Common use of Entitlement to Develop Clause in Contracts

Entitlement to Develop. Developer has a vested right to develop the Project in accordance with the Existing Approvals subject to the terms and conditions of this Agreement, the Applicable Rules and the Reserved Powers. City shall not revoke or modify the Existing Approvals. Developer’s vested rights under this Agreement shall include, without limitation, the right to remodel, renovate, rehabilitate, redevelop, rebuild or replace the Project or any portion thereof throughout the applicable Term for any reason, including, without limitation, in the event of damage, destruction or obsolescence of the Project or any portion thereof, subject to the Applicable Rules, Existing Approvals and Reserved Powers, provided that Developer shall have paid to City not less than Thirty-Four Thousand Dollars ($34,000.00) as the Affordable Housing Payment.

Entitlement to Develop. Developer has a vested right to develop the Project in accordance with the Existing Approvals subject to the terms and conditions of this Agreement, the Applicable Rules and the Reserved Powers. City shall not revoke or modify the Existing Approvals. Developer’s vested rights under this Agreement shall include, without limitation, the right to remodel, renovate, rehabilitate, redevelop, rebuild or replace the Project or any portion thereof throughout the applicable Term for any reason, including, without limitation, in the event of damage, destruction or obsolescence of the Project or any portion thereof, subject to the Applicable Rules, Existing Approvals and Reserved Powers, provided that Developer shall have paid to City not less than Thirty-Four One Hundred Twelve Thousand Dollars ($34,000.00112,000.00) as the Affordable Housing Payment.