Development of the Wholelife PUD Property Through the CDD Sample Clauses

Development of the Wholelife PUD Property Through the CDD. Buyer intends to engineer, permit, construct and develop the Wholelife PUD as a single, integrated development through the CDD in phases. To that end, following expiration of the Investigation Period and prior to the formation of the CDD, Buyer shall develop (based in part on the CDD Budget Projections) a revised budget and engineering plan for the infrastructure development of the Wholelife PUD and shall allocate the cost of said work based on the actual development costs of the Property and the Seller Retained Land, as determined by the CDD engineer and allocated through the CDD assessment methodology report. In the event the amount allocated to be paid for the Seller Retained Land for budget and engineering plan hereunder is more than fifteen percent (15%) greater than the corresponding projection in the CDD Budget Projections, then Buyer shall have the option to terminate this Agreement (whereupon the Deposit shall be refunded to Buyer, this Agreement shall terminate and Buyer shall have no further obligations hereunder), but if Buyer does not elect to terminate then (i) Seller’s approval of such increased costs shall be required as a Condition Precedent to Closing, or (ii) Buyer shall provide Seller the Subordinate Bridge Financing. In the event the amount allocated to be paid for the Seller Retained Land for budget and engineering plan hereunder is not more than fifteen percent (15%) greater than the corresponding projection in the CDD Budget Projections, or in the event Seller waives a larger amount, such allocated amount shall be deemed approved by Seller and shall be paid by Seller to Buyer, in one or multiple installments, within forty-five (45) days of receipt of an invoice or invoices for such costs from Buyer, but at all times only in accordance with the reasonable requirements of the CDD and the CDD budget. As an example, if the single family residential portion of the Wholelife PUD is 25% of the overall Wholelife PUD development budget as determined by the CDD engineer, and if the remaining non-single family portion of the Wholelife PUD is allocated 75% of the overall Wholelife PUD development budget per the CDD assessment methodology report, then the Buyer would pay 25% of the cost of developing the budget and engineering plans for the Wholelife PUD, and Seller would pay the balance (75%). “Subordinate Bridge Financing”, for purposes of this Agreement, means a mortgage loan facility in an amount and term mutually acceptable to Buyer and Sel...
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