Common use of Entitlement to Develop Clause in Contracts

Entitlement to Develop. The City and the Company hereby acknowledge and agree that there are certain actions that have been or will be taken by the City (whether by city staff, any board or commission, or legislative body) to authorize the Project (the “Project Approvals”). The City certifies that, as of the Effective Date, subject to the Company’s compliance with the requirements of the Project Approvals, no rule, regulation, ordinance or official policy of the City (hereinafter the “Applicable Rules”) prohibits, prevents or encumbers the completion and occupancy of the Project in accordance with the uses, densities, designs, heights, set back requirements, signage regulations, permitted demolition and other development entitlements incorporated and agreed to herein or currently existing in the City’s rules, regulations and policies. The Company has the vested right to develop the Project, subject only to the terms and conditions of this Agreement and compliance with the Applicable Rules. The Company’s vested rights shall include, without limitation, the right to remodel, renovate, rehabilitate, rebuild, or replace the Project or any portion thereof (including without limitation the right to replenish equipment used in operating the Project) throughout the Term for any reason, including, without limitation, in the event of damage, destruction, or obsolescence of the Project or any portion thereof, subject to the Applicable Rules. To the extent that all or any portion of the Project is remodeled, renovated, rehabilitated, rebuilt, or replaced, the Company may locate that portion of the Project at any other location of the Project Site, subject to the Applicable Rules.