Common use of Use of Project Property Clause in Contracts

Use of Project Property. 3.2.1 Subject to all the terms and conditions of this Agreement, ▇▇▇▇▇▇▇▇▇ agrees to build a Project as follows: A. On Parcel 3, Developer shall build five (5) residential buildings containing approximately 110 residential units plus a clubhouse and pool. The size of the residential units will range from approximately 583 to 1,166 square feet. Developer shall have sole discretion as to the size and mix of the units, so long as a density of at least 40 dwelling units per acre is achieved. B. On Parcel 13, Developer shall build two (2) residential buildings containing approximately 44 residential units. The size of the residential units will range from approximately 583 to 1,166 square feet. Developer shall have sole discretion as to the size and mix of the units, so long as a density of at least 40 dwelling units per acre is achieved. C. On Parcels 21, 22, 23 and 24, Developer shall build three (3) residential buildings containing approximately 66 residential units. The size of the residential units will range from approximately 583 to 1,166 square feet. Developer shall have sole discretion as to the size and mix of the units, so long as a density of at least 40 dwelling units per acre is achieved. D. On Parcels 4 and 6, Developer shall build one mixed-use building on each parcel with approximately 4,615 square feet of restaurant/retail space on the ground floor, plus garage parking for 10-12 vehicles. The enclosed ground floor parking stalls will be reserved for 8 residential units located on the second floor. The residential units will range in size from approximately 770 to 1,130 square feet. E. The design of the buildings will be in substantial conformance with the Site Plan Review and Tentative Map, as may be revised by the final map approval process. F. All parking for residents will be provided off-street. G. On June 22, 2015, the City and Agency approved the “Victorian Square Property Exchange Agreement” with Wolfhound Holdings, LLC. The terms of the agreement enable the Agency to acquire, through an exchange of real property, Parcel 23 (APN 032-135- 14) from Wolfhound Holdings, LLC. Parcel 23 is one of the Agency Residential Parcels. In accordance with Article 6.C.2 (“Agency’s Covenant to Wolfhound”) of the Victorian Square Property Exchange Agreement, the Agency and Developer agree that Developer is: (i) prohibited from using Parcel 23 (APN 032-135-14) for or in connection with the construction and operation of a nonrestricted gaming establishment as defined by the Nevada Gaming Control Act codified in Chapter 463 of the Nevada Revised Statutes; and, (ii) Wolfhound Holdings, LLC or its successors and assigns are specific third-party beneficiaries that may enforce by any legal or equitable remedy compliance with such use restriction.

Use of Project Property. 3.2.1 Subject to all the terms and conditions of this Agreement, ▇▇▇▇▇▇▇▇▇ Developer agrees to build a Project as follows: A. On Parcel 3, Developer shall build five (5) residential buildings containing approximately 110 residential units plus a clubhouse and pool. The size of the residential units will range from approximately 583 to 1,166 square feet. Developer shall have sole discretion as to the size and mix of the units, so long as a density of at least 40 dwelling units per acre is achieved. B. On Parcel 13, Developer shall build two (2) residential buildings containing approximately 44 residential units. The size of the residential units will range from approximately 583 to 1,166 square feet. Developer shall have sole discretion as to the size and mix of the units, so long as a density of at least 40 dwelling units per acre is achieved. C. On Parcels 21, 22, 23 and 24, Developer shall build three (3) residential buildings containing approximately 66 residential units. The size of the residential units will range from approximately 583 to 1,166 square feet. Developer shall have sole discretion as to the size and mix of the units, so long as a density of at least 40 dwelling units per acre is achieved. D. On Parcels 4 and 6, Developer shall build one mixed-use building on each parcel with approximately 4,615 square feet of restaurant/retail space on the ground floor, plus garage parking for 10-12 vehicles. The enclosed ground floor parking stalls will be reserved for 8 residential units located on the second floor. The residential units will range in size from approximately 770 to 1,130 square feet. E. The design of the buildings will be in substantial conformance with the Site Plan Review and Tentative Map, as may be revised by the final map approval process. F. All parking for residents will be provided off-street. G. On June 22, 2015, the City and Agency approved the “Victorian Square Property Exchange Agreement” with Wolfhound Holdings, LLC. The terms of the agreement enable the Agency to acquire, through an exchange of real property, Parcel 23 (APN 032-135- 14) from Wolfhound Holdings, LLC. Parcel 23 is one of the Agency Residential Parcels. In accordance with Article 6.C.2 (“Agency’s Covenant to Wolfhound”) of the Victorian Square Property Exchange Agreement, the Agency and Developer agree that Developer is: (i) prohibited from using Parcel 23 (APN 032-135-14) for or in connection with the construction and operation of a nonrestricted gaming establishment as defined by the Nevada Gaming Control Act codified in Chapter 463 of the Nevada Revised Statutes; and, (ii) Wolfhound Holdings, LLC or its successors and assigns are specific third-party beneficiaries that may enforce by any legal or equitable remedy compliance with such use restriction.

Use of Project Property. 3.2.1 Subject to all the terms and conditions of this Agreement, ▇▇▇▇▇▇▇▇▇ Developer agrees to build a Project as follows: A. On Parcel 3, Developer shall build five (5) residential buildings containing approximately 110 residential units plus a clubhouse and pool. The size of the residential units will range from approximately 583 to 1,166 square feet. Developer shall have sole discretion as to the size and mix of the units, so long as a density of at least 40 dwelling units per acre is achieved. B. On Parcel 13, Developer shall build two (2) residential buildings containing approximately 44 residential units. The size of the residential units will range from approximately 583 to 1,166 square feet. Developer shall have sole discretion as to the size and mix of the units, so long as a density of at least 40 dwelling units per acre is achieved. C. On Parcels 21, 22, 23 and 24, Developer shall build three (3) residential buildings containing approximately 66 residential units. The size of the residential units will range from approximately 583 to 1,166 square feet. Developer shall have sole discretion as to the size and mix of the units, so long as a density of at least 40 dwelling units per acre is achieved. D. On Parcels 4 and 6, Developer shall build one mixed-use building on each parcel with approximately 4,615 square feet of restaurant/retail space on the ground floor, plus garage parking for 10-12 vehicles. The enclosed ground floor parking stalls will be reserved for 8 residential units located on the second floor. The residential units will range in size from approximately 770 to 1,130 square feet. E. The design of the buildings will be in substantial conformance with the Site Plan Review and Tentative Map, as may be revised by the final map approval process. F. All parking for residents will be provided off-street. G. On June 22, 2015, the City and Agency approved the “Victorian Square Property Exchange Agreement” with Wolfhound Holdings, LLC. The terms of the agreement enable the Agency to acquire, through an exchange of real property, Parcel 23 (APN 032-135- 134- 14) from Wolfhound Holdings, LLC. Parcel 23 is one of the Agency Residential Parcels. In accordance with Article 6.C.2 (“Agency’s Covenant to Wolfhound”) of the Victorian Square Property Exchange Agreement, the Agency and Developer agree that Developer is: (i) prohibited from using Parcel 23 (APN 032-135134-14) for or in connection with the construction and operation of a nonrestricted gaming establishment as defined by the Nevada Gaming Control Act codified in Chapter 463 of the Nevada Revised Statutes; and, (ii) Wolfhound Holdings, LLC or its successors and assigns are specific third-party beneficiaries that may enforce by any legal or equitable remedy in compliance with such use restriction.