Development of Property Clause Samples
The Development of Property clause outlines the rules and responsibilities related to constructing, improving, or altering real estate within the scope of an agreement. It typically specifies the standards, timelines, and approvals required for any development activities, such as obtaining permits, adhering to zoning laws, or meeting design specifications. This clause ensures that all parties are clear on what is permitted and required during the development process, thereby minimizing disputes and ensuring the property is developed in accordance with agreed-upon expectations.
Development of Property. ▇▇▇▇▇ agrees, at BUYER’S expense, to develop the Property by completing constructing a single-family home on the Property suitable for occupancy within twenty-four (24) months from the date the deed conveying the Property from SELLER to BUYER is filed with the Marshall County Recorder, subject to such reasonable extension(s) BUYER and SELLER may mutually agree upon, in writing. The requirement that BUYER construct a home on the Property shall not preclude BUYER from moving a home to the Property from another location. BUYER’S development of the Property shall comply with all relevant provisions of the City Code of the City of Marshalltown and BUYER shall obtain all necessary permits and undergo all necessary inspections. Until such time development of the Property is complete and a certificate of occupancy issues, BUYER shall not encumber the Property by lien, mortgage, or other similar debt obligation, nor sell the Property to a third-party, without the express written consent of SELLER. The provisions of this Agreement, generally, and this Paragraph, specifically, shall survive closing.
Development of Property. Developer shall have the right to develop the Property as set forth in the Vested Approvals and in accordance with this Agreement. City shall have the right to regulate development of the Property in accordance with the provisions of this Agreement.
Development of Property. Subject to the approval of any Governmental Authority with appropriate jurisdiction, Developer shall have the right, but not the obligation, for so long as Developer owns any portion of the Property, or until such earlier date as Developer elects in its sole discretion to relinquish such right, to make improvements and changes to all Common Areas and to all Lots owned by Developer, including without limitation (i) installation and maintenance of any Improvements in or to the Common Areas, (ii) changes in the location of the boundaries of any Lot owned by Developer or of the Common Areas, (iii) installation of any water, sewer and any other utility systems and facilities within the Common Areas, or (iv) any other change or Improvement to any portion of the Common’ Areas or to the Lots owned by Developer.
Development of Property. 4.1 The City agrees to the Development of the Property, and the Developer agrees that it will Develop the Property, only in accordance with the terms and conditions of this Agreement and all requirements of the City Code; Ordinance No. 2021-03; and all other applicable laws and regulations, including without limitation all City Ordinances and regulations, all State statutes and regulations, and all Federal laws and regulations.
4.2 The approval of the planned development and major subdivision by the City Council on April 6, 2021 constitutes approval of the site specific development plan and establishment of vested property rights for the project per Section 16-2-20 of the Code. An established vested property right precludes any zoning or land use action by the City or pursuant to an initiated measure which would alter, impair, prevent, diminish, impose a moratorium on development, or otherwise delay the development or use of the property as set forth in the approved site specific development plan.
Development of Property. Buyer and Seller agree that the following conditions shall apply to the future development of the Property:
Development of Property. The Developer agrees to use its best efforts to promote the development of industrial and commercial lots on the Property.
Development of Property. ▇▇▇▇▇ agrees, at BUYER’S expense, to combine the Property with BUYER’S adjacent real property, locally known as ▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇ (Parcel No. 8418-36-378-006), by filing an affidavit of non-severability in the Office of the Recorder, Marshall County, Iowa, within thirty (30) days of acquiring title to the Property; and to construct upon the Property a residential accessory building of no less than 426 square feet in size, within twenty-four (24) months of acquiring title to the Property, subject to such reasonable extension(s) BUYER and SELLER may mutually agree upon, in writing. BUYER’S development of the Property shall comply with all relevant provisions of the City Code of the City of Marshalltown and BUYER shall obtain all necessary permits and undergo all necessary inspections. The provisions of this Agreement, generally, and this Paragraph, specifically, shall survive closing.
Development of Property. ▇▇▇▇▇▇▇ and Operator agree to develop the Property as an automobile dealership and related uses, with development commencing on or before December 31, 2013, and being substantially completed on or before December 31, 2014 (the “Development”). The Development shall include the demolition of the current automobile showroom facility, the construction of a new automobile showroom facility, including façade improvements and landscaping improvements, all as depicted on the Site Plan attached as Exhibit B. The Development shall comply in all respects with the requirements of the Rochelle Municipal Code on the Commencement Date of Development, except as expressly set forth in this Agreement, unless a variance is granted following the procedures set forth in the ▇▇▇▇▇▇▇▇ Municipal Code; provided, however, that the Operator may, by written notice at the time the application for building permit is filed, elect to use the requirements of the Rochelle Municipal Code on the date of this Agreement. Any election made by Operator as to Code provisions shall apply to the entirety of the Rochelle Municipal Code on the date elected. The City agrees to promptly review applications for, and, provided the Operator is in compliance with the applicable Rochelle Municipal Code, issue such permits as may be required to facilitate and enable Operator to complete the Development within the time constraints contemplated by this Agreement. The Property, as so developed, shall employ a minimum of twenty five (25) full-time equivalent employees for at least five (5) years. “Commencement Date of Development” is defined, for purposes of this Agreement, as the date that any building permit is issued by the City for any portion of the construction of the Development.
Development of Property. The Purchaser acknowledges that when he takes occupation of the dwelling on the Property, the development of the remainder of the Estate will be incomplete, and that owners and occupants must necessarily suffer inconvenience from building operations and from noise and dust resulting therefrom; and that the Purchaser shall have no claim whatsoever against the Seller by reason of any such inconveniences.
Development of Property. The development of the Property shall be in accordance with City’s Current Laws, City’s Future Laws (to the extent that they apply as allowed by this Agreement) and this Agreement. To the extent there is a conflict between the City’s Current Laws, City’s Future Laws, and this Agreement, the hierarchy of priority, from highest priority to lowest priority is as follows: (i) this Agreement; (ii) the City’s Current Laws; and (iii) the City’s Future Laws. Nothing in this Agreement shall obligate Master Developer (or its successors) to develop the Property or to develop in any particular order or phase and that Master Developer reserves all discretion to determine whether to develop a particular portion or phase of the Property based upon Master ▇▇▇▇▇▇▇▇▇’s business judgment. The Property may be developed for all uses allowed by the JRF Zone and this Agreement. In the event that a requirement to develop the Property is lawfully imposed by the UFAIR District or the UFAIR Act which is in conflict with this Agreement or the City’s Current Laws or City’s Future Laws, the City and Master Developer shall endeavor to renegotiate this Agreement to comply with the new requirements under the UFAIR Act or imposed by the UFAIR District.