Common use of Developer’s Contingencies Clause in Contracts

Developer’s Contingencies. The Developer’s obligation to close on the sale of the Sale Property is expressly conditioned upon each of the following contingencies being satisfied or waived: (a) the Developer shall have acquired fee title to the Development Property and the Sale Property; and (b) the City and the Developer shall have reached an agreement on a cost sharing arrangement for the construction of improvements to both the City’s portion and the Developer’s portion of the parking lot, any documents necessary in connection therewith shall have been executed, the Developer shall have deposited funds in escrow with the City for the payment of the Developer’s portion of the parking lot improvements, and the City shall have determined of whether construction of the parking lot improvements will be publicly bid or performed by City Public Works; and (c) the City shall have performed all of the obligations required to be performed by City under this Agreement as of the Closing Date; and (d) the Developer shall have obtained financing acceptable to the Developer for development of the Project; and (e) the Developer shall have received or the City shall have determined that the Developer will receive all necessary rezoning, variances, conditional use permits and other permits, site plan and other approvals needed to permit the construction of the Project including without limitation any needed variances.