The Development Agreement Clause Samples
The Development Agreement clause establishes the terms and conditions under which a project or property will be developed between the involved parties. It typically outlines the scope of work, timelines, responsibilities, and deliverables, as well as mechanisms for managing changes or disputes during the development process. By clearly defining each party's obligations and expectations, this clause helps ensure that the development proceeds smoothly and reduces the risk of misunderstandings or conflicts.
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The Development Agreement. 5.1 The development agreement (‘the DA’) will be the principal agreement that regulates the arrangements between the parties for the redevelopment of the Properties. Reference to the Developer in this section is to be treated as being a reference to the relevant SPV.
5.2 The DA will be a conditional agreement.
5.3 There will need to be satisfied a number of conditions precedent before the works of redevelopment can take place. The satisfaction of the first series of conditions precedent will lead to the granting of a building licence agreement (‘BLA’) to the Developer with respect to the Phase 1 Works.
5.4 There will be further conditions precedent which would need to be satisfied before a further BLA can be granted to the Developer for the Phase 2 Works..
The Development Agreement. In exchange for the consideration set forth in this Settlement Agreement, including the resolution of the pending litigation, the Parties agree that the Development Agreement is modified as follows:
a. The Annual Development Fee will be reduced to a minimum of $200,000 for the first cannabis cultivation lease/license of up to 50,000 SF. The Annual Development Fee will be $4 per SF of cultivation “canopy” over 50,000 SF of leased/licensed cannabis cultivation space.
b. The Infrastructure Fee will be reduced proportionally to the reduction in total SF of cultivation “canopy” from the total 600,000 SF of cultivation canopy in the Original Site Plan. By way of illustration, if the cultivation “canopy” is reduced to 250,000 SF (41.67% of 600,000 SF), the Infrastructure Fee will be reduced from $500,000 to $208,333, due and payable at the same time as the first payment of the Annual Development Fee.
c. The payment of Local Taxes pursuant to Paragraph 11 of Development Agreement will remain unchanged. The Plaintiffs voluntarily and expressly agree that the fees, mitigation, remuneration and financial obligations to the Town in the Development Agreement, as amended, and the Host Community Agreements, are valid, binding and enforceable obligations. The Plaintiffs covenant not to sue, to bring any claim, or to in any way, fashion or form seek to undermine the valid, binding and enforceable nature of the Plaintiffs’ obligations to the Town in the Development Agreement, as amended, and the Host Community Agreements, or to encourage or assist any person in doing so.
The Development Agreement. On 16 February 2017, the Company and ▇▇▇▇▇▇▇ Government entered into the Development Agreement in relation to the construction and development of a 50MW photovoltaic power plant in Weishan County*（ 微山縣）, Jining City*（ 濟寧市）, Shandong Province, the PRC. Certain material terms of the Development Agreement are set out as follows. 16 February 2017
The Development Agreement. (a) The Development Agreement is not incorporated herein and shall survive the execution and entry into force of this Agreement.
(b) The parties expressly acknowledge and agree that, after the execution and entry into force of this Agreement, (i) the provisions of Sections 2 and 3.a. of the Development Agreement shall have no further force or effect, and (ii) the provisions of Section 3.b. of the Development Agreement shall be suspended unless and until the Lenders' requirement that the members of the FKPC Board of Directors nominated by the Company shall be senior officers of National Fuel Gas Company shall have become inoperative due to (A) the occurrence of the Release Date (as that term is defined in the Project Documents), or (B) the Lenders' written withdrawal of such requirement.
(c) While preserving the sub-loan calculation provision of Section 10.k.(ii) of the Development Agreement, the parties expressly acknowledge and agree that the provisions of Sections 10.d., 10.e.(ii), and 10.k.(i) of the Development Agreement became inoperative prior to the execution of this Agreement, given the Lenders' posture relative to sub-loans of the type therein referred to.
(d) The parties expressly acknowledge and agree that, for all purposes relevant under the Development Agreement, they have "determined prior to Financial Closing that the Tax Rate will be different" and that the said "Tax Rate" will have "change[d] prior to Financial Closing" (as the quoted phrases are used in Section 10.k. of the Development Agreement), in the event that Horizon Energy Development, Inc., the Managing Member of SKLLC ("Horizon"), shall fund any portion of the Equity Investment prior to Financial Closing. Further, the parties expressly acknowledge and agree that, in the event that Horizon shall fund any portion of the Equity Investment prior to Financial Closing, Section 10.k.(iii) of the Development Agreement shall be without force or effect from and after the date on which Horizon funds the initial installment of the Equity Investment.
(e) Without thereby implicating either the provisions of Section 10.h.(i) of the Development Agreement or the Section 10.
The Development Agreement. As of the date hereof, JOL is finalizing a development agreement ("Development Agreement") with the government ("Government") of the Sultanate of Oman ("Oman"). A copy of the final draft Development Agreement is attached hereto as Exhibit A. The Development Agreement describes the terms and conditions under which a real estate development project to be designated by the Government as an "Integrated Tourism Complex" (the "Omagine Project") will be developed in Oman by Omagine S.A.O.C. [under formation] (the "Project Company").
The Development Agreement. As of the date hereof, JOL is negotiating a development agreement ("Development Agreement") with the government ("Government") of the Sultanate of Oman ("Oman"). A draft copy of the Development Agreement (the "Draft Development Agreement") which is subject to further negotiation and changes by the Government and JOL is attached hereto as Exhibit A. The Draft Development Agreement memorializes the terms and conditions of a proposed real estate development project (the "Omagine Project") to be undertaken in Oman by a subsidiary of JOL (the "Project Company").
The Development Agreement