MANAGEMENT AND DEVELOPMENT Sample Clauses
MANAGEMENT AND DEVELOPMENT. The Property was originally purchased by the parties as a site for a multi-use facility; however, following careful study and actual experience in managing the Property, it was subsequently designated to serve as the Outer Banks Event Site (the “Event Site”) for a period of approximately ten (10) years, which period began in late 2012. The designation of the Property as the Event Site shall end on December 31, 2022 (the “Term”), unless extended by agreement of the parties. This Agreement shall be in effect so long as the Property remains designated as the Event Site. Rental of the Property. As the Event Site manager, the Board will be responsible for collecting rental proceeds from users of the Property and, except as otherwise provided in this Agreement, for paying expenses related to the Property. Funds accrued from a previous watersports rental tenant and administered from a Board enterprise fund will revert to and shall be the sole and exclusive property of the Board; said funds shall be used in managing the Property. Prohibition Against Unilateral Transfers. A party to this Agreement may transfer all or part of its interest in the Property only to the other party to this Agreement. Neither party will have the right to sell, mortgage, pledge, hypothecate, convey or otherwise deal with the Property, or its undivided interest therein, without the written consent of the other.
MANAGEMENT AND DEVELOPMENT. 3.1 Implementation of Site Plan Construction Committee; Preparation
MANAGEMENT AND DEVELOPMENT. 3.1 Implementation of Site Plan Construction Committee; Preparation of Master Plan. -------------------------------------
(a) The Members agree that the LLC Property is to be developed in accordance with the Site Plan, although in no event shall ▇▇▇▇▇ or the LLC have any responsibility for any BDC Project nor shall BDC or the LLC have any responsibility for any ▇▇▇▇▇ Project. Each Member agrees to cooperate with the other in causing the LLC to construct the Site Plan Improvements at the earliest practical time and at a cost within the amounts budgeted therefor in the Improvements Budget. The Members acknowledge that they must use every effort to reach timely agreement on such construction plans and specifications as are necessary to implement the construction of the Site Plan Improvements within the Improvements Budget. The Members also shall use every effort to agree upon any modifications to the Site Plan (and applicable construction plans and specifications) which are necessary to complete the Site Plan Improvements in a timely fashion within the Improvements Budget or in accordance with applicable laws, rules and regulations, but the Site Plan shall not be modified otherwise unless such modification is agreed to in writing by the Members.
(b) In order to facilitate the construction of the Site Plan Improvements, the management and control of such construction activities shall be vested in a committee (the "Construction Committee") consisting of one voting representative appointed by each Member (each such representative, a "Construction Representative," and both such representatives, collectively, the "Construction Representatives").
(c) In the absence of a contrary direction from the Operating Committee or both Members, the Construction Committee shall have day-to-day authority over the construction of the Site Plan Improvements, including oversight over and administration of the applicable architect, engineering and construction contracts; architect, supplier, engineer or contractor payments; and the award of contracts in an amount less than two hundred fifty thousand ($250,000) dollars; all provided that the same are in accordance with budgets and schedules previously approved by the
MANAGEMENT AND DEVELOPMENT