Common use of PHASE THREE Clause in Contracts

PHASE THREE. Residential and Commercial Development, Hotel, Third Railroad Crossing and Open Space. The elements of Phase Three are described in Figure 3 of the Phasing Plan diagram, Attachment 1 to this Exhibit. Development in Phase Three includes a hotel, up to a total of 350 residential units on Blocks 3, 6, 9 and 19 22. The improvements in Phase Three include a third railroad crossing and associated fencing and flood gates for pedestrian and bicycle use, as shown on the Phasing Plan Diagram and as described in the Development Plan. Such facilities shall be constructed in conjunction with the construction of Block P5 and P7. Improvements to associated Open Space shall be provided as described in Section 3, above. Concurrent with Phase Three or Phase Four, or subsequently, development may occur within the Industrial Zoning District on the Eastern Parcel, subject to all applicable Local Agency requirements for that zone, of up to ninety thousand (90,000) gsf of office space and seventy-five thousand (75,000) gsf of warehouse/R&D development. Development within the Industrial Zoning District is not tied to any Phase, and is subject to completion of applicable soil remediation and site grading.