Phase 1 definition
Examples of Phase 1 in a sentence
City and Developer have entered into a PILOT Agreement, wherein the parties have agreed to a program for the payment in lieu of taxes (“PILOT”), wherein Developer or Vertical Developer as the case may be agrees to pay to City, in lieu of real estate taxes, the amounts and general terms of which are set forth in Exhibit E for each Fiscal Year (“PILOT Tax Year”) from the [Commencement Date/Commencement of Construction of all or any portion of Phase 1] through the fifth anniversary thereof.
At the Phase 1 Closing (and the Phase 2 Closing, as applicable), City shall convey to Developer fee simple title to the Phase 1 Residential Site (and the Phase 2 Residential Site) and a leasehold interest in the Leased Site, “AS IS, WHERE IS, WITH ALL FAULTS” and subject to the Permitted Exceptions.
Any real property taxes or assessments which have been paid or are payable on the Leased Site in Phase 1 and Phase 1 Residential Site shall be apportioned between City and Developer as of the Phase 1 Closing, so that Developer shall bear that portion of such charges which accrue on and after Closing.
The Phase 2 Access Easement shall be in substantially in the form attached hereto as Exhibit H and executed and delivered by City at the Phase 1 Closing.
Developer shall have the right to subdivide or create a condominium unit for a portion of the Phase 1 Property on which retail uses are planned, such unit referred to herein as the “Retail Unit”.