Predevelopment Work definition
Examples of Predevelopment Work in a sentence
As a part of the Predevelopment Work, the Developer agrees to provide the following services and to perform the following work set forth in this Article VI (“Determination Phase Work”).
During the Predevelopment Phase, the Developer and the Design Builder shall agree on the refined costs and expenses of completing all Predevelopment Work, including, but not limited to, Predevelopment Phase Work and Determination Phase Work from the inception of Predevelopment Work through and including the closing of the Development Loan (the “Refined Predevelopment Costs”).
Pursuant to the completion of the Predevelopment Work, the Predevelopment Phase Work and the Determination Phase Work, but prior to the closing of the Development Loan, the Developer and the Design Builder shall agree on the line-item budget supporting the Total Project Costs for each Phase, as the same may be modified from time to time (the “Total Project Budget”).
During the Predevelopment Phase, pursuant to the Predevelopment Work and in preparation for the Development Overview, the Developer shall amend and update the Business Plan for the Owner’s review as part of the Development Overview (the “Amended Business Plan”).
During the provision of Predevelopment Work, the Owner shall maintain and repair (or cause to be maintained and repaired) the roads and walkways so that at all times the roads and walkways shall be in a safe and operable condition adequate for the purpose of vehicular and pedestrian ingress and egress to and from the Premises.
The Developer shall maintain a record of all Predevelopment Work costs, including all invoices and receipts evidencing such Predevelopment Work for inspection by the Owner upon reasonable notice and during normal business hours at the Design Builder’s office in Tucson, Arizona.
Each Monthly Predevelopment Report shall also set forth the aggregate amount of Predevelopment Work costs incurred and reported by the Developer in each prior Monthly Predevelopment Expense Report and in the current Monthly Predevelopment Expense Report (the “Total Predevelopment Costs”).
The Owner hereby agrees with and consents to the Developer and its Predevelopment Service Firms, under the direction and supervision of the Developer, entering the Premises to perform Predevelopment Work.
The time period for the Developer to engage in Predevelopment Work shall commence upon the Effective Date and shall conclude with the closing of the Development Loan.
Pursuant to the completion of the Predevelopment Work, the Predevelopment Phase Work and the Determination Phase Work, but prior to the closing of the Development Loan, the Developer and the Design Builder shall agree on the final plans and specifications for the Building Improvements for each Phase as prepared by the Design Builder and the Architect, as the same may be modified from time to time in accordance with the terms of this Agreement (the “Approved Plans and Specifications”).