Value Protection; Property Rights. To the extent that substantial development of the Property, other than portions intentionally retained as undeveloped or lightly developed (e.g., surface parking lots), has not been completed in accordance with the Vesting Tentative Map and the DDA by the expiration of the term of the DDA, then, following the termination or expiration of the DDA, Seller shall have the right to purchase such portion of the Property as is then owned by Buyer (or any of its Affiliates (as defined in Section 14.4 below)) for its then fair market value, as may be adjusted for the value of any encumbrances or impositions, if any, Buyer committed to implement pursuant to the DDA, but which encumbrances were not implemented. Pursuant to Section 7.3.6 below, this provision shall survive the Closing and the terms of this provision shall be incorporated by reference in a recorded document and run with the land.
Appears in 4 contracts
Samples: Purchase and Sale Agreement, Memorandum of Agreement, Purchase and Sale Agreement
