Examples of Development Property in a sentence
None of the provisions of this Agreement are intended to or shall be merged by reason of any deed transferring any interest in the Development Property and any such deed shall not be deemed to affect or impair the provisions and covenants of this Agreement.
Xxxxxxxxx agrees that it will commence construction of the Project on the Development Property, in accordance with Construction Plans approved by the EDA, not later than May 31, 2025 and shall complete construction of the Project on the Development Property, in accordance with Construction Plans approved by the EDA, not later than December 31, 2026.
Xxxxxxxxx agrees that prior to the Termination Date, it will not cause a reduction in the real property taxes paid in respect of the Development Property through willful destruction of the Development Property or any part thereof.
Other than transfers of the individual housing units in the ordinary course, the Developer shall not sell, lease, convey or otherwise transfer the Development Property prior to the completion of the Project without the prior written consent of the EDA which consent shall not be unreasonably withheld.
Xxxxxxxxx also agrees that it will not, prior to the Termination Date, apply for a deferral of property tax on the Development Property pursuant to any law, or transfer or permit transfer of the Development Property to any entity whose ownership or operation of the property would result in the Development Property being exempt from real estate taxes under State law.