Common use of Competing Projects Clause in Contracts

Competing Projects. Each Member agrees that for so long as such Member or an Affiliate of such Member, directly or indirectly, holds an Interest, such Member shall not, and shall not permit any of its Affiliates to, purchase, lease, or enter into any development, management, leasing or other arrangement involving any existing or proposed retail or other commercial property located in whole or in part within the three-mile radius from the Property, without first offering to the other Member the right to participate in such acquisition, development, leasing or other arrangement on a 50/50 basis, except as set forth on Exhibit B. During such period, each Member shall notify the other Members of any investment or commercial opportunity of which it or any of its Affiliates becomes aware, and would like to pursue involving any such existing or proposed property within the three-mile radius from the Property. If none of the other Members commit in writing to participate in any such proposed opportunity within thirty (30) days after receipt of notice thereof, then the notifying Member may pursue such opportunity without the other Members.