Common use of PREDEVELOPMENT WORK – GENERAL Clause in Contracts

PREDEVELOPMENT WORK – GENERAL. In consideration of the Owner’s grant of the Exclusive Rights, the Developer shall perform the following predevelopment work at its own cost, subject to reimbursement by the Owner in accordance with Section 6.09 of this Agreement, relative to the design, planning, financing and development of the Project and the construction of the Building Improvements in each Phase (the “Predevelopment Work”). The time period for the Developer to engage in Predevelopment Work shall commence upon the Effective Date and shall conclude with the closing of the Development Loan.

PREDEVELOPMENT WORK – GENERAL. In consideration of the Owner’s grant of the Exclusive Rights, the Developer shall perform the following predevelopment work for each Development Phase at its own cost, subject to reimbursement by the Owner in accordance with Section 6.09 of this Agreement, relative to the design, planning, financing and development of the Project and the construction of the Building Improvements in each Development Phase (the “Predevelopment Work”). The time period for the Developer to engage in Predevelopment Work shall commence upon the Effective Date and for each Development Phase shall conclude with the closing of the theeach respective Development Loan.