Limitations on Development, Construction Sample Clauses
The "Limitations on Development, Construction" clause sets boundaries on the types, scope, or methods of development and construction activities permitted on a property. Typically, this clause may restrict building heights, densities, materials, or uses, and can require compliance with zoning laws or environmental standards. By clearly defining what is and is not allowed during development, the clause helps prevent disputes, ensures regulatory compliance, and protects the interests of both property owners and surrounding communities.
Limitations on Development, Construction. Renovation and -------------------------------------------------------- Purchase of Hotel Properties. Neither the Parent nor the Borrower shall or ---------------------------- shall permit any of their respective Subsidiaries to engage in the development, construction or expansion of any Hotel Properties with respect to which the cost to complete the same shall at any time exceed $75,000,000 for all such development, construction and expansion in the aggregate or enter into any agreements to purchase Hotel Properties or other assets, unless the Parent, the Borrower or such Subsidiary (as applicable) at all times has available sources of capital equal to the total cost to complete such development or construction and to pay in full the cost of the purchase of such Hotel Properties or other assets (to the extent that the payment of such cost of purchase constitutes a recourse obligation of the Parent, the Borrower or its Subsidiary), which available sources of capital may include Advances to the extent that the Borrower may borrow the same for the purposes required or other Indebtedness permitted by the terms of this Agreement.
Limitations on Development, Construction. Renovation and -------------------------------------------------------- Purchase of Hotel Properties. Neither the Parent nor the Borrower shall or ---------------------------- shall permit any of their respective Subsidiaries to (a) engage in the development, construction or expansion of any Hotel Properties (except for Development Properties permitted by the provisions of Section 6.07 or Renovating Properties) or (b) enter into any binding agreements to purchase Hotel Properties or other assets; provided that the Parent, the Borrower and their Subsidiaries may enter into binding agreements to purchase Hotel Properties or other assets if at all times such Person has available sources of capital equal to the portion of the purchase price of such Hotel Properties or other assets which constitutes a recourse obligation of the Parent, the Borrower or its Subsidiary, which available sources of capital may include Advances to the extent that the Borrower may borrow the same for the purposes required or other Indebtedness permitted by the terms of this Agreement.
Limitations on Development, Construction. Renovation and -------------------------------------------------------- Purchase of Hotels.