Common use of Principal Components of the Project Clause in Contracts

Principal Components of the Project. The Project consists of the following principal components, as well as the other components delineated in the Project Plans, all of which are hereby approved by the City subject to the other provisions of this Agreement: 2.2.1 Demolition and removal of the existing structures and uses on the Property. 2.2.2 Construction of a new multi-story mixed-use residential/commercial building with a Maximum Floor Area of 67,470 square feet, including: (a) On and above the ground floor, 100 market rate residential apartment units, consisting of 15 three-bedrooms, 21 two-bedrooms, 50 one-bedrooms, and 14 studio units, and accessory uses including courtyards and roof decks for use by the occupants of the housing units and their guests as depicted on the Project Plans; floor; (b) Up to 5,878 square feet of commercial Floor Area on the ground 2.2.3 Construction of a four (4)-level subterranean parking garage with 296 parking spaces and other uses in accordance with the Project Plans and as described further in this Article 2 and Section 2.5 below; 2.2.4 The recordation in the Official Records (as defined below) of the New Easement on substantively identical terms to the Initial Parking Easement or on such other terms as are approved by Condo Owner (as defined in the Initial Parking Easement) (which approval shall be deemed evidenced by Condo Owner’s execution of the New Easement), which shall burden the Property in favor of Condo Owner.