Common use of Minimum Site Requirements Clause in Contracts

Minimum Site Requirements. After Closing, Converge intends to develop a project on the Property and the City Parcel (the “Project”), to include the following improvements: (i) demolition of existing improvements and site stabilization; (ii) construction of a commercial office building containing to be used as the headquarters office of ▇▇▇▇ Contracting, Inc., which shall include not less than 40,000 rentable square feet of institutional or office space to be developed on a collaborative basis between Converge and Virginia Tech as the National Center for Smart Construction (collectively, the “Office Building”); (iii) residential units (“Residential Improvements”) with ground floor retail; and (iv) road improvements for the Road, as applicable and as more particularly set forth in the Road Agreements, and other infrastructure required in connection with the Office Building and Residential Improvements (collectively, the “Minimum Site Requirements”).