Common use of No Commencement Clause in Contracts

No Commencement. Subject to the terms and conditions of Section 22, if Developer has not commenced construction of the Project within ninety (90) days after the Closing Date, then, at any time until Developer commences construction of the Project, City may elect, in addition to any other legal and equitable remedies available to City, to (i) unilaterally terminate this Agreement and all Ancillary Agreements; and (ii) re-enter the Project Site and exercise its Power of Termination and cause title to the Mixed-Use Condominium Units to vest in CDC; and (iii) unilaterally terminate the Ancillary Documents, including, without limitation, Developer’s interest in and under the Garage Lease and Developer’s leasehold estate in the Garage and Garage Condominium Unit pursuant to the Garage Lease; in each case, without any liability or obligation to Developer or Project Lender. Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to Developer of written notice delivered at any time after such sixty (60) day period but prior to commencement of construction. Such notice shall be accompanied by the Divestiture Payment and such notice may be recorded by CDC contemporaneously with, or at any time after, its delivery to Developer. Upon delivery of such notice and payment to Project Lender of the Divestiture Payment, Developer shall surrender possession of the Mixed-Use Condominium Units to CDC and title to, and all estates of Developer in, the Garage Lease shall terminate, and the Mixed-Use Condominium Units and Developer’s leasehold estate in the Garage Condominium Unit shall automatically, and without further action, re-vest in CDC Any such re-vesting shall be free and clear of the Project Loan and any and all encumbrances, liens, mortgages, easements, agreements, and other matters of record other than existing immediately prior to CDC’s or RDC’s delivery of the Public Land Deed to Developer, and Project Lender shall immediately execute releases of any mortgages, assignments of leases and rents, and any other instruments encumbering the Mixed-Use Condominium Units whether or not such instruments are deemed released and/or extinguished by operation of law. No delay or failure by City Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(a), or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Bodies of the right to do so thereafter, or an estoppel of City Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. For purposes of this Section 17(a), “commencement of construction” shall mean material and substantial work on the Project Site related to the construction of the Project pursuant to Required Permits such as demolition of the existing buildings together with, installation of footings, foundations, and infrastructure and shall not be deemed to occur as a result of mere excavation work. The foregoing terms shall be incorporated into the Garage Lease, the Multi-Party Agreement and the Public Land Deed. Further, such terms shall encumber the entire Mixed-Use Condominium Units notwithstanding whether such language has been incorporated into each individual deed for parcels comprising the Mixed-Use Condominium Units prior to the Plat’s recordation.

No Commencement. Subject to the terms and conditions of Section 22, if Developer has not commenced construction of the Project within ninety (90) days after the Closing Date, then, at any time until Developer commences construction of the Project, City may elect, in addition to any other legal and equitable remedies available to City, to (i) unilaterally terminate this Agreement and all Ancillary Agreements; and (ii) re-enter the Project Site and exercise its Power of Termination and cause title to the Mixed-Use Condominium Units to vest in CDC; and (iii) unilaterally terminate the Ancillary Documents, including, without limitation, Developer’s interest in and under the Garage Lease and Developer’s leasehold estate in the Garage and Garage Condominium Unit pursuant to the Garage Lease; in each case, without any liability or obligation to Developer or Project Lender. Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to Developer of written notice delivered at any time after such sixty ninety (6090) day period but prior to commencement of construction. Such notice shall be accompanied by the Divestiture Payment and such notice may be recorded by CDC contemporaneously with, or at any time after, its delivery to Developer. Upon delivery of such notice and payment to Project Lender of the Divestiture Payment, Developer shall surrender possession of the Mixed-Use Condominium Units to CDC and title to, and all estates of Developer in, the Garage Lease shall terminate, and the Mixed-Use Condominium Units and Developer’s leasehold estate in the Garage Condominium Unit shall automatically, and without further action, re-vest in CDC Any such re-vesting shall be free and clear of the Project Loan and any and all encumbrances, liens, mortgages, easements, agreements, and other matters of record other than existing immediately prior to CDC’s or RDC’s delivery of the Public Land Deed to Developer, and Project Lender shall immediately execute releases of any mortgages, assignments of leases and rents, and any other instruments encumbering the Mixed-Use Condominium Units whether or not such instruments are deemed released and/or extinguished by operation of law. No delay or failure by City Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(a), or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Bodies of the right to do so thereafter, or an estoppel of City Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. For purposes of this Section 17(a), “commencement of construction” shall mean material and substantial work on the Project Site related to the construction of the Project pursuant to Required Permits such as demolition of the existing buildings together with, installation of footings, foundations, and infrastructure and shall not be deemed to occur as a result of mere excavation work. The foregoing terms shall be incorporated into the Garage Lease, the Multi-Party Agreement and the Public Land Deed. Further, such terms shall encumber the entire Mixed-Use Condominium Units notwithstanding whether such language has been incorporated into each individual deed for parcels comprising the Mixed-Use Condominium Units prior to the Plat’s recordation.

