Developer and Owner Clause Samples

Developer and Owner each acknowledge that they have discussed and reviewed the nature and extent of the damages that Owner is likely to incur in the event that Planned Nameplate Capacity or the ▇▇▇▇ Capabilities are not each achieved, and based on the foregoing acknowledge and agree that the Capacity Liquidated Damages (Solar System) and Capability Liquidated Damages (▇▇▇▇) established in this Section 16.2 are based upon a reasonable approximation of Owner’s damages in such event, constitute agreed and liquidated damages, and are not a penalty.

Developer and Owner shall reserve a 120-foot right-of-way as depicted on Exhibit

Developer and Owner shall have the jointly exercisable option of paying the required Pre-Annexation utility Fee or filing a letter of credit drawn on a financial institution and in form acceptable to the City/Village Attorney with City/Village until the retention facility is constructed and title is accepted by the city name Park District or deeded to a homeowners association. On request by the City/Village Attorney, the Developer and Owner shall submit for review the forma of Declaration, by-laws, budget and reserve of the proposed Homeowners Association for the purpose of assuring the City/Village that the Association is properly funded and organized to take care of its maintenance responsibilities without recourse to the City/Village. The Association shall fully comply with the provisions of sections x, y and z of the City/Village Zoning Ordinance.

Developer and Owner shall be named as a third party beneficiary in each of Architect’s contracts with its Subconsultants;