Common use of Future Projects Clause in Contracts

Future Projects. The parties acknowledge and agree that the Future Projects identified in Exhibit A hereto are in differing stages of consideration by Homestead and that, at any point in the process of its due diligence review, the negotiation of definitive acquisition and related documents and its efforts to obtain all Permits required for development of any such Future Project, Homestead may determine, in its sole and absolute discretion, either to proceed with the acquisition of the land for, and development of, any such Future Project or to discontinue its efforts in respect of any such Future Project. Requests for advances of Loan proceeds hereunder may include amounts required to reimburse Homestead for the costs and expenses incurred by Homestead in its due diligence review of any such Future Project, as well as all costs incurred in connection with its efforts to secure the Permits required for development of any such Future Project. Whenever such pursuit costs ("Pursuit Costs") are to be funded with Loan proceeds, prior to the first advance in respect of a Future Project, Homestead will provided Atlantic with a notice (a "Funding Notice") identifying the Future Project, together with a development budget (a "Development Budget") indicating the anticipated costs that are likely to be incurred prior to the acquisition of such Future Project by Homestead or a Subsidiary, the amount of such costs to be funded by Loan proceeds, which amount shall in no event exceed $100,000 per Future Project, and a schedule setting forth the anticipated time-frames for completing the due diligence review and obtaining required Permits (a "Development Schedule"). If Homestead elects to proceed with a Future Project, then Homestead shall provide Atlantic at least 10 Business Days' prior written notice (an "Acquisition Notice") of the anticipated closing date for the acquisition of the subject Land, the identity of the Borrower for such transaction, and the estimated amount of Loan proceeds that will need to be advanced at such closing. From and after delivery of an Acquisition Notice to Atlantic, the subject project shall, for all purposes under this Agreement, be deemed a "Project". Notwithstanding anything to the contrary in the foregoing, funding of the first advance of Loan proceeds in respect of any such Project shall require the recordation of Security Documents adding such Project as security for the Loan and the satisfaction of the other conditions set forth in Section 5.2 as to such Project. In the event, however, that Homestead determines from time to time that any Future Project is unacceptable to it and that Homestead will not expend further efforts with respect to such Future Project, Homestead shall provide written notice to Atlantic identifying any such Future Project. In such event, any Pursuit Costs theretofore funded with Loan proceeds, together with accrued and unpaid interest thereon due under the terms of the Corporate Note, shall be repaid by Homestead to Atlantic within 30 days after delivery of such notice to Atlantic.

Future Projects. The parties acknowledge and agree that the Future Projects identified in Exhibit A hereto are in differing stages of consideration by Homestead and that, at any point in the process of its due diligence review, the negotiation of definitive acquisition and related documents and its efforts to obtain all Permits required for development of any such Future Project, Homestead may determine, in its sole and absolute discretion, either to proceed with the acquisition of the land for, and development of, any such Future Project or to discontinue its efforts in respect of any such Future Project. Requests for advances of Loan proceeds hereunder may include amounts required to reimburse Homestead for the costs and expenses incurred by Homestead in its due diligence review of any such Future Project, as well as all costs incurred in connection with its efforts to secure the Permits required for development of any such Future Project. Whenever such pursuit costs ("Pursuit Costs") are to be funded with Loan proceeds, prior to the first advance in respect of a Future Project, Homestead will provided Atlantic PTR with a notice (a "Funding Notice") identifying the Future Project, together with a development budget (a "Development Budget") indicating the anticipated costs that are likely to be incurred prior to the acquisition of such Future Project by Homestead or a Subsidiary, the amount of such costs to be funded by Loan proceeds, which amount shall in no event exceed $100,000 per Future Project, and a schedule setting forth the anticipated time-frames for completing the due diligence review and obtaining required Permits (a "Development Schedule"). If Homestead elects to proceed with a Future Project, then Homestead shall provide Atlantic PTR at least 10 Business Days' prior written notice (an "Acquisition Notice") of the anticipated closing date for the acquisition of the subject Land, the identity of the Borrower for such transaction, and the estimated amount of Loan proceeds that will need to be advanced at such closing. From and after delivery of an Acquisition Notice to AtlanticPTR, the subject project shall, for all purposes under this Agreement, be deemed a "Project". Notwithstanding anything to the contrary in the foregoing, funding of the first advance of Loan proceeds in respect of any such Project shall require the recordation of Security Documents adding such Project as security for the Loan and the satisfaction of the other conditions set forth in Section 5.2 as to such Project. In the event, however, that Homestead determines from time to time that any Future Project is unacceptable to it and that Homestead will not expend further efforts with respect to such Future Project, Homestead shall provide written notice to Atlantic PTR identifying any such Future Project. In such event, any Pursuit Costs theretofore funded with Loan proceeds, together with accrued and unpaid interest thereon due under the terms of the Corporate Note, shall be repaid by Homestead to Atlantic PTR within 30 days after delivery of such notice to AtlanticPTR.

Future Projects. The parties acknowledge and agree that the Future Projects identified in Exhibit A hereto are in differing stages of --------- consideration by Homestead and that, at any point in the process of its due diligence review, the negotiation of definitive acquisition and related documents and its efforts to obtain all Permits required for development of any such Future Project, Homestead may determine, in its sole and absolute discretion, either to proceed with the acquisition of the land for, and development of, any such Future Project or to discontinue its efforts in respect of any such Future Project. Requests for advances of Loan proceeds hereunder may include amounts required to reimburse Homestead for the costs and expenses incurred by Homestead in its due diligence review of any such Future Project, as well as all costs incurred in connection with its efforts to secure the Permits required for development of any such Future Project. Whenever such pursuit costs ("Pursuit Costs") are to be funded with Loan proceeds, prior to the first ------------- advance in respect of a Future Project, Homestead will provided Atlantic PTR with a notice (a "Funding Notice") identifying the Future Project, together with a -------------- development budget (a "Development Budget") indicating the anticipated costs ------------------ that are likely to be incurred prior to the acquisition of such Future Project by Homestead or a Subsidiary, the amount of such costs to be funded by Loan proceeds, which amount shall in no event exceed $100,000 per Future Project, and a schedule setting forth the anticipated time-frames for completing the due diligence review and obtaining required Permits (a "Development Schedule"). -------------------- If Homestead elects to proceed with a Future Project, then Homestead shall provide Atlantic PTR at least 10 Business Days' prior written notice (an "Acquisition ----------- Notice") of the anticipated closing date for the acquisition of the subject ------ Land, the identity of the Borrower for such transaction, and the estimated amount of Loan proceeds that will need to be advanced at such closing. From and after delivery of an Acquisition Notice to AtlanticPTR, the subject project shall, for all purposes under this Agreement, be deemed a "Project". Notwithstanding anything to the contrary in the foregoing, funding of the first advance of Loan proceeds in respect of any such Project shall require the recordation of Security Documents adding such Project as security for the Loan and the satisfaction of the other conditions set forth in Section 5.2 as to such ----------- Project. In the event, however, that Homestead determines from time to time that any Future Project is unacceptable to it and that Homestead will not expend further efforts with respect to such Future Project, Homestead shall provide written notice to Atlantic PTR identifying any such Future Project. In such event, any Pursuit Costs theretofore funded with Loan proceeds, together with accrued and unpaid interest thereon due under the terms of the Corporate Note, shall be repaid by Homestead to Atlantic PTR within 30 days after delivery of such notice to AtlanticPTR.