Buildable Square Feet definition
Buildable Square Feet means the maximum amount of actual square footage approved pursuant to the Opportunity which the applicable governmental statutes, laws, and regulations and any applicable private restrictions permit to be built on the Option Land. The option may only be exercised as to portions of the Option Land which Developer and Investor have agreed to include in the Development Joint Venture as an Opportunity under Paragraph 1 above, and any remaining portion of the Option Land shall remain subject to the option during the balance of the Term. The option shall be exercised by written notice from Investor to Developer, and Developer shall transfer good and marketable title, free and clear of all liens, claims and encumbrances, to the designated portion of the Option Land to the Development Joint, subject, however, to liens, claims and encumbrances currently existing or arising during the Term in the ordinary course of business, such as liens for unpaid taxes not yet due and payable. Upon receipt of such written notice, Developer and Investor shall enter into a purchase contract, for the benefit of the Development Joint Venture, which will incorporate the relevant terms of this Agreement and contain such other provisions as are commercially reasonable under the circumstances, taking into account comparable provisions of the Contribution Agreement. Such purchase contract will have as an exhibit the partnership agreement creating the Development Joint Venture, which will be executed by the parties or their affiliates at closing. In the event that Developer receives an offer from an unaffiliated third party during the Term to purchase all or a portion of the Option Land then Developer will provide Investor with prompt written notice of Developer's receipt of such offer, and Investor will have 15 days from receipt of such notice to elect to exercise the option to purchase the Option Land. If Investor does not elect to exercise the option prior to expiration of such 15-day period, then the option shall expire with respect to such Option Land upon expiration of such 15-day period.
Examples of Buildable Square Feet in a sentence
Developer grants to Investor, for the benefit of the Development Joint Venture, an option, exercisable only during the Term, to purchase the Option Land for a price of $6.00 multiplied by the number of Buildable Square Feet (as hereinafter defined) in the Option Land.
The survey shall certify the number of Buildable Square Feet for the Option Land subject to the option exercise.
As of the Date of Agreement, Developer contemplates constructing three hundred twenty thousand sixteen (320,016) total buildable square feet (the "Proposed Total Buildable Square Feet" in two hundred twenty-six (226) Housing Units on the Site (the "Proposed Number of Housing Units").