No Commencement. Subject The parties acknowledge that (i) Developer will use commercially reasonable efforts to pre-lease the Project to a level and on terms that Developer, in its sole discretion, deems acceptable, and conditions of Section 22(ii) if such pre-leasing does not occur, if Developer has may, in its sole discretion, elect not commenced construction to proceed with the Project. If Developer fails to Commence Construction of the Project within ninety thirty (9030) days after months of the Closing Execution Date, then, at any time until Developer commences construction of the Project, City and RDC may elect, in addition to any other legal and equitable remedies available to Cityas their sole remedy hereunder, to (i) unilaterally terminate this Agreement and all Ancillary Agreements; and (ii) re-enter the Project Office Site and exercise its Power of Termination and cause title to the Mixed-Use Condominium Units City Land to vest in CDCRDC; and (iii) unilaterally terminate the Ancillary Documents, including, without limitation, Developer’s interest in and under the Garage Lease and Developer’s leasehold estate in the Garage and Garage Condominium Unit pursuant to the Garage LeaseAgreements; in each case, without any liability or obligation to Developer or Project Lender. Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to Developer of written notice delivered at any time after such sixty thirty (6030) day month period but prior to commencement of constructionthe time that Developer Commences Construction. Such notice shall be accompanied by the Divestiture Payment and such notice may be recorded by CDC RDC contemporaneously with, or at any time after, its delivery to Developer. Upon delivery of such notice to Developer and payment to Project Lender of the Divestiture PaymentLender, if applicable, Developer shall surrender possession of the Mixed-Use Condominium Units City Land to CDC and title to, and all estates of Developer in, the Garage Lease shall terminateRDC, and the Mixed-Use Condominium Units and Developer’s leasehold estate in the Garage Condominium Unit City Land shall automatically, and without further action, re-vest in CDC RDC. Any such re-vesting shall be free and clear of the Project Loan and any (subject to the terms of the Multi-Party Agreement) and all encumbrances, liens, mortgages, easements, agreements, and other matters of record other than existing immediately prior (i) those to CDC’s or which title was subject upon RDC’s 's delivery of the Public City Land Deed to Developer, including Permitted Exceptions, and (ii) those easements and agreements for utilities, drainage, sewer and other development related matters obtained after Closing for the benefit of the Office Site in order to facilitate the Project, and Project Lender shall immediately execute releases of any mortgages, assignments of leases and rents, and any other instruments encumbering the Mixed-Use Condominium Units City Land whether or not such instruments are deemed released and/or extinguished by operation of law, subject to the terms of the Multi-Party Agreement. No delay or failure by City Bodies or RDC to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(a)17.01, or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Bodies or RDC of the right to do so thereafter, or an estoppel of City Bodies or RDC to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. For purposes of this Section 17(a), “commencement of construction” shall mean material and substantial work on the Project Site related to the construction of the Project pursuant to Required Permits such as demolition of the existing buildings together with, installation of footings, foundations, and infrastructure and shall not be deemed to occur as a result of mere excavation work17.01. The foregoing terms shall be incorporated into the Garage Lease, the Multi-Party Agreement and the Public City Land Deed. Further, such terms shall encumber the entire Mixed-Use Condominium Units notwithstanding whether such language has been incorporated into each individual deed for parcels comprising the Mixed-Use Condominium Units prior to the Plat’s recordation.

