Developer Guarantee Sample Clauses
A Developer Guarantee clause requires the developer to assure the quality, performance, or completion of their work as specified in the contract. Typically, this clause obligates the developer to fix defects, meet certain standards, or deliver the project within agreed timelines, and may include remedies if these obligations are not met. Its core function is to protect the client by holding the developer accountable, thereby reducing the risk of substandard work or incomplete deliverables.
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Developer Guarantee. Developer shall be excused from paying assessments against unsold units for a period beginning with the recording of this Declaration and terminating on the first day of the fourth calendar month following the month in which the first closing occurs on a purchase contract for a unit in this condominium; provided however, Developer shall pay all common expenses incurred during this period which exceed regular periodic assessments against other unit owners in this condominium. Developer guarantees that during this period assessments for each unit shall not exceed $1229 per month with reserves and $796 without reserves the first year; $1351.90 per month with reserves and $875.60 without reserves, the second year; and $1487.09 per month with reserves and $963.16 without reserves the third year. Developer guarantees that Developer will pay any common expenses exceeding this guaranteed amount. Developer reserves the right to extend the guarantee in this paragraph for two additional terms of one-year each, with no change in the level of assessment guaranteed at $1487.09 per month with reserves and $963.16 without reserves. In addition Developer shall be excused from paying assessments for a term beginning on the first day of the fourth calendar month following the month in which the first closing occurs on a purchase contract for a unit in this condominium and terminating on the last day of the month two years thereafter; provided however, Developer guarantees that during this period assessments for each unit shall not exceed $1229 per month with reserves and $796 without reserves the first year; $1351.90 per month with reserves and $875.60 without reserves, the second year; and $1487.09 per month with reserves and $963.16 without reserves the third year. Developer guarantees that Developer will pay any common expenses exceeding this guaranteed amount. Developer reserves the right to extend the guarantee in this paragraph for two additional terms of one-year each, with no change in the level of assessment guaranteed at $1487.09 per month with reserves and $963.16 without reserves.
Developer Guarantee. The Developer Guarantors hereby join in -------------------- this Agreement for the sole purpose of guaranteeing Developer's obligations set forth in Section 6.3 and 6.4 of this Agreement. Any action of the Authority or the Tribe seeking to enforce the provisions of this Section 13.21 shall be brought solely pursuant to the arbitration provisions of Section 12.3, and the Developer Guarantors hereby consent to such arbitration proceeding.
Developer Guarantee. The Developer does hereby guarantee that the Improvements constructed hereunder shall be free of defects in materials and workmanship for a period of one (1) year after completion of the Improvements. In the event of the occurrence of a defect in the materials or workmanship of any Improvement prior to the expiration of one (1) year after completion of the Improvements, the Developer shall pay to and reimburse the Village for all costs incurred by the Village to repair, replace or remedy the defective material or workmanship together with any damages sustained or incurred by the Village as a result of that defect.
Developer Guarantee