UNDERTAKINGS OF THE DEVELOPER Sample Clauses

UNDERTAKINGS OF THE DEVELOPER. 1.1 Developer and City acknowledge that several of the specific undertakings of the Parties may require approvals from directors, boards or the Common Council, as applicable. The City and Developer’s obligations under this Agreement are conditioned upon the obtaining of all such approvals in the manner required by law. The Parties cannot assure that all such approvals will be obtained; however, they agree to use their best good faith efforts to obtain them on a timely basis. 1.2 Despite anything herein to the contrary, Xxxxxxxxx’s performance under this Agreement is subject to, and contingent upon, Developer purchasing the Property and obtaining commitments for construction financing for the Project on terms and conditions satisfactory to Developer.
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UNDERTAKINGS OF THE DEVELOPER. 1.1 Developer shall purchase the property for $283,000 from the City within 30 days of execution of this agreement. Said sale of Property to Developer is contingent upon Developer fulfilling the terms and conditions of this Agreement and the City shall retain a right to repurchase the Property as more particularly set forth in Article IV. 1.2 Developer’s Project is the first of two phases, is currently known as “URBANE” and shall include improvements to, and development of, the Property as set forth in Exhibit B that will result in an increase in the Property’s assessed value. All aspects of the Project shall be in accordance with all applicable City zoning and building codes, ordinances and regulations. 1.3 Project Costs shall include, without limitation, costs incurred after approval of this agreement for the construction of improvements (including infrastructure improvements), environmental remediation costs, demolition, interior remodeling and development of the project. 1.4 Developer warrants and represents to the City that but for the assistance provided by the City under Article II, herein, Developer would not be able to proceed with the Project. 1.5 Developer and City acknowledge that several of the specific undertakings of the parties may require approvals from directors, boards or the City Council as applicable. The parties' agreements are conditioned upon the obtaining of all such approvals in the manner required by law. The parties cannot assure that all such approvals will be obtained; however, they agree to use their best good faith efforts to obtain them on a timely basis.
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UNDERTAKINGS OF THE DEVELOPER shall be amended and restated as follows; “Developer shall have until September 30, 2023 to obtain all permits necessary for construction and to initiate construction of the Project. Initiating construction shall mean that the construction team has mobilized to the Property and substantial progress has been made with excavation and shoring for in framing or laying of the foundation on the Property which could support the Project as described in Section 2.1.1. Once Construction has been initiated Developer shall have 18 (eighteen) months to receive all occupancy permits associated therewith.”
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UNDERTAKINGS OF THE DEVELOPER 
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Related to UNDERTAKINGS OF THE DEVELOPER

  • Transfer to Directors and Senior Officers (1) You may transfer escrow securities within escrow to existing or, upon their appointment, incoming directors or senior officers of the Issuer or any of its material operating subsidiaries, if the Issuer’s board of directors has approved the transfer. (2) Prior to the transfer the Escrow Agent must receive: (a) a certified copy of the resolution of the board of directors of the Issuer approving the transfer; (b) a certificate signed by a director or officer of the Issuer authorized to sign, stating that the transfer is to a director or senior officer of the Issuer or a material operating subsidiary and that any required approval from the Canadian exchange the Issuer is listed on has been received; (c) an acknowledgment in the form of Schedule “B” signed by the transferee; (d) copies of the letters sent to the securities regulators described in subsection (3) accompanying the acknowledgement; and (e) a transfer power of attorney, completed and executed by the transferor in accordance with the requirements of the Issuer’s transfer agent. (3) At least 10 days prior to the transfer, the Issuer will file a copy of the acknowledgement with the securities regulators in the jurisdictions in which it is a reporting issuer.

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