No Commencement. Subject to the terms and conditions of Section 22, if Developer has not commenced construction of the Project within ninety sixty (9060) days after the Closing Date, then, at any time until Developer commences construction of the Project, City Town may elect, in addition to any other legal and equitable remedies available to CityTown, to (i) unilaterally terminate this Agreement and all Ancillary Agreements; and (ii) re-enter the Project Site and exercise its Power of Termination and cause title to the MixedMOB Parcel to re-Use Condominium Units to vest in CDCBuilding Corp.; and (iii) unilaterally terminate the Ancillary Documents, including, without limitation, Developer’s interest in and under the Garage Lease and Developer’s leasehold estate in the Garage and Garage Condominium Unit Parcel pursuant to the Garage Lease; in each case, without any liability or obligation to Developer or Project Lender. Prior to making the above election, Town first must enter an agreement with, and reasonably acceptable to, the owner of the Xxxxxx Building in which the Town agrees: (i) to construct the Garage or restore the surface parking lot; (ii) to provide temporary parking for the Xxxxxx Building consistent with this Agreement if not available in the surface parking lot; and (iii) if the Garage is constructed, to provide permanent parking for the Xxxxxx Building within the Garage at no cost to the owner , of the Xxxxxx Building and its employees, tenants and invitees (the "Termination Agreement"). Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to Developer of written notice delivered at any time after such sixty (60) day period but prior to commencement of construction. Such notice shall be accompanied by the Divestiture Payment and such notice may be recorded by CDC Building Corp. contemporaneously with, or at any time after, its delivery to Developer. Upon delivery of such notice and payment to Project Lender of the applicable Divestiture PaymentPayment [$1.00] to Developer, Developer shall surrender possession of the Mixed-Use Condominium Units MOB Parcel and the Garage Parcel to CDC Building Corp. and title to, and all estates of Developer in, the Garage Lease shall terminate, terminate and the Mixed-Use Condominium Units and Developer’s leasehold estate in the Garage Condominium Unit MOB Parcel shall automatically, and without further action, re-vest in CDC Building Corp. Any such re-vesting shall be free and clear of the Project Loan and any and all encumbrances, liens, mortgages, easements, agreements, and other matters of record other than existing immediately prior to CDC’s or RDCBuilding Corp.’s delivery of the Public Land MOB Parcel Deed to Developer, and Project Lender shall immediately execute releases of any mortgages, assignments of leases and rents, and any other instruments encumbering the Mixed-Use Condominium Units MOB Parcel whether or not such instruments are deemed released and/or extinguished by operation of law. No delay or failure by City Town Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(a), or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Town Bodies of the right to do so thereafter, or an estoppel of City Town Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. For purposes of this Section 17(a), “commencement of construction” shall mean material and substantial work on the Project Site related to the construction of the Project pursuant to Required Permits such as Site Work, demolition of the existing buildings together withKFC Building, and installation of footings, foundations, and infrastructure and shall not be deemed to occur as a result of mere excavation work. The foregoing terms shall be incorporated into the Garage Lease, the Multi-Party Agreement Agreement, the Garage Parcel Deed, and the Public Land MOB Parcel Deed. Further, such terms shall encumber the entire Mixed-Use Condominium Units notwithstanding whether such language has been incorporated into each individual deed for parcels comprising the Mixed-Use Condominium Units prior to the Plat’s recordation.

