Common use of Development Stage Clause in Contracts

Development Stage. Upon submission of the DOC by the RE DEVELOPER, as confirmed by the DEPARTMENT through the issuance of a COCOC, this RE Contract shall remain in force for the balance of a period of twenty-five (25) years from Effective Date: Provided, That at the option of the RE DEVELOPER, by written notice to the DEPARTMENT not earlier than six (6) months but not later than three (3) months prior to the expiration of the twenty- five (25)-year period, and so long as the RE DEVELOPER is not in default of any material obligations under this RE Contract, the DEPARTMENT may approve the extension of this RE Contract for another twenty-five (25) years, subject to the terms and conditions to be mutually agreed upon by the Parties.

Development Stage. Upon submission of the DOC by the RE DEVELOPER, as confirmed by the DEPARTMENT through the issuance of a COCOC, this RE Contract shall remain in force for the balance of a period of twenty-five (25) years from Effective Date: Provided, That at the option of the RE DEVELOPER, by written notice to the DEPARTMENT not earlier than six two (62) months years but not later than three one (31) months year prior to the expiration of the twenty- twenty-five (25)-year period, and so long as the RE DEVELOPER is not in default of any material obligations under this RE Contract, the DEPARTMENT may approve the extension of this RE Contract for another twenty-five (25) years, subject to the terms and conditions to be mutually agreed upon by the Parties.

Development Stage. Upon submission of the DOC by the RE DEVELOPER, as confirmed by the DEPARTMENT through the issuance of a COCOC, this RE Contract shall remain in force for the balance of a period of twenty-five (25) years from Effective Date: Provided, That at the option of the RE DEVELOPER, by written notice to the DEPARTMENT not earlier than six (6) months years but not later than three (3) months years prior to the expiration of the twenty- twenty-five (25)-year period, and so long as the RE DEVELOPER is not in default of any material obligations under this RE Contract, the DEPARTMENT may approve the extension of this RE Contract for another twenty-five (25) years, subject to the terms and conditions to be mutually agreed upon by the Parties.