– BASE AREA DEVELOPMENT Sample Clauses

– BASE AREA DEVELOPMENT. 7.01 If there is no Event of Default outstanding, the Developer may: (a) purchase the Golf Course Land when and if the Resort Master Plan so stipulates; or (b) during or after a Phase purchase that Crown Land in the Base Area identified in the Resort Master Plan and Phasing Schedule as being available for purchase from the Province in that Phase; for Development in accordance with the timing, land uses, densities and design criteria specified in the Resort Master Plan, if any, and the Phasing Schedule on the terms and conditions contained in this Article. 7.02 The purchase price for a parcel of Crown Land pursuant to this Article, other than Golf Course Land, will be: (a) for years 1 to 10 of , the greater of $12,355 per ha ($5,000 per acre) or the Appraised Land Value based on un-serviced land, plus the value of any remaining Merchantable Timber at the time of sale; (b) for years 11 to 15 of , the greater of $12,355 per ha ($5,000 per acre) or 5 percent of the Appraised Land Value based on its intended use as a fully serviced land, plus the value of any remaining Merchantable Timber at the time of sale; (c) for years 16 to 35 of , the greater of $12,355 per has ($5,000 per acre) or 10 percent of the Appraised Land Value based on its intended use as fully serviced land, plus the value of any remaining Merchantable Timber at the time of sale; (d) for years 36 to 45 of , the greater of $12,355 per hectare ($5,000 per acre) or 15% of the Appraised Land Value based on its intended use as fully serviced land; and (e) from year 46 of until the expiration or termination of this Agreement, the greater of $12,355 per hectare ($5,000 per acre) or 20% of the Appraised Land Value based on its intended use as fully serviced land. The minimum purchase price for any parcel of land during any of the above periods is $10,000. The Appraised Land Value is determined and fixed at years 1, 11 and every successive 5 years thereafter. For a parcel of Golf Course Land, the purchase price will be: (f) for years 1 to 10 of , the greater of $12,355 per hectare ($5000 per acre) or the Appraised Land Value based on un-serviced land, plus the value of any remaining Merchantable Timber at the time of sale; and (g) for years 11, of , and each successive 5-year period thereafter, the Appraised Land Value based on its intended use as fully serviced land, plus the value of any remaining Merchantable Timber at the time of sale. For the purpose of this section, if the purchase price for a par...