LEGALLY BINDING COMMITMENT Sample Clauses

A Legally Binding Commitment clause establishes that the parties to an agreement are entering into obligations that are enforceable by law. This clause clarifies that the terms outlined in the contract are not merely statements of intent or preliminary understandings, but create actual legal duties for each party. For example, it may specify that all or certain sections of a document are intended to be binding, even if other parts are non-binding or subject to further negotiation. The core function of this clause is to eliminate ambiguity about the enforceability of the agreement, ensuring that both parties understand their rights and responsibilities are legally protected and can be upheld in court if necessary.
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LEGALLY BINDING COMMITMENT. The Parties agree that this Agreement constitutes a legally binding commitment by the Applicant to provide Proportionate Share Mitigation for the new residential dwelling units sought to be approved by County in the Development Proposal for the Property.
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LEGALLY BINDING COMMITMENT. Except for Sections 3 (Due Diligence Reviews), 7 (Expenses), 9 (Confidentiality), 10 (Exclusivity), 11 (Legally Binding Commitment) and 12 (General Provisions), which are intended to be legally binding, this Letter is a statement of mutual intention and does not constitute a binding obligation to effect the Transaction. Without limiting the foregoing, the failure of the parties to enter into the Agreement in and of itself will not be construed as a breach of this Letter by any party hereto. A legally binding obligation with respect to the Transaction will arise only upon execution and delivery of the Agreement, and then only on the terms and subject to the conditions contained therein.
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LEGALLY BINDING COMMITMENT. The Parties agree that this Agreement constitutes a legally binding commitment by the Applicant or Its Successor to pay the Public School Facilities Impact Fee in effect at the time of Application for a building permit for construction of the residential unit(s); such payment(s) are subject to an additional three (3) percent administrative fee for the City of Palm Coast.
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LEGALLY BINDING COMMITMENT. The Parties agree that this Agreement constitutes a legally binding commitment by the Applicant to provide Proportionate Share Mitigation for the 4,000 primary residential (non age-restricted) dwelling units sought to be approved by the City in the Development Proposal for the Property. The 1,000 age-restricted dwelling units within the DRI do not require mitigation.
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LEGALLY BINDING COMMITMENT. A. TTAD and TTSA agree to equally share the cost of having land appraisers ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ update its prior appraisal, dated March 20, 2017. The purpose of the update is to obtain current land values and also to identify areas that would constitute an exchange of real properties of roughly equal value. The parties will coordinate and agree upon the update instructions to be provided to the appraiser. B. TTAD and TTSA will also equally share the cost of surveying and staking the parcels that will delineate the actual land areas that would constitute equal values of the land areas to be exchanged upon agreement of the terms of the land exchange. TTAD will arrange for that surveyor/engineer and give notice to TTSA of the selected surveyor/engineer and when that surveying and staking will take place.
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LEGALLY BINDING COMMITMENT. The Parties agree that this Agreement constitutes a legally binding commitment by ▇▇▇▇▇▇▇▇▇ and any assignees pursuant to Section 20 below, to provide Proportionate Share Mitigation for the multi-family dwelling units in Phase 2 of the Development Proposal.
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LEGALLY BINDING COMMITMENT. (A) This Agreement constitutes a legally binding commitment by the Applicant to mitigate for the impacts of the new residential dwelling units for which the Applicant is seeking approval pursuant to the Development Permit Application and satisfies the requirements of the Interlocal Agreement and Public School Facilities Element. (B) The Parties agree that this Agreement satisfies the requirements of Section 163.3180(6)(h), Florida Statutes, as a legally binding commitment to provide mitigation proportionate to the demand for public school facilities to be created by the residential development proposed in the Development Permit Application.
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LEGALLY BINDING COMMITMENT. The Parties agree that this Agreement constitutes a legally binding commitment by BC Holdings, and any assignees pursuant to Section 20 below, to provide Proportionate Share Mitigation for the residential dwelling units in the Development Proposal.
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Related to LEGALLY BINDING COMMITMENT

  • No Commitment None of the provisions of this Agreement shall be deemed or construed to constitute or imply any commitment or obligation on the part of the Senior Lender to make any future loans or other extensions of credit or financial accommodations to the Borrower.

  • STAFF COMMITMENT If this Settlement Agreement is accepted by the Hearing Panel, Staff will not initiate any proceeding under the By-laws of the MFDA against the Respondent in respect of the facts set out in Part IV and the contraventions described in Part V of this Settlement Agreement, subject to the provisions of Part IX below. Nothing in this Settlement Agreement precludes Staff from investigating or initiating proceedings in respect of any facts and contraventions that are not set out in Parts IV and V of this Settlement Agreement or in respect of conduct that occurred outside the specified date ranges of the facts and contraventions set out in Parts IV and V, whether known or unknown at the time of settlement. Furthermore, nothing in this Settlement Agreement shall relieve the Respondent from fulfilling any continuing regulatory obligations.

  • Commitment Within 20 days after the Title Company receives a copy of this contract, Seller shall furnish to Buyer a commitment for title insurance (Commitment) and, at Buyer's expense, legible copies of restrictive covenants and documents evidencing exceptions in the Commitment (Exception Documents) other than the standard printed exceptions. Seller authorizes the Title Company to deliver the Commitment and Exception Documents to Buyer at Buyer's address shown in Paragraph 21. If the Commitment and Exception Documents are not delivered to Buyer within the specified time, the time for delivery will be automatically extended up to 15 days or 3 days before the Closing Date, whichever is earlier. If the Commitment and Exception Documents are not delivered within the time required, Buyer may terminate this contract and the ▇▇▇▇▇▇▇ money will be refunded to Buyer.

  • No Commitments Any commitment or transaction by Company (including, without limitation, any borrowing or capital expenditure) other than in the ordinary course of business consistent with past practice;

  • Financing Commitment For the period commencing on the date hereof and ending on the fifth anniversary hereof, Atlas America and Resource Energy agree to provide to the MLP funding of up to an aggregate of One Million Five Hundred Thousand Dollars ($1,500,000) per annum to finance the cost of expanding the Gathering System or constructing new additions to the Gathering System. Atlas America and Resource Energy, jointly and severally, commit to provide such funding, upon the MLP's written request therefor, by purchasing Common Units at a price equal to the arithmetic average of the closing prices of the Common Units on the American Stock Exchange, or, if the American Stock Exchange is not the principal trading market for such security, on the principal trading market for such security, for the twenty consecutive trading days ending on the trading day prior to the purchase, or, if the fair market value of the Common Units cannot be calculated for such period on any of the foregoing bases, the average fair market value during such period as reasonably determined in good faith by the members of the managing board of the General Partner.