Common use of Development Phases Clause in Contracts

Development Phases. The Parties currently anticipate that the Project will be constructed in Development Phases over approximately twenty (20) to thirty (30) years. The Parties acknowledge that Developer cannot guarantee the exact timing in which Development Phases will be constructed, whether certain development will be constructed at all, or the characteristics of each Development Phase (including without limitation the number of units constructed during each Development Phase and the parcels included within each Development Phase). Such decisions depend on numerous factors that are not within the control of Developer or the City, such as market absorption and demand, interest rates, availability of project financing, competition, and other similar factors. To the extent permitted by this Agreement, Developer shall have the right to develop the Project in Development Phases in such order and time, and with such characteristics (subject to the Proportionality, Priority and Proximity Requirements of this Agreement), as Developer requests, as determined by Developer in the exercise of its subjective business judgment, but subject to the City’s reasonable approval of each Development Phase, which approval shall not be unreasonably withheld, conditioned, or delayed.

Development Phases. The Parties currently anticipate that the Project will be constructed in Development Phases over approximately twenty (20) to thirty (30) years. The Parties acknowledge that Developer cannot guarantee the exact timing in which Development Phases will be constructed, whether certain development will be constructed at all, or the characteristics of each Development Phase (including without limitation the number of units constructed during each Development Phase and the parcels included within each Development Phase). Such decisions depend on numerous factors that are not within the control of Developer or the City, such as market absorption and demand, interest rates, availability of project financing, competition, and other similar factors. To the extent permitted by this Agreement, Developer shall have the right to develop the Project in Development Phases in such order and time, and with such characteristics (subject to the Proportionalityproportionality, Priority priority and Proximity Requirements proximity requirements of this Agreement), as Developer requests, as determined by Developer in the exercise of its subjective business judgment, but subject to the City’s reasonable approval of each Development Phase, which approval shall not be unreasonably withheld, conditioned, or delayed.