Common use of OBLIGATION TO CONSTRUCT Clause in Contracts

OBLIGATION TO CONSTRUCT. Notwithstanding anything to the contrary herein, ▇▇▇▇ shall have no obligation to design or construct any or all of the Improvements unless and until (i) a final land use approval, including resolution of any and all appeals and proceedings on remand, approves Development Permits that will allow the division and development of the Property with at least 930 residential dwelling units, generally consistent with Exhibit C and (ii) ▇▇▇▇ actually develops the phase of the Property that contains the applicable Improvement, or portion thereof, pursuant to the Development Permits. ▇▇▇▇ may elect to terminate this Agreement in its entirety, at ▇▇▇▇’▇ sole and absolute discretion, by written notice to the City given at any time, except that, if the City has waived SDCs with respect to building permits issued prior to the date of such termination and the value of the waived SDCs exceeds the SDC creditable value of the Improvements constructed by ▇▇▇▇, then ▇▇▇▇ will either (i) complete construction of Improvements with an SDC creditable value sufficient to offset the waived SDCs or (ii) pay to the City the difference between the SDC creditable value of the Improvements constructed and the SDCs waived prior to the date of termination. ▇▇▇▇’▇ termination of this Agreement shall terminate all City obligations provided for in this Agreement. In no event shall ▇▇▇▇ have any obligation to construct an Improvement unless a final land use approval issued by the City, including resolution of any and all appeals and proceedings on remand, requires construction of such Improvement as a condition on such approval and ▇▇▇▇ proceeds with development of the Property, or the applicable portion thereof, pursuant to such land use approval, in which case those obligations shall survive termination of this Agreement. Notwithstanding the foregoing, if ▇▇▇▇ terminates this Agreement after the City approves a Comprehensive Plan Map amendment and zoning map amendment to convert the ~142 acre Quail Valley Golf Course property from Community Facilities (CF) to a residential zone, ▇▇▇▇ shall be obligatged to design, construct, improve and dedicate the Citywide Park as provided in Section 10.1 and Exhibits H and H1 and the Bike/Ped Overcrossing of Railroad as provided in Section 9.5 and Exhibits G and G4.

OBLIGATION TO CONSTRUCT. Notwithstanding anything to the contrary herein, ▇▇▇▇ shall have no obligation to design or construct any or all of the Improvements unless and until (i) a final land use approval, including resolution of any and all appeals and proceedings on remand, approves Development Permits that will allow the division and development of the Property with at least 930 residential dwelling units, generally consistent with Exhibit C and (ii) ▇▇▇▇ actually develops the phase of the Property that contains the applicable Improvement, or portion thereof, pursuant to the Development Permits. ▇▇▇▇ may elect to terminate this Agreement in its entirety, at ▇▇▇▇’▇ sole and absolute discretion, by written notice to the City given at any time, except that, if the City has waived SDCs with respect to building permits issued prior to the date of such termination and the value of the waived SDCs exceeds the SDC creditable value of the Improvements constructed by ▇▇▇▇, then ▇▇▇▇ will either (i) complete construction of Improvements with an SDC creditable value sufficient to offset the waived SDCs or (ii) pay to the City the difference between the SDC creditable value of the Improvements constructed and the SDCs waived prior to the date of termination. ▇▇▇▇’▇ termination of this Agreement shall terminate all City obligations provided for in this Agreement. In no event shall ▇▇▇▇ have any obligation to construct an Improvement unless a final land use approval issued by the City, including resolution of any and all appeals and proceedings on remand, requires construction of such Improvement as a condition on such approval and ▇▇▇▇ proceeds with development of the Property, or the applicable portion thereof, pursuant to such land use approval, in which case those obligations shall survive termination of this Agreement. Notwithstanding anything to the foregoingcontrary above, if ▇▇▇▇ terminates this Agreement after will accept a rezoning of the City approves a Comprehensive Plan Map amendment and zoning map amendment to convert the ~142 acre Quail Valley Golf Course property Property from Community Facilities (CF) to a residential zone, ▇▇▇▇ shall be obligatged to design, construct, improve and dedicate zone that (a) provides that the property underlying the Citywide Park will retain its CF designation and (ii) is subject to a condition of approval that, prior to issuance of the building permit for vertical construction of the first dwelling or commercial structure on the Property, the party that requests such first building permit shall be required to provide the City with a sufficient financial assurance, in a form and amount reasonably satisfactory to the City, to ensure that the Citywide Park will be designed, constructed, and improved as provided in Section 10.1 and Exhibits H and H1 or the City can use the financial assurance to design, construct, and improve the Bike/Ped Overcrossing of Railroad Citywide Park as provided in Section 9.5 and Exhibits G and G4a public works project.