Conditions for Vertical Approvals. The Agency Director shall have no obligation to grant a Vertical Approval unless and until (i) the Agency has first granted the applicable Sub-Phase Approval, (ii) Developer has Completed, or provided Adequate Security to the Agency for the Completion of, the Infrastructure required by the Infrastructure Plan to service the Lot, (iii) the Agency has Approved a tentative Subdivision Map that includes the applicable Lot, and (iv) the applicable Vertical Developer is in compliance with its Assignment and Assumption Agreement. Notwithstanding anything to the contrary above, there shall be no Assignment and Assumption Agreement or Vertical Approval for the Public Property.
Appears in 3 contracts
Sources: Disposition and Development Agreement (Five Point Holdings, LLC), Disposition and Development Agreement, Disposition and Development Agreement