Common use of Building Design Clause in Contracts

Building Design. Developer shall develop those portions of the Project designated as residential dwelling units with amenities and interior finishes that are consistent with amenities and interior finishes that are found in condominium projects. Each residential unit will be individually metered for electricity and the water system in the Project will be designed in such a manner that each residential unit may be retrofitted for individual water metering prior to that unit’s sale. The Project will be built with high quality, durable construction interior conditioned corridors and other enhanced building standards, which may include, but are not limited to, the standards listed on the attached Exhibit F. The intent is to facilitate the ability of successor owners to offer the individual units for sale to retail buyers if they later decide to do so. Accordingly, Developer agrees to prepare and process for approval prior to execution of any Government Property Lease (as defined in Section 4.13), a condominium plat designating each dwelling unit as a separate condominium unit. Following approval by the City, the approved plat executed by Developer shall be held in escrow with Escrow Agent, with irrevocable instructions to record same in the records of Maricopa County, Arizona or deliver same to City for recording, in no event sooner than nine (9) years from the date the Certificate of Occupancy for the premises described in the Government Property Lease, but thereafter on the expiration or termination of any Government Property Lease, in which case the condominium plat shall be recorded prior to reconveyance of the premises described therein to Developer. Although City encourages future owners to consider sales of the units at the appropriate time, neither Developer nor any successor shall be required to offer the individual dwelling units for sale to retail buyers, and nothing contained herein shall limit Developer or its successors from offering such dwelling units for rent. Developer shall pay all costs, expenses and fees associated with the escrow and recording of the condominium plat.