Common use of PURPOSE AND TERM OF AGREEMENT Clause in Contracts

PURPOSE AND TERM OF AGREEMENT. (a) Purpose; Binding MOU. This MOU sets forth the material terms of proposed agreements between the Parties with respect to OVG’s proposed lease of the Arena, including OVG’s design and construction of the Arena Tenant Improvements (as defined in Section 8(q)) and long-term operation of the Arena. Upon satisfaction of the conditions precedent set forth herein, the terms of this MOU shall be memorialized in a Development Agreement (“Development Agreement”), a Lease Agreement (“Lease Agreement”), and a Seattle Center Integration Agreement (“Seattle Center Integration Agreement”), as well as such ancillary documents as may be mutually agreed by the Parties as necessary to further implement the terms of those agreements (collectively, the “Transaction Documents”). The Parties intend this MOU to be a binding and enforceable agreement regarding: DRAF(T i) the process to be followed by the Parties to complete review of the Development Project pursuant to the State Environmental Policy Act, Chapter 43.21C of the Revised Code of Washington (“RCW”), and the state and local implementing rules promulgated thereunder (collectively, “SEPA”), and (ii) the Parties’ commitment to negotiate the Transaction Documents in good faith consistent with the terms, conditions, and limitations of this MOU. Each Party acknowledges that the other Party is devoting significant time and resources to prepare for the Development Project in reliance upon the commitments of each Party to negotiate the Transaction Documents in good faith, consistent with the terms, conditions, and limitations of this MOU.

PURPOSE AND TERM OF AGREEMENT. (a) Purpose; Binding MOU. This MOU sets forth the material terms of proposed agreements between the Parties with respect to OVG’s proposed lease of the Arena, including OVG’s design and construction of the Arena Tenant Improvements (as defined in Section 8(q9(q)) and long-term operation of the Arena. Upon satisfaction of the conditions precedent set forth herein, the terms of this MOU shall be memorialized in a Development Agreement (“Development Agreement”), a Lease Agreement (“Lease Agreement”), and a Seattle Center Integration Agreement (“Seattle Center Integration Agreement”), as well as such ancillary documents as may be mutually agreed by the Parties as necessary to further implement the terms of those agreements (collectively, the “Transaction Documents”). The Parties intend this MOU to be a binding and enforceable agreement regarding: DRAF(T i) the process to be followed by the Parties to complete review of the Development Project pursuant to the State Environmental Policy Act, Chapter 43.21C of the Revised Code of Washington (“RCW”), and the state and local implementing rules promulgated thereunder (collectively, “SEPA”), and (ii) the Parties’ commitment to negotiate the Transaction Documents in good faith consistent with the terms, conditions, and limitations of this MOU. Each Party acknowledges that the other Party is devoting significant time and resources to prepare for the Development Project in reliance upon the commitments of each Party to negotiate the Transaction Documents in good faith, consistent with the terms, conditions, and limitations of this MOU.

PURPOSE AND TERM OF AGREEMENT. (a) Purpose; Binding MOU. This MOU sets forth the material terms of proposed agreements between the Parties with respect to OVG’s proposed lease of the Arena, including OVG’s design and construction of the Arena Tenant Improvements (as defined in Section 8(q89(q)) and long-term operation of the Arena. Upon satisfaction of the conditions precedent set forth herein, the terms of this MOU shall be memorialized in a Development Agreement (“Development Agreement”), a Lease Agreement (“Lease Agreement”), and a Seattle Center Integration Agreement (“Seattle Center Integration Agreement”), as well as such ancillary documents as may be mutually agreed by the Parties as necessary to further implement the terms of those agreements (collectively, the “Transaction Documents”). The Parties intend this MOU to be a binding and enforceable agreement regarding: DRAF(T i:DRAFT(i) the process to be followed by the Parties to complete review of the Development Project pursuant to the State Environmental Policy Act, Chapter 43.21C of the Revised Code of Washington (“RCW”), and the state and local implementing rules promulgated thereunder (collectively, “SEPA”), and (ii) the Parties’ commitment to negotiate the Transaction Documents in good faith consistent with the terms, conditions, and limitations of this MOU. Each Party acknowledges that the other Party is devoting significant time and resources to prepare for the Development Project in reliance upon the commitments of each Party to negotiate the Transaction Documents in good faith, consistent with the terms, conditions, and limitations of this MOU.