phase. Buyer shall have twenty (20) days after receipt of any such endorsement or new title commitment to give Seller written notice of any New Title Objections. “New Title Objections” means any Title Objections (a) that are based upon any exception appearing on any such endorsement or title commitment after the effective date of the title commitment upon which the immediately-prior notice of Title Objections was based and (b) that are not deemed Permitted Exceptions. Seller’s obligation to cure such New Title Objections shall be the same as provided in
Subsequent Phases. No later than sixty (60) days prior to any specific Closing Date for a Phase, Seller shall obtain and provide to Buyer an endorsement to the Title Commitment (or a new title commitment), updating the effective date thereof and providing that same is specifically for the then-current Phase to be closed. The endorsement or new commitment shall specifically include the legal description for the Phase to be closed and which title exceptions affect such Phase. Buyer shall have twenty (20) days after receipt of any such endorsement or new title commitment to give Seller written notice of any New Title Objections. “New Title Objections” means any Title Objections (a) that are based upon any exception appearing on any such endorsement or title commitment after the effective date of the title commitment upon which the immediately-prior notice of Title Objections was based and (b) that are not deemed Permitted Exceptions. Seller’s obligation to cure such New Title Objections shall be the same as provided in Subsection 6.2 above, with dates running from the date Seller receives any such subsequent notice of New Title Objections. The scheduled Closing date for the applicable Phase shall be extended as necessary to permit the running of all such cure and notice periods. Seller shall cause the Survey to reflect any new encroachments or other items revealed by any such New Title Objections and further as set forth in Subsection 6.2 above. Such updated Survey shall be obtained and provided to Buyer no later than thirty (30) days after Seller provides the endorsement or updated Title Commitment to Buyer.
Subsequent Phases. Prior to construction of Phase II, the parties will evaluate the need to amend this Agreement or enter a new agreement.
Subsequent Phases. Pursuant to the Development Agreement, so long as Developer is not in default as to the acquisition and construction timelines, then within 30 days after Developer’s written request from time to time, City will use its best efforts to convey to Developer good and marketable title to one or more of the other Private Development Parcels as requested by Developer. Developer will acquire at least an additional 22,000 square feet of the Private Development Parcels by December 31, 2024, and at least another 16,500 square feet of the Private Development Parcels by December 31, 2031. The purchase price for the Private Developer Parcels shall be $12 per square foot of land area in the applicable Private Development Parcel(s) for take-downs exercised by Developer on or before December 31, 2025, with an annual positive or negative value adjustment (not to exceed 2.5% per annum) thereafter to be negotiated by City and Developer in connection with the Development Agreement. Developer’s right to acquire the Private Development Parcels will expire on the earlier of (a) failure to purchase the Private Development Parcels as set forth herein or in the Development Agreement, and develop such Private Development Parcels as set forth in the Development Agreement or other related agreement for the development of the Private Development Parcels, and (b) December 31, 2031. All such dates, including those as to Phase I, shall be extended on a day-for-day basis for any delay in the completion of the work described in Section VI or in the occurrence of the closing under the Purchase Agreement for the Lease Purchase Transaction.
Subsequent Phases. The IDP for each subsequent phase shall begin upon commencement of construction within that phase (as defined by Ting and the City, and publicized as set forth in Section 10.1, “Pre- Sales Status Website”) and end upon: a) mutual agreement between Ting and the City, but no longer than two (2) years after the first “lit” customer is added; or b) once subscriber penetration (number of activated drops compared to number of premises passed in phase area) reaches 20 percent or c) Ting reaches 3,000 total retail subscribers to its Services, at which point any existing and future IDPs will be discontinued.
Subsequent Phases. The Members contemplate that their collaboration shall occur in three phases (Phase I, Phase II and Phase III) , but they are not making any commitment with respect to Phase II or Phase III. Phase I consists in the implementation of the transactions described in this Agreement and in the Operative Agreements. Phase II involves the [***] The Members acknowledge that Phase II and III involve the potential participation and consent of third parties who have expressed their interest in participating in Phase II and III (though none of them are committed to do so) and a number of issues that cannot be resolved at the time of the entry into force of this Agreement. Accordingly, the Parties are limiting their legally binding commitments to the transactions described in this Agreement and the Operative Agreements.
