Common use of Timeframe for Completion Clause in Contracts

Timeframe for Completion. The Developer hereby agrees to commence substantial elements of Phase I of the Project no later than April 30, 2018 (the "Phase I Commencement Deadline"). The Developer hereby agrees to reach substantial completion of the entirety of Phase I of the Project, in accordance with the Project Plan attached hereto as Exhibit B and the plans and specifications submitted to the Commission pursuant to Section 4.8 of this Agreement, by the date that is twenty-four months after the Effective Date of this Agreement (the "Phase I Completion Deadline"). The Developer hereby agrees to commence substantial elements of Phase II of the Project no later than June 30, 2023 (the "Phase II Commencement Deadline"). The Parties acknowledge that the City is working on another project abutting the Developer Property and that the installation of pilings and eventual construction of Phase II of the Project will impact the City's project; therefore, the Commission desires to install the pilings for Phase II of the Project as Local Public Improvements under the terms and conditions of this Agreement. The Parties agree that the timing of the Commission's installation of the pilings for Phase II of the Project as Local Public Improvements shall not be considered when determining the Developer's compliance with the Phase II Commencement Deadline. The Developer hereby agrees to reach substantial completion of the entirety of the Project, inclusive of Phase I and Parts 1 and 2 of Phase II, in accordance with the Project Plan attached hereto as Exhibit B and the plans and specifications submitted to the Commission pursuant to Section 4.8 of this Agreement, by September 30, 2025 (the "Project Completion Deadline"). For purposes of assessing the Developer's compliance with this Section 4.5, the Commission has determined that the Developer met the Phase I Commencement Deadline and the Phase I Completion Deadline. For Developer's compliance with this Section 4.5 as it applies to Phase II, the Commission will determine, in its sole discretion, the substantiality of the improvements undertaken by the Developer by the Phase II Commencement Deadline (without consideration for the Commission's installation of the pilings for Phase II, as set forth herein) and the substantiality of the Developer's completion of the Project as a whole by the Project Completion Deadline. Notwithstanding any provision of this Agreement to the contrary, the Developer's failure to meet the any deadline as required under this Section

Timeframe for Completion. The (a) Provided that the Parties enter into a Notice to Commencement and Commission has completed the Local Public Improvements by June 30, 2026 (or such other date as may be agreed in the Notice to Commence), the Developer hereby agrees to commence substantial elements of Phase I of complete the Project no later than April 30, 2018 in two phases as set forth in the Project Plan (“Phase 1” and “Phase 2”) and any other obligations the "Phase I Commencement Deadline")Developer may have under this Agreement. The Developer hereby further agrees to reach substantial completion of the entirety of Phase I of the Project, total Project will be completed in accordance with the Project Plan attached hereto as Exhibit B and the plans and specifications submitted (unless otherwise agreed in a Notice to Commence). Subject to the Commission pursuant terms of any such Notice to Section 4.8 of this AgreementCommence, Phase 1 shall be completed by the date that is twenty-four later of (i) 24 months after the Effective Date of this Agreement (the "Phase I Completion Deadline"). The Developer hereby agrees to commence substantial elements of Phase II following Commission’s completion of the Project no later than June 30, 2023 (the "Phase II Commencement Deadline"). The Parties acknowledge that the City is working on another project abutting the Developer Property Parking Garage and that the installation of pilings and eventual construction of Phase II of the Project will impact the City's project; therefore, the Commission desires to install the pilings for Phase II of the Project as Local Public Improvements under for Phase I, or (ii) December 31, 2026, and Phase 2 shall be completed by the terms and conditions later of this Agreement. The Parties agree that the timing (iii) 24 months following Commission’s completion of the Commission's installation of the pilings for Phase II of the Project as Parking Garage and Local Public Improvements shall not be considered when determining the Developer's compliance with the Phase II Commencement Deadline. The Developer hereby agrees to reach substantial completion of the entirety of the Project, inclusive of Phase I and Parts 1 and 2 of Phase II, in accordance with the Project Plan attached hereto as Exhibit B and the plans and specifications submitted to the Commission pursuant to Section 4.8 of this Agreement, by September 30, 2025 (the "Project Completion Deadline"). For purposes of assessing the Developer's compliance with this Section 4.5, the Commission has determined that the Developer met the Phase I Commencement Deadline and the Phase I Completion Deadline. For Developer's compliance with this Section 4.5 as it applies to Phase II, the Commission will determine, in its sole discretion, the substantiality of the improvements undertaken by the Developer by the Phase II Commencement Deadline (without consideration for the Commission's installation of the pilings for Phase II, as set forth hereinor (iv) and December 31, 2028 (collectively, the substantiality of the “Mandatory Project Completion Dates”). (b) The Developer's completion ’s failure to complete Phase 1 or Phase 2 of the Project as a whole or any other obligations the Developer may have under this Agreement by the Mandatory Project Completion DeadlineDates will constitute a default under this Agreement without any requirement of notice or an opportunity to cure such failure. Notwithstanding any provision the foregoing, Developer may extend the Mandatory Project Completion Dates by two (2) additional twelve (12) month periods, provided that at least 33% of this Agreement the Project has already been completed. In order to extend the Mandatory Project Completion Dates, Developer shall provide written notice to Commission of the extension at least one month prior to the contrary, the Developer's failure to meet the any deadline as required under this Sectionapplicable Mandatory Project Completion Date.