Common use of Completion of Public Improvements Clause in Contracts

Completion of Public Improvements. As a material term of this Agreement, the District and Developer agree to complete construction of the Public Improvements required for commercial use of the Property, the scope of which shall be agreed upon by the Parties, within five (5) years of the Conveyance Date. If, after due diligence, the District and Developer antitipcate that they will not able to complete the Public Improvements within the five (5) year period, within at least three and one-half years (3.5) from the Conveyance Date, the District and Developer may submit a written request to the Town for an extension of time to complete the Public Improvements along with an explanation of the reason for the request. The Town shall review the request and, if agreeable, at the Town’s discretion, provide written consent to the extension of time in the form of an amendment to this Agreement. If the request is based on good cause, as determined by the Town, the Town’s approval shall not be unreasonably withheld, delayed or conditioned.

Completion of Public Improvements. As a material term of this Amended Agreement, the District and Developer agree to complete construction of the Public Improvements required for commercial use of the First Phase Property, the scope of which shall be agreed upon by the Parties, within five (5) years of the Conveyance Date. If, after due diligence, the District and Developer antitipcate that they will not able to complete the Public Improvements within the five (5) year period, within at least three and one-half years (3.5) from the Conveyance Date, the District and Developer may submit a written request to the Town for an extension of time to complete the Public Improvements along with an explanation of the reason for the request. The Town shall review the request and, if agreeable, at the Town’s discretion, provide written consent to the extension of time in the form of an amendment to this Amended Agreement. If the request is based on good cause, as determined by the Town, the Town’s approval shall not be unreasonably withheld, delayed or conditioned.