Developer Lots Sample Clauses

Developer Lots. Xxx 0, Xxxxx 0; Xxx 0 xxx Xxx 0, Xxxxx 2; Lot 1 and Xxx 0, Xxxxx 0; Xxx 0, Xxxxx 5; Xxx 0, Xxxxx 0; Xxx 0, Xxxxx 7; Lot 1 and Xxx 0, Xxxxx 0; Xxx 0 xxx Xxx 0, Xxxxx 9; Xxx 0, Xxxxx 00; Xxx 0, Xxxxx 13; Lot 1 and Xxx 0, Xxxxx 00; Xxx 0, Xxxxx 15; Lot 1 and Xxx 0, Xxxxx 00; Xxx 0, Xxxxx 00; Xxx 0, Xxxxx 21; Lot 1 and Xxx 0, Xxxxx 00; Xxx 0, Xxxxx 00; Xxx 0, Xxxxx 27; Xxx 0, Xxxxx 00; Xxx 0 xxx Xxx 0, Xxxxx 31; Xxx 0, Xxxxx 00; Xxx 0, Xxxxx 33; Xxx 0, Xxxxx 00; Lot 1 and Xxx 0, Xxxxx 00; xxx Xxx 0, Xxxxx 36; all in FORD, according to the recorded plat thereof, Xxxxxx County, Minnesota.
Sample 1
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Developer Lots. Unless otherwise agreed upon by the Parties in their 23 reasonable discretion, no more than one-third of the Developer Lots (which also equals 20% of 24 the Market Rate Lots) can be sold directly to Developer, and the balance of the Developer Lots 25 may be sold to an entity or entities comprised of some or all of the same partners as Developer, 26 but having a materially different capital structure than Developer, in accordance with the 27 Appraisal Process. Concurrent with the sale of any Developer Lot to an entity or entities 28 comprised of some or all of the same partners as Developer, but having a materially different 29 capital structure than Developer, a duly authorized officer of Developer shall provide the 30 Authority and Navy with a certified statement that the prospective purchaser has a materially 31 different capital structure than Developer. For purposes hereof, an entity having a “materially 33 Developer but one in which there has been a cumulative change of at least 25% in the capital 34 positions of all the partners, and at least one of the partners has changed its capital position by 35 at least 15%. Before the close of each Major Phase, the Developer will provide to the 36 Authority and Navy a list of equity investors for that Major Phase. During the implementation 37 of any Major Phase, Developer will provide to the Authority and Navy immediately prior to 38 the sale of any parcels to an affiliate of Developer or the equity investors of that Major Phase, a 39 notice of such affiliate sale which notice shall describe why the sale is permitted under the 40 terms of this Agreement. Prior to the close of any sale directly to Developer, the Authority 41 shall cause Developer to provide to the Navy a letter from a real estate broker or licensed real 42 estate professional familiar with the Bay Area market who is not an affiliate of the Developer 43 and has no equity investment in the Developer in such Major Phase, finding that acquisition 44 and development of the Market Rate Lot by the Developer is appropriate in the context of then- 45 existing market conditions. The basis of such findings could include, but is not limited to, 46 establishing a new product type, initiating or establishing the development of a new phase in 1 the Project, responding to changes in market conditions, or other similar market-based factors.
Sample 1
Developer Lots. Unless otherwise agreed upon by the Parties in their reasonable discretion, no more than one-third of the Developer Lots (which also equals 20% of the Market Rate Lots) can be sold directly to Developer, and the balance of the Developer Lots may be sold to an entity or entities comprised of some or all of the same partners as Developer, but having a materially different capital structure than Developer, in accordance with the Appraisal Process. Concurrent with the sale of any Developer Lot to an entity or entities comprised of some or all of the same partners as Developer, but having a materially different capital structure than Developer, a duly authorized officer of Developer shall provide the Authority and the Navy with a certified statement that the prospective purchaser has a materially different capital structure than Developer. For purposes hereof, an entity having a “materially different capital structure” means an entity comprised of some or all of the same partners as Developer but one in which there has been a cumulative change of at least 25% in the capital positions of all the partners, and at least one of the partners has changed its capital position by at least 15%. Before the close of any Sub-Phase, the Developer will provide to the Authority and the Navy a list of equity investors for that Sub-Phase. During the implementation of any Sub-Phase, Developer will provide to the Authority and the Navy immediately prior to the sale of any parcels to an Affiliate of Developer or the equity investors of that Major Phase, a notice of such Affiliate sale which notice shall describe why the sale is permitted under the terms of this Agreement. Prior to the close of any sale directly to Developer, Developer shall provide to the Authority and the Navy a letter from a real estate broker or licensed real estate professional familiar with the Bay Area market who is not an Affiliate of Developer and has no equity investment in Developer in such Sub-Phase, finding that the acquisition and development of the Market Rate Lot by Developer is appropriate in the context of then-existing market conditions. The basis of such findings could include, but is not limited to, establishing a new product type, initiating or establishing a new product type, initiating or establishing the development of a new phase in the Project, responding to changes in market conditions, or other similar market-based factors. Any disputes arising out of this Section 17.3.1 shall be referr...
Sample 1

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