Predevelopment Period definition
Examples of Predevelopment Period in a sentence
During the Predevelopment Period, the Owner hereby grants the Developer and its Predevelopment Service Firms (as well as their employees, subcontractors and agents) easements pursuant to which the Developer and its Predevelopment Service Firms, under the direction of the Developer, shall have the non-exclusive right of vehicular and pedestrian ingress and egress over the roads and walkways leading to and from the Premises.
The foregoing notwithstanding, for purposes of this Section 5.1, none of the dates set forth in Section 4.1(b) for achievement of satisfaction of the specific milestones described therein, nor the Predevelopment Period Expiration Date, shall be postponed or extended by any Delay.
Similarly, Landlord may, at any time prior to expiration of the Predevelopment Period, request (in writing) from Tenant a written determination of the Predevelopment Milestones that Tenant believes it has achieved or satisfied as of the date of Landlord’s request, and Tenant shall respond to Landlord in writing with Tenant’s determination within twenty (20) days of receipt of such written request from Landlord.
A Party requesting a Predevelopment Period extension shall do so by delivering written notice of that extension request (an “Extension Request”) to the other Party.
During the Predevelopment Period with respect to the Premises and during the Initial Term with respect to all Undelivered Phases, Landlord may continue to use and occupy all buildings and other improvements thereon, including the right to enter into leases and other agreements with third parties (collectively, “Interim Leases”).
The foregoing notwithstanding, Tenant may, by written notice to Landlord given on or before December 1, 2009, elect to defer one-half (1/2) of the amount of Predevelopment Period Base Rent due on December 31, 2009 to December 31, 2010 (or the last day of the Predevelopment Period, if earlier), at which time it will be payable in addition to the installment due on that date.
If it is determined in good faith by Tenant that the development of the Premises as provided in this Lease is not feasible or that environmental considerations make it undesirable to proceed, Tenant may terminate this Lease effective upon written notice to Landlord given as soon as reasonably feasible after such determination but in no event less than ninety (90) days prior to the Predevelopment Period Expiration Date.
Tenant may, at any time prior to expiration of the Predevelopment Period, request (in writing) from Landlord a written determination of the Predevelopment Milestones that Tenant has not achieved or satisfied as of the date of Tenant’s request, and Landlord shall respond to Tenant in writing with Landlord’s determination within twenty (20) days of receipt of such written request from Tenant.
Tenant’s payment of Predevelopment Period Base Rent shall be based on the estimate of Eligible Predevelopment Costs set forth on such Support Agreement.
Tenant will satisfy itself during the Predevelopment Period as to such suitability and other pertinent matters by Tenant’s own inquiries and tests into all matters relevant in determining whether to proceed with the development of the Premises as contemplated by this Lease.