Acceptance by Developer. Developer accepts such appointment and agrees to perform such services on behalf and for the account of Owner as required by, and subject to, the terms and conditions of this Agreement. Developer agrees to diligently use commercially reasonable efforts in the performance of its duties hereunder, which performance in all respects and at all times shall be carried out to the same extent and with the same degree of care and quality as the Developer would exercise in the conduct of its own affairs if the Developer were the owner of the Project. Developer agrees to apply prudent and reasonable business practices in the performance of its duties hereunder and shall exercise that degree of skill, competence, quality and professional care rendered by companies performing the same or similar type services for comparable mixed-use projects in the St. Louis, Missouri area. Developer will not subcontract any of its services to any other entity or person without first obtaining Owner’s prior written consent; provided, however, that Developer may retain such Consultants (as hereinafter defined) as are contemplated in this Agreement without Owner’s consent so long as the fees or other charges of such Consultants are set forth in the Final Development Budget.
Appears in 3 contracts
Sources: Development Agreement (Behringer Harvard Opportunity REIT I, Inc.), Development Agreement (Behringer Harvard Opportunity REIT I, Inc.), Development Agreement (Behringer Harvard Opportunity REIT I, Inc.)