Common use of Development Phasing Schedule Clause in Contracts

Development Phasing Schedule. The parties acknowledge that the Developer intends to develop the Real Property in phases. In accordance with the Act, the Developer shall develop the Real Property in a manner consistent with the Development Phasing Schedule as is set forth in Exhibit C hereto. As the timing of the Development is affected by many factors, including but not limited to the receipt of the Certificate of Need, it is difficult to accurately project the timing and scope of the Project. As such and using the most reliable information as of the Effective Date, the Developer and County agree upon the Development Phasing Schedule, which shall be updated annually during the periodic review required by the Act. A delay in the Development of the Project does not constitute a Material Breach unless County Council makes a finding that the Developer is not substantially and diligently pursuing Development or the Certificate of Need.