No Commencement. Subject to the terms and conditions of Section 2219, if Developer has not commenced construction of the Project within ninety (90) days after the Closing Date, then, at any time until Developer commences construction of the Project, City Town may elect, in addition to any other legal and equitable remedies available to CityTown, to (i) unilaterally terminate this Agreement and all Ancillary Agreements; and (ii) re-enter the Project Site and exercise its Power of Termination and cause title to the MixedOffice Building Parcel and Multi-Use Condominium Units Family Parcel to re-vest in CDCBuilding Corp.; and (iii) unilaterally terminate the Ancillary Documents, including, without limitation, Developer’s interest in Declaration and under the Garage Lease and Developer’s leasehold estate in the Garage and Garage Condominium Unit pursuant to the Garage Lease; in each case, without any liability or obligation to Developer or Project Lender. Subject to the foregoing, the The Power of Termination and foregoing rights shall be deemed exercised upon delivery to Developer of written notice delivered at any time after such sixty ninety (6090) day period but prior to commencement of construction. Such notice shall be accompanied by the Divestiture Payment and such notice may be recorded by CDC Town contemporaneously with, or at any time after, its delivery to Developer. Upon delivery of such notice and payment to Project Lender of the applicable Divestiture PaymentPayment [$1.00] to Developer, Developer shall surrender possession of the Mixed-Use Condominium Units Project Site to CDC Building Corp and title to, and all estates of Developer in, the Garage Lease Parcel, Office Building Parcel and Multi-Family Parcel shall terminate, terminate and the MixedOffice Building Parcel and Multi-Use Condominium Units and Developer’s leasehold estate in the Garage Condominium Unit Family Parcel shall automatically, and without further action, re-vest in CDC Building Corp. Any such re-vesting shall be free and clear of the Project Loan and any and all encumbrances, liens, mortgages, easements, agreements, and other matters of record other than then existing immediately prior to CDC’s or RDC’s upon Building Corp.'s delivery of the Public Land Office Building Parcel Deed to Developerand Multi-Family Parcel Deed, and Project Lender shall immediately execute releases of any mortgages, assignments of leases and rents, and any other instruments encumbering the MixedOffice Building Parcel or Multi-Use Condominium Units Family Parcel whether or not such instruments are deemed released and/or and extinguished by operation of law. No delay or failure by City Bodies Town to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(a)Agreement, or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Bodies Town of the right to do so thereafter, or an estoppel of City Bodies Town to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. For purposes of this Section 17(a14(a), “commencement of construction” construction shall mean material and substantial work on the Project Site related to the construction of the Project pursuant to Required Permits such as demolition of the existing buildings together withstructures, earthwork, installation of footings, foundations, and infrastructure and shall not be deemed to occur as a result of mere excavation workinfrastructure. The foregoing terms shall be incorporated into the Garage LeaseMulti-Party Agreement, the Declaration, the Multi-Party Agreement Family Parcel Deed and the Public Land Office Building Parcel Deed. Further, such terms shall encumber the entire Mixed-Use Condominium Units notwithstanding whether such language has been incorporated into each individual deed for parcels comprising the Mixed-Use Condominium Units prior to the Plat’s recordation.

