Term of Reservation. The “Reservation Term” shall commence on the actual date of execution by the last party to sign this MOU and shall continue until, and as long as, this MOU or the Agreement is not terminated as provided herein. The initial physical delivery of water (“Initial Delivery”) to NCSD is anticipated by the Parties to occur on or before the expiration of two years subsequent to the Contract Date (the “Effective Date”).
Term of Reservation. The term of Developer's reservation of the Expansion Land shall be coterminous with the Option Term set forth in Section 4.1.
Term of Reservation. The Reserved Impervious Area and Reserved Trips shall 12 remain available as a credit to Palmetto and the Property for three (3) years (“Reservation 13 Period”) from the Effective Date (defined below). The Reservation Period shall be 14 automatically extended for an additional two years if a final Development Order (as defined by 15 Section 10-2 of the Tallahassee Land Development Code) is issued for any portion of the Property 16 during the Reservation Period (“Extended Reservation Period”). If the processing of an application 17 for a final Development Order occurs after the Reservation Period or Extended Reservation Period 18 expires, the Reservation Period or Extended Reservation Period shall be automatically extended for 19 the duration of the application process until a final decision is made, at which time the Reservation 20 Period or Extended Vesting Period shall be extended by two years if approved, or terminated if 21 denied.
Term of Reservation. Sixty (60) Days; provided that 100% of said Fee is refundable at the option of the Purchasers for Three (3) days hereafter; and,
