Vested Right to Develop the Project Sample Clauses
The "Vested Right to Develop the Project" clause establishes the developer's legal entitlement to proceed with the project as approved, regardless of subsequent changes in laws or regulations. In practice, this means that once the developer secures the necessary permits and approvals, they are protected from new zoning restrictions or policy shifts that might otherwise impede or alter the project. This clause ensures certainty and stability for the developer, safeguarding their investment by preventing retroactive application of new rules that could halt or modify the development.
Vested Right to Develop the Project. Developer shall have the vested right to develop the Project on the Project Site. City shall have the right to regulate development and use of the Project Site in accordance with the terms and conditions of this Agreement, the Governing Ordinances, the Conditions of Approval, and the applicable Construction Standards. This Agreement, the Governing Ordinances, the Conditions of Approval, and the applicable Construction Standards shall control the overall design, development and construction of the Project, all on-site and off-site improvements and the issuance of Subsequent Project Approvals.
Vested Right to Develop the Project. As of the Effective Date, Prologis shall have the vested right to develop and operate all or any portion of the Property with the Project in accordance with the Specific Plan and this Agreement. The permitted uses of the Property; the density and intensity of such uses; the maximum height and size of proposed buildings; the provisions for the reservation or dedication of land for public purposes or payment of fees in lieu thereof; the construction, installation and extension of public improvements; and the development standards and design guidelines (including, without limitation, density, intensity, height, setbacks, floor area coverage, and building envelopes) shall be as set forth in the Specific Plan and the other Initial Approvals except in the event and to the extent Prologis agrees to any modifications thereto in connection with any Subsequent Approval. In the event of any inconsistency between this Agreement and any other Project Approval, the provisions of this Agreement shall control.
Vested Right to Develop the Project. The City hereby grants to the Developer the vested right to develop the Project on the Property to the extent and in the manner provided in this Agreement subject to Developer obtaining all applicable land use approvals for the Project. Any change in the Applicable Rules adopted or becoming effective after the Effective Date (Subsequent Rules), other than the Project Approvals, shall not be applicable to or binding upon the Project or the Property. This Agreement will bind the City to the terms and obligations specified in this Agreement and will limit, to the degree specified in this Agreement and under state law, the future exercise of the City’s ability to regulate development of the Project
Vested Right to Develop the Project