No Commencement. Subject If Developer fails to the terms and conditions of Section 22, if Developer has not commenced construction Commence Construction of the Project within ninety sixty (9060) days after the Closing Date, thenDate and delay does not result from a breach or failure of the City or RDC to perform hereunder, at any time until Developer commences construction Commences Construction of the Project, City and RDC may elect, in addition to any other legal and equitable remedies available to Cityas their sole remedy hereunder, to (i) unilaterally terminate this Agreement and all Ancillary Agreements; and (ii) subject to the delivery of the Divestiture Payment, re-enter the Project Office Site and exercise its Power of Termination and cause title to the Mixed-Use Condominium Units Office Site to vest in CDCRDC; and (iii) unilaterally terminate the Ancillary Documents, including, without limitation, Developer’s interest in Agreements and under the Garage Lease and Developer’s leasehold estate in the Garage and Garage Condominium Unit pursuant to the Garage LeaseConstruction Easements; in each case, without any liability or obligation to Developer or Project Lender. Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to Developer of written notice delivered at any time after such sixty (60) day period but prior to commencement of constructionthe time that Developer Commences Construction. Such notice shall be accompanied by the Divestiture Payment and such notice may be recorded by CDC RDC contemporaneously with, or at any time after, its delivery to Developer. Upon delivery of such notice and payment to Project Lender of the Divestiture Payment, Developer shall surrender possession of the Mixed-Use Condominium Units Office Site to CDC and title to, and all estates of Developer in, the Garage Lease shall terminateRDC, and the Mixed-Use Condominium Units and Developer’s leasehold estate in the Garage Condominium Unit Office Site shall automatically, and without further action, re-vest in CDC RDC. Any such re-vesting shall be free and clear of the Project Loan and any (subject to the terms of the Multi-Party Agreement) and all encumbrances, liens, mortgages, easements, agreements, and other matters of record other than existing immediately prior (i) those to CDC’s or which title was subject upon RDC’s 's delivery of the Public Land Office Site Deed to Developer, including Permitted Exceptions and the Declaration, and (ii) those easements and agreements for utilities, drainage, sewer and other development related matters obtained after Closing for the benefit of the Office Site in order to facilitate the Project, and Project Lender shall immediately execute releases of any mortgages, assignments of leases and rents, and any other instruments encumbering the Mixed-Use Condominium Units Office Site whether or not such instruments are deemed released and/or extinguished by operation of law, subject to the terms of the Multi-Party Agreement. No delay or failure by City Bodies or RDC to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(a)17.01, or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Bodies or RDC of the right to do so thereafter, or an estoppel of City Bodies or RDC to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. For purposes of this Section 17(a), “commencement of construction” shall mean material and substantial work on the Project Site related to the construction of the Project pursuant to Required Permits such as demolition of the existing buildings together with, installation of footings, foundations, and infrastructure and shall not be deemed to occur as a result of mere excavation work17.01. The foregoing terms shall be incorporated into the Garage Lease, the Multi-Party Agreement and the Public Land Office Site Deed. Further, such The foregoing terms shall encumber the entire Mixed-Use Condominium Units notwithstanding whether such language has been be incorporated into each individual deed for parcels comprising the Mixed-Use Condominium Units prior to the Plat’s recordationOffice Site Deed.

No Commencement. (i) Initial Project. Subject to the terms and conditions of Section 22, if Developer has not commenced construction of the Project Office Building or the Garage within ninety one hundred fifty (90150) days after the Closing DateDate and such delay is not directly caused by the City’s performance of City On-Site Work, then, at any time until Developer commences construction of the ProjectOffice Building or the Garage, City may elect, in addition to any other legal and equitable remedies available to City, to (i) unilaterally terminate this Agreement and all Ancillary Agreements; and (ii) re-enter the Project Site and exercise its Power of Termination and cause title to the Mixed-Use Condominium Units Project Site to vest in CDCBuilding Corp.; and (iii) unilaterally terminate the Ancillary Documents, including, without limitation, Developer’s interest in and under the Garage Lease and Developer’s leasehold estate in the Garage and Garage Condominium Unit Parcel pursuant to the Garage LeaseLease and Declaration; in each case, without any liability or obligation to Developer or Project LenderDeveloper. Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to Developer of written notice delivered at any time after such sixty one hundred fifty (60150) day period but prior to commencement of construction. Such notice shall be accompanied by construction of the Divestiture Payment and such notice may be recorded by CDC contemporaneously with, Office Building or at any time after, its delivery to Developerthe Garage. Upon delivery of such notice and payment to Project Lender of the Divestiture PaymentDeveloper, Developer shall surrender possession of the Mixed-Use Condominium Units Project Site to CDC Building Corp. and title to, and all estates of Developer in, in the Garage Lease shall terminate, and the Mixed-Use Condominium Units and Developer’s leasehold estate in the Garage Condominium Unit Project Site shall automatically, and without further action, re-vest in CDC Building Corp. Any such re-vesting shall be free and clear of the Project Loan and any and all encumbrances, liens, mortgages, easements, agreements, and other matters of record other than those existing immediately prior to CDC’s or RDC’s delivery of the Public Land Deed to Developer, and Project Lender shall immediately execute releases of any mortgages, assignments of leases and rents, and any other instruments encumbering the Mixed-Use Condominium Units whether or not such instruments are deemed released and/or extinguished by operation of lawClosing. No delay or failure by City Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(a17(a)(i), or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Bodies of the right to do so thereafter, or an estoppel of City Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. For purposes of this Section 17(a17(a)(i), “commencement of construction” shall mean material and substantial work on the Project Site related to the construction of the Project Office Building or Garage pursuant to Required Permits such as demolition of the existing buildings together with, installation of footings, foundations, footings and infrastructure foundations and shall not be deemed to occur as a result of mere excavation work. The foregoing terms shall be incorporated into the Garage Lease, the Multi-Party Agreement Lease and the Public Land DeedDeclaration. Further, such terms shall encumber the entire Mixed-Use Condominium Units notwithstanding whether such language Project Site; provided, however, if the Hotel Parcel has been incorporated into each individual deed for parcels comprising the Mixed-Use Condominium Units prior conveyed to the Plat’s recordationHotel Developer, this Section 17(a)(i) shall only encumber the portions of the Project Site owned by Developer.

No Commencement. Subject to the terms and conditions of Section 22, if Developer has not commenced construction of the Project within ninety (90) days after the Closing Date, then, at any time until Developer commences construction of the Project, City may elect, in addition to any other legal and equitable remedies available to City, to (i) unilaterally terminate this Agreement and all Ancillary Agreements; and (ii) re-enter the Project Site and exercise its Power of Termination and cause title to the Mixed-Use Condominium Units to vest in CDC; and (iii) unilaterally terminate the Ancillary Documents, including, without limitation, Developer’s interest in and under the Garage Lease and Developer’s leasehold estate in the Garage and Garage Condominium Unit pursuant to the Garage Lease; in each case, without any liability or obligation to Developer or Project Lender. Subject to the foregoing, the Power of Termination and foregoing rights shall be deemed exercised upon delivery to Developer of written notice delivered at any time after such sixty sixtyninety (606090) day period but prior to commencement of construction. Such notice shall be accompanied by the Divestiture Payment and such notice may be recorded by CDC contemporaneously with, or at any time after, its delivery to Developer. Upon delivery of such notice and payment to Project Lender of the Divestiture Payment, Developer shall surrender possession of the Mixed-Use Condominium Units to CDC and title to, and all estates of Developer in, the Garage Lease shall terminate, and the Mixed-Use Condominium Units and Developer’s leasehold estate in the Garage Condominium Unit shall automatically, and without further action, re-vest in CDC Any such re-vesting shall be free and clear of the Project Loan and any and all encumbrances, liens, mortgages, easements, agreements, and other matters of record other than existing immediately prior to CDC’s or RDC’s delivery of the Public Land Deed to Developer, and Project Lender shall immediately execute releases of any mortgages, assignments of leases and rents, and any other instruments encumbering the Mixed-Use Condominium Units whether or not such instruments are deemed released and/or extinguished by operation of law. No delay or failure by City Bodies to enforce any of the covenants, conditions, reservations and rights contained in this Section 17(a), or to invoke any available remedy with respect to an Event of Default by Developer shall under any circumstances be deemed or held to be a waiver by City Bodies of the right to do so thereafter, or an estoppel of City Bodies to assert any right available to it upon the occurrence, recurrence of continuation of any violation or violations hereunder. No consent from, or notice to, Project Lender or any cure right in favor of Project Lender shall be required in connection with the exercise of such right. For purposes of