Transaction Description. 1. The property (the “Property”) that is the subject of this Document MOU is located in the Ag Park at: ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇, ▇▇▇▇▇▇, ▇▇ • Reference “Building A” in Attachment A – Site & Short Plat Plan i. A 20,000 square feet, parking, and open space (*size and design subject to change in final construction documents). 2. PROPONENT will have a 120-day due diligence period to assess final building parameters, financial proforma, land lease terms and financial lender underwriting provisions. 3. During the due-diligence period, CITY will not entertain or enter into any other agreements with a third-party for similar purposes defined to and agreed with the PROPONENT. 4. PROPONENT shall have exclusivity to enter a land-lease with CITY for purposes of constructing and operating a building referenced as Building A (A1 & A2) on Attachment A once due-diligence period is waived.
Appears in 2 contracts
Sources: Memorandum of Understanding, Memorandum of Understanding