Common use of Development Pursuant to Village Property Clause in Contracts

Development Pursuant to Village Property. Concept Plan/Depot Drive Concept Plan. Developer shall be obligated to design and construct Depot Drive on a phased basis as each site is developed within the interior of the Village Property at no cost or expense to the Village, in accordance with the applicable ordinances and standard specifications of the Village for roadway construction, and pursuant to submittals reviewed and approved by the Village. Without otherwise limiting the generality of the foregoing, Developer shall construct Depot Drive in a manner consistent with the Village Property Concept Plan (subject to the modification thereof pursuant to Section 3.D.5. of this Agreement) and the specifications contained within the Depot Drive Concept Plan, a copy of which is attached hereto and incorporated herein by this reference as Exhibit E. Developer shall be permitted to construct Depot Drive on a phased basis as each site is developed, with the length of each such phase being equal to the entire Depot Drive frontage of the lots or other portions of the Village Property acquired and then sought to be developed by Developer hereunder. Developer and Village acknowledge that completion of the entire phase or phases of Depot Drive along the frontage of the lots or other portions of the Village Property then being developed shall be a condition to the Village’s obligations to issue certificates of occupancy for buildings or structures located on such lots or other portions of the Village Property. Upon completion of a given phase of Depot Drive, Developer shall take all actions necessary to dedicate, convey and transfer all right, title and interest in and to Depot Drive as improved to the Village, free and clear of any and all liens and encumbrances. In the event that the Developer acquires at least 5.00 buildable acres (exclusive of detention areas or areas to be improved with public roadways) of the Village Property and becomes obligated to construct the PEMA Facility, Developer shall become obligated to complete Depot Drive on a phased basis as each site is developed as hereinabove set forth, but in any event within 18 months of the issuance of the last certificate of occupancy for a building constructed by Developer on a lot or portion of the Village Property or prior to the expiration of 10 years from the date of this Agreement, and provided further, that this obligation to complete Depot Drive on a phased basis as each site is developed shall survive any termination of this Agreement. In the event that the Developer has not acquired 5.00 buildable acres (exclusive of detention areas or areas to be improved with public roadways) of the Village Property within the initial 18 month period following the date of this Agreement (or any duly approved extension thereof) and this Agreement thereby terminates, Developer’s obligation hereunder shall be limited to the obligation to complete those phases of Depot Drive adjacent to any lots or portions of the Village Property acquired by Developer prior to such termination in order to permit the issuance of a certificate of occupancy for the buildings on such lots or portions of the Village Property, as hereinabove set forth, or in any event, within 60 days of the date of such termination, and provided further, that this obligation to complete Depot Drive shall survive any termination of this Agreement.