Developer’s Obligations Clause Samples

Developer’s Obligations. 7.1.1 In consideration of the Rights hereby granted, the Developer shall pay to the Authority an annual fee of Rs. /- (Rupees only) (“Fee”) commencing from the 1st (first) anniversary of Appointed Date. The Fee is exclusive of GST and all other applicable taxes and shall be payable by the Developer at actual over and above the Fee. The Fee is payable to the Authority on or before 30 (thirty) days prior to the start of every year in advance as set out in Schedule 1 throughout the Agreement Period. During the Agreement Period the Fee shall be increased by 5% (five percent) every year over the previous year’s Fee on compounded basis. 7.1.2 The Developer should pay the Fee to the Authority notwithstanding the fact that, the development of Project Facilities is not completed within the specified period or Developer does not start the commercial operation of the Project. In other words, the Developer shall not be entitled to seek any reduction of Fee, claim, damages, compensation or any other consideration from the Authority on account of any reason. 7.1.3 Any delay in payment of the Fee shall attract an interest for the delayed period at the rate of SBI PLR plus 5% per annum on the outstanding amount, which shall be due from the date of such payment till the amount is realized by the Authority. In addition to the foregoing, any delay in payment of Fee beyond a period of 60 (sixty) days from the due date of such payment will be construed to be Material Breach under this Agreement.

Developer’s Obligations. (a) Upon the expiry of the Agreement Period by efflux of time and in the normal course, the Developer shall on the Expiry Date, hand back vacant and peaceful possession of Project Site and the Project Facilities to the Authority free of cost and in good operable condition. (b) At least 365 (three hundred and sixty-five) days before the Expiry Date a joint inspection of the Project Site and Project Facilities shall be undertaken by the Authority and the Developer. The Authority shall, within 45 (forty-five) days of such inspection prepare and furnish to the Developer a list of works, if any, to be carried out so as to keep the Project Facilities in good operational condition. The Developer shall promptly undertake and complete such works at least 120 (one hundred and twenty) days prior to the Expiry Date and also ensure that the Project Facilities continue to meet such requirements until the same are handed back to the Authority on the Expiry Date. In case the Developer fails to undertake and complete such works, the Authority shall undertake the same and deduct the expenses incurred towards such works from the Performance Security or else the Developer is liable to pay such expenses incurred by the Authority within 1 (one) month from the date of such expense incurred by the Authority and submission of supporting bills in this regard by the Authority. (c) The Authority shall, within 45 (forty-five) days of the joint inspection undertaken under Clause 11.2 (b) prepare and furnish to the Developer a list of items, if any, with corresponding distinctive descriptions, which are to be compulsorily handed back to the Authority along with the Project Site and Project Facilities. (d) The Developer hereby acknowledges Authority’s rights specified in Clause 9.3 enforceable against it upon Termination and its corresponding obligations arising therefrom. The Developer undertakes to comply with and discharge promptly all such obligations.

Developer’s Obligations. Subject to the Buyer making payment of the Total Price and the Extras in the manner stipulated in this Agreement, the Developer hereby agrees:

Developer’s Obligations. Upon the expiry of the Agreement Period by efflux of time and in the normal course, the Developer shall on the Expiry Date, hand back vacant and peaceful possession of Project Site and the Project Facilities to the Authority free of cost and in good operable condition.

Developer’s Obligations. Subject to Section 6, Developer shall: (a) acquire the Project Site at or prior to Closing; (b) make or cause to be made the payments required by the Developer Obligations Agreement; (c) obtain the Project Loan; (d) construct and complete the Project (or cause same to occur) in accordance with the Final Documents and Drawings and this Agreement by or before the Final Date; (e) obtain all Required Permits; (f) execute and perform the Ancillary Agreements;

