Common use of Developers Covenants Clause in Contracts

Developers Covenants. The parties acknowledge the Commission is entering into this Agreement based (among other things) upon the Developer's substantial compliance with the following conditions after Closing (collectively, "Developer's Covenants"). (a) Developer shall construct the Project in substantial accordance with the Project Requirements and the Project Plans approved by the Commission pursuant to Section 4.2. (b) With the Project Plans, Developer shall include the Lender's deadlines regarding the commencement of Project construction and substantial completion of the Project in accordance the Project Plans (the "Lender's Construction Conditions"). For purposes of this Agreement in general and the Repurchase Right (as defined in Section 5.2) specifically, the "Construction Condition" shall mean the Lender's Construction Conditions with the addition of ninety (90) days, (the "Construction Condition"), both subject to Force Majeure, applicable notice and cure rights under this Agreement, and any other applicable provisions of this Agreement. The parties shall memorialize in writing the Construction Condition deadlines in the Commission's final approval of the Project Plans.

Developers Covenants. The parties acknowledge the Commission is entering into this Agreement based (among other things) upon the Developer's substantial compliance with the following conditions after Closing (collectively, "Developer's Covenants"). (a) Developer shall construct the Project in substantial accordance with the Project Requirements and the Project Plans approved by the Commission pursuant to Section 4.2. (b) With the Project Plans, Developer shall include the Project Lender's deadlines regarding the commencement of Project construction and substantial completion of the Project in accordance the Project Plans (the "Lender's Construction Conditions"). For purposes of this Agreement in general and the Repurchase Right (as defined in Section 5.2) specifically, the "Construction Condition" shall mean the Lender's Construction Conditions with the addition of ninety (90) days, (the "Construction Condition"), both subject to Force Majeure, applicable notice and cure rights under this Agreement, and any other applicable provisions of this Agreement. The parties shall memorialize in writing the Construction Condition deadlines in the Commission's final approval of the Project Plans.