Common use of Conversion of Uses Clause in Contracts

Conversion of Uses. Subject to the terms of this Article VIII.C, Owner and Developers shall have the right to convert Residential Dwelling Units to Business Park/Light Industrial building square footage at a conversion rate of 10,000 square feet of Business Park/Light Industrial building square footage per three (3) Dwelling Units converted (i.e., conversion of three (3) Dwelling Units shall permit Development of an additional 10,000 square feet of Business Park/Light Industrial building square footage on the Property). There shall be no cap on the conversion of Dwelling Units to Business Park/Light Industrial building square footage. Owner and Developers shall not be required to pay Development Fees under Article XII.E below for the first 11,600,000 square feet of Business Park/Light Industrial building square footage resulting from the conversion of Dwelling Units pursuant to this Article VIII.C. Thereafter, the City may impose and collect the Development Fees applicable to such uses in accordance with Article