UNDERTAKINGS OF THE DEVELOPER Clause Samples
The "Undertakings of the Developer" clause sets out the specific obligations and commitments that the developer must fulfill under the agreement. This typically includes requirements such as delivering the project according to agreed specifications, meeting deadlines, complying with relevant laws and regulations, and maintaining certain standards of quality. For example, the developer may be required to provide regular progress updates or obtain necessary permits. The core function of this clause is to clearly define the developer’s responsibilities, ensuring accountability and providing a basis for recourse if the developer fails to meet their obligations.
UNDERTAKINGS OF THE DEVELOPER. 1.1 Developer’s Project shall include improvements to, and development of, the 222 Building as set forth in part on Exhibit B that will result in an increase in the assessed value. All aspects of the Project shall be in accordance with all applicable City zoning and building codes, ordinances and regulations.
1.2 Project Costs shall include, without limitation, costs incurred after approval of this agreement for the construction of improvements (including infrastructure improvements), environmental remediation costs, demolition, interior remodeling and development of the Project.
1.3 Developer warrants and represents to the City that but for the assistance provided by the City under Article II, herein, ▇▇▇▇▇▇▇▇▇ would not be able to proceed with the Project.
1.4 Developer shall cause the Project to be constructed and developed consistent with the conceptual Project Improvement Plan attached as Exhibit B or other plans approved by the City, in its reasonable discretion, and in accordance with all applicable City zoning and building codes, ordinances and regulations. Developer estimates that approximately $40 million will be invested in the Project to renovate the 222 Building as a Class A office building, and that the assessed value of the Project shall be not less than $29,300,000 million by January 1, 2026, and each year thereafter during the life of the District (the “Guaranteed Minimum Value”).
1.5 Developer and City acknowledge that several of the specific undertakings of the parties may require approvals from directors, boards or the Common Council as applicable. The parties' agreements are conditioned upon the obtaining of all such approvals in the manner required by law. The parties cannot assure that all such approvals will be obtained; however, they agree to use their best good faith efforts to obtain them on a timely basis.
UNDERTAKINGS OF THE DEVELOPER. 1.1 Developer and City acknowledge that several of the specific undertakings of the Parties may require approvals from directors, boards or the Common Council, as applicable. The City and Developer’s obligations under this Agreement are conditioned upon the obtaining of all such approvals in the manner required by law. The Parties cannot assure that all such approvals will be obtained; however, they agree to use their best good faith efforts to obtain them on a timely basis.
1.2 Despite anything herein to the contrary, ▇▇▇▇▇▇▇▇▇’s performance under this Agreement is subject to, and contingent upon, Developer purchasing the Property and obtaining commitments for construction financing for the Project on terms and conditions satisfactory to Developer.
UNDERTAKINGS OF THE DEVELOPER. 1.1 Developer shall purchase the property for $590,000 from the City within one year of execution of this agreement. Said sale of Property to Developer is contingent upon Developer fulfilling the terms and conditions of this Agreement and the City shall retain a right to repurchase the Property as more particularly set forth in Article IV.
1.2 Developer’s Project is the second of two phases, is currently known as “URBANE” and shall include improvements to, and development of, the Property as set forth in Exhibit B that will result in an increase in the Property’s assessed value. All aspects of the Project shall be in accordance with all applicable City zoning and building codes, ordinances and regulations.
1.3 Project Costs shall include, without limitation, costs incurred after approval of this agreement for the construction of improvements (including infrastructure improvements), environmental remediation costs, demolition, interior remodeling and development of the project.
1.4 Developer warrants and represents to the City that but for the assistance provided by the City under Article II, herein, Developer would not be able to proceed with the Project.
1.5 Developer and City acknowledge that several of the specific undertakings of the parties may require approvals from directors, boards or the City Council as applicable. The parties' agreements are conditioned upon the obtaining of all such approvals in the manner required by law. The parties cannot assure that all such approvals will be obtained; however, they agree to use their best good faith efforts to obtain them on a timely basis.
UNDERTAKINGS OF THE DEVELOPER. 1.1 Developer shall purchase the property for $283,000 from the City within 30 days of execution of this agreement. Said sale of Property to Developer is contingent upon Developer fulfilling the terms and conditions of this Agreement and the City shall retain a right to repurchase the Property as more particularly set forth in Article IV.
UNDERTAKINGS OF THE DEVELOPER shall be amended and restated as follows; “The Property has been conveyed from the City to the Developer. However, the Developer needs additional time to secure permits, work with contractors on bidding, and initiate construction. Therefore, notwithstanding Section 3.1.2 of the Agreement, Developer shall have until November 30, 2023 to obtain all permits necessary for construction and to initiate construction of the Project. Construction shall be defined as construction team mobilization to the Property and efforts have begun to improve the Property as described in Section 2.1.1.”
UNDERTAKINGS OF THE DEVELOPER shall be amended and restated as follows; “Developer shall have until September 30, 2023 to obtain all permits necessary for construction and to initiate construction of the Project. Initiating construction shall mean that the construction team has mobilized to the Property and substantial progress has been made with excavation and shoring for in framing or laying of the foundation on the Property which could support the Project as described in Section 2.1.1. Once Construction has been initiated Developer shall have 18 (eighteen) months to receive all occupancy permits associated therewith.”
UNDERTAKINGS OF THE DEVELOPER