Common use of Development Project Clause in Contracts

Development Project. Target and Acq Corp agree that Target, without the prior written consent of Acq Corp otherwise required under Section 6.01(a), (1) may make option payments in the monthly amount of $37,500.00 until August 15, 1998, and in the monthly amount of $75,000.00 thereafter until October 15, 1998, in accordance with the terms of that certain Option Agreement made and entered into as of January 8, 1998 (the "OPTION AGREEMENT"), by and between Target and Grand Plaza Limited Partnership, a Nevada limited partnership, as such agreement may be amended and in effect on the date hereof, and (2) may further expend such amounts as are reasonably necessary in connection with development opportunities and activities for the parcel of land subject to the Option Agreement as well as for previously identified development opportunities in Massachusetts and in Rockford, Illinois, PROVIDED, that this Section 6.01(b) shall not permit Acq Corp to exercise the option pursuant to the Option Agreement or to acquire (by purchase, lease or otherwise) any fixed or other tangible assets relating to any such project without Acq Corp's consent pursuant to Section 6.01(a).