Terms of Negotiation of Development Lease and Disposition Agreement Sample Clauses

Terms of Negotiation of Development Lease and Disposition Agreement. The negotiation of the Development Lease and the Disposition Agreement shall be guided by the following principles: (a) The Development Lease shall be subject to and conform to the relevant provisions of the Authority Lease. (b) The Development Lease will provide for the Developer to pay minimum annual base rent to the Authority plus a portion of the gross income the Developer derives from the lease and development of the Lease Property, including proceeds of sale or refinance. The Development Lease shall also contain provisions for future increases in minimum base rent. The Development Lease shall maximize rental revenue to the Authority consistent with the goal of obtaining development of the BART Station Property in accordance with the Charrette Plan and obtaining rent based on the fair market value of the Lease Property for the uses permitted by the Charrette Plan. (c) The Development Lease will not permit the fee interest in the Lease Property or the Authority Lease to be subordinate to, or serve as security for any loan or other obligation of the Developer or any subtenant of Developer. (d) The Development Lease and the Disposition Agreement shall obligate Developer to prepare plans and specifications for and apply for and obtain all Approvals (if not previously obtained by the parties) for the Private Improvements, Replacement Parking and Other Public Improvements. All such plans and specifications and applications for Approvals shall conform to the Charrette Plan. (e) The Development Lease and, if relevant, the Disposition Agreement shall obligate the Developer to develop the Private Improvements, and Other Public Improvements in accordance with the Charrette Plan and the Approvals. (f) The Development Lease and the Disposition Agreement shall obligate the Developer to develop the Private Improvements and, to the extent relevant, the Other Public Improvements on a schedule set forth in those agreements. (g) The Development Lease and, if relevant, the Disposition Agreement shall provide for BART to have direct oversight responsibility and approval for design, construction and operation issues that affect the operation, safety and security of and access to the Station. (h) The Development Lease and, if relevant, the Disposition Agreement shall provide that plazas and streets providing access to the Station be publicly owned or subject to easements for use by the public. Upon termination of the Development Lease, such public rights to use the plazas a...
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Related to Terms of Negotiation of Development Lease and Disposition Agreement

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