Common use of Construction Phasing Clause in Contracts

Construction Phasing. Due to the scope and complexity of the Project and to ensure that (i) short term construction impacts are effectively mitigated to the extent practicable, and (ii) sufficient utility and other public and private infrastructure either exists or will be constructed to support the occupancy and operation of the Project, the Project (including the Public Parking Facilities, Scrimshaw House Parking Facility, the Daylighting, the Riverwalk, the Waterfront Public Improvements and the other Public Improvements) will likely be constructed in multiple phases and sub-phases as generally described in Exhibit 5.1(b) attached to this Agreement. The parties acknowledge and agree that the phasing described in Exhibit 5.1(b) is tentative and subject to Unavoidable Delays and the ability to obtain financing from commercial lenders and reflects the Company’s judgment as of the Effective Date of this Agreement as to the most efficient and cost effective manner of constructing the Project consistent with the objectives set forth in the preceding sentence, and that the Company may, in consultation with the CDA Project Manager, change the phasing from time to time based on, among other factors, field conditions, materials and labor availability, weather and seasonal conditions, market and economic conditions and availability of financing. Notwithstanding anything in this Agreement to the contrary: (i) the first phase of the Project shall include, at a minimum, the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇ Development defined in subsection (f), below; but (ii) the first phase may consist solely of the Guaranteed Phase 1 Development.

Construction Phasing. Due to the scope and complexity of the Project and to ensure that (i) short term construction impacts are effectively mitigated to the extent practicable, and (ii) sufficient utility and other public and private infrastructure either exists or will be constructed to support the occupancy and operation of the Project, the Project (including the Public Parking Facilities, Scrimshaw House Parking Facility, the Daylighting, the Riverwalk, the Waterfront Public Improvements and the other Public Improvements) will likely be constructed in multiple phases and sub-phases as generally described in Exhibit 5.1(b) attached to this Agreement. The parties acknowledge and agree that the phasing described in Exhibit 5.1(b) is tentative and subject to Unavoidable Delays and the ability to obtain financing from commercial lenders and reflects the Company’s judgment as of the Effective Date of this Agreement as to the most efficient and cost effective manner of constructing the Project consistent with the objectives set forth in the preceding sentence, and that the Company may, in consultation with the CDA Project Manager, change the phasing from time to time based on, among other factors, field conditions, materials and labor availability, weather and seasonal conditions, market and economic conditions and availability of financing. Notwithstanding anything in this Agreement to the contrary: (i) the first phase Phase 1 of the Project shall include, at a minimum, the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇ Development defined in subsection (f), below; but (ii) the first phase Phase 1 may consist solely of the Guaranteed Phase 1 Development.