Developer’s Obligations. During the Term of this ENA, Developer shall be responsible for meeting or causing to be met, all obligations related to the Project. Accordingly, Developer agrees that during the Term of this ENA: a. Developer shall diligently, and in good faith and its sole cost, pursue obtaining all regulatory approvals for the Project, including satisfaction of CEQA; b. As between Developer and City, Developer shall be solely responsible for all of its own costs and expenses, including, but not limited to, fees it incurs for its attorneys, architects, engineers, consultants, and other professionals, related to or arising from this ENA, or the negotiation and execution of any of the Transaction Documents. Developer shall not have any claim against City for reimbursement for any such costs and expenses irrespective of whether any of the Transaction Documents are approved by City Council, or whether regulatory approvals are secured; c. Developer shall bear all costs associated with or complying with all permit and processing fees related to the Project as well as the conditions of any necessary regulatory approval granted to Developer; d. To the extent applicable, Developer shall pay and discharge any fines or penalties imposed as a result of its failure to comply with the terms and conditions of any regulatory approval granted to Developer, and City shall have no liability, monetary or otherwise, for such fines and penalties; e. Developer, in accordance with the ENA, shall undertake and complete its “due diligence” review or investigations of the Property and, if requested by City, provide to City (at no cost to City) copies of all non-privileged, non-proprietary reports regarding the Property without warranty of any kind as to the completeness or accuracy of any information contained therein, as set forth in the Performance Benchmarks. f. Developer shall prepare financial projections, provide evidence of Developer’s financial ability to construct the Project, and shall prepare and provide to City (at no cost to City) complete concept plans and schematic design plans for the Project, including, but not limited to, floor plans, elevations and renderings, as set forth in the Performance Benchmarks; g. Developer shall submit in a timely manner to any regulatory body having approval over the Project, all specifications, descriptive information, studies, reports, disclosures and any other information required to satisfy the application filing requirements of those agencies; h...

Developer’s Obligations. As a condition of receiving ARPA funds from the City as part of aid for affordable housing projects, ▇▇▇▇▇▇▇▇▇ agrees to comply with all applicable federal statutes, regulations, and executive orders. Developer shall disclose in writing to the City any potential conflict of interest affecting the Payment in accordance with 2 C.F.R. § 200.112. Developer shall provide any information necessary to the City in order for the City to comply with its reporting obligations related to the ARPA funds.

Developer’s Obligations. ▇▇ use all reasonable endeavours to address any concerns raised by any Consultee prior to the determination of any planning application or other application insofar as it relates to the Services.

Developer’s Obligations. (a) On or before ninety (90) days after the date the Village commences construction of the improvements (the “Intersection Commencement Date”) to the Rt. 72/▇▇▇▇▇▇▇▇▇ Drive intersection (the “Subject Intersection”), the Developer shall have submitted to the Village all necessary plans and specifications to construct the following project (the “First Project”) on Lots 2 and 3 of Parcel 1 of the Subject Property : (i) The construction of an approximate 11,100 square foot commercial center on Lot 2 in Parcel 1 of the Subject Property; and (ii) The construction of an approximate 46,000 square foot commercial/industrial building on Lot 3 in Parcel 1 of the Subject Property. A conceptual site plan for the First Project (“First Project Concept Plan”) is as depicted on (b) On or before 120 days after the Intersection Commencement Date, the Developer shall have applied for all State and Village permits as may be required to undertake and complete the construction of the First Project in accordance with approved plans and specifications and to commence construction within thirty (30) days of receipt of all required permits. The date as of which the required permits are issued is hereinafter called the “Permit Issuance Date”. (c) On or before 365 days after the Permit Issuance Date, the Developer shall have completed construction of the First Project in accordance with the Legal Requirements, as hereinafter defined, and said First Project shall be ready for internal building-out to suit the needs of specific tenants / users who may seek to operate therein at the Subject Property. For purposes of this Agreement, Legal Requirements shall mean all applicable ordinances, regulations and laws of the Village, State and Federal government, all permits, licenses and the terms of this Agreement. (d) The Developer covenants and agrees that upon completion of the First Project, not less than approximately $6,800,000 shall have been invested in the improvement and development of the Subject Property. (e) The Developer hereby covenants and agrees that throughout the term of this Agreement, all Sales Taxes, all real estate taxes when due, and all other sums due and owing (collectively, “Sums Due”) including, but not limited to, all fines, fees, taxes, licenses, assessments and invoices for all services and utilities shall be paid when due to the Village or any other unit of government or governmental agency having jurisdiction over the Subject Property throughout the term of this ...