Common use of Phases Clause in Contracts

Phases. The Project is being constructed in two (2) phases, the first construction phase comprised of the West Building and the second construction phase comprised of the East Building, each such building being generally described and depicted on Exhibit A attached hereto (as further described on Exhibit A, the “East Building” and the “West Building”, respectively). Following substantial completion of its construction, the West Building will be established as the first phase of the Project by the recording of the initial Map and Declaration in the Pitkin County Records and, subsequently following substantial completion of its construction, the East Building will be incorporated into the Project Property by the recording of a Supplemental Map and Supplemental Declaration in the Pitkin County Records in the manner set forth for expansion of the Project in the Declaration. In connection with the recording of the initial Map and Declaration, Seller shall determine in its sole discretion the specific areas to be incorporated into the Project as the first phase and the areas to be designated as “Expansion Property” (as defined in the Declaration) and incorporated into the Project as the second phase. Purchaser acknowledges and accepts such phasing of the Project and (i) if the Unit is located in the East Building, that construction of the Unit will be completed later than completion of construction of units located in the West Building and will be completed pursuant the timeframe discussed in Section 6.a below, and (ii) if the Unit is located in the West Building, that the remainder of the Project comprising the East Building and related improvements, amenities, services and grounds will not become part of the Project until incorporation of the East Building into the Project in the manner contemplated by the Declaration. It is acknowledged and agreed that the initial Project Property to be established as the first phase of the Project is not currently subdivided and created, that the final size and configuration of such initial Project Property may vary depending on the actual location of the West Building and related improvements, and that the legal description of the Project Property applicable to each phase of the Project will be established by the recorded Map and Declaration for such phase and reflected in the Final Commitment (as defined and discussed in Section 8 below).