Common use of Developer Covenants Clause in Contracts

Developer Covenants. a. The Developer Covenants, and agrees that: (1) Developer shall use commercially reasonable efforts to implement the Project, in accordance with the provisions of this Redevelopment Agreement, the Legal Requirements, all Governmental Approvals and all Environmental Laws. (2) Developer shall undertake with due diligence: (i) to pursue and obtain the necessary financing for acquisition and redevelopment; (ii) redevelopment of the Project upon securing Governmental Approvals; and (iii) perform each item on or prior to the date set forth in the Project Milestones (for those items for which commencement dates only may be given, such items shall be completed in a commercially reasonable period). (3) Developer shall Commence Construction of the Project in accordance with the Project Milestones /Timeline, Exhibit “D”. (4) During redevelopment and construction, and upon completion of any building in the Project, Developer shall use diligent efforts to obtain Certificates of Occupancy for completed buildings. (5) Developer shall notify the Township of any change from the information previously provided to the Township regarding Developer’s financial capability to acquire the Property if such change will affect the Developer’s ability to redevelop, finance and construct the Project. (6) The undertakings pursuant to the Redevelopment Agreement are for the purpose of redevelopment, and not for speculation in land holding. (7) Developer shall acquire the Property, obtain all Redevelopment Approvals and Governmental Approvals, perform any environmental investigation and remediation, and construct the Project at its sole cost and expense. (8) Developer shall provide performance bonds or other surety required by the Municipal Land Use Law or any other relevant law. Developer shall provide all inspection escrows as required by the Municipal Land Use Law or any other relevant law. (9) Developer shall, at its sole cost and expense, satisfy the low and moderate income housing obligation as set forth in the Redevelopment Plan and as may be imposed on by law, including the Fair Housing Act, N.J.S.A. 52:27D-301 et seq., and any regulations that have been, or may be, adopted by the State of New Jersey pursuant thereto, any regulations of the Council on Affordable Housing, or its successor, that may be applicable to the affordable units included within the development. Notwithstanding the foregoing, under no circumstances shall Developer be required to construct any affordable units other than the units described in the chart in Part II, Paragraph 2.c.

Developer Covenants. a. The Developer Covenants, and agrees that: (1) Developer shall use commercially reasonable efforts to implement the Project, in accordance with the provisions of this Redevelopment Agreement, the Legal Requirements, all Governmental Approvals and all Environmental Laws. (2) Developer shall undertake with due diligence: (i) to pursue and obtain the necessary financing for acquisition and redevelopment; (ii) redevelopment of the Project upon securing Governmental Approvals; and (iii) perform each item on or prior to the date set forth in the Project Milestones (for those items for which commencement dates only may be given, such items shall be completed in a commercially reasonable period). (3) Developer shall Commence Construction of the Project in accordance with the Project Milestones /Timeline, Exhibit “D”. (4) During redevelopment and construction, and upon completion of any building in the Project, Developer shall use diligent efforts to obtain Certificates of Occupancy for completed buildings. (5) Developer shall notify the Township of any change from the information previously provided to the Township regarding Developer’s financial capability to acquire the Property if such change will affect the Developer’s ability to redevelop, finance and construct the Project. (6) The undertakings pursuant to the Redevelopment Agreement are for the purpose of redevelopment, and not for speculation in land holding. (7) Developer shall acquire the Property, obtain all Redevelopment Approvals and Governmental Approvals, perform any environmental investigation and remediation, and construct the Project at its sole cost and expense. (8) Developer shall provide performance bonds or other surety required by the Municipal Land Use Law or any other relevant law. Developer shall provide all inspection escrows as required by the Municipal Land Use Law or any other relevant law. (9) Developer shall, at its sole cost and expense, satisfy the low and moderate income housing obligation as set forth in the Redevelopment Plan and as may be imposed on by law, including the Fair Housing Act, N.J.S.A. 52:27D-301 et seq., and any regulations that have been, or may be, adopted by the State of New Jersey pursuant thereto, any regulations of the Council on Affordable Housing, or its successor, that may be applicable to the affordable units included within the development. Notwithstanding the foregoing, under no circumstances This project shall Developer be required include 11 affordable beds to construct any affordable units other than the units described in the chart in Part II, Paragraph 2.clow and moderate income households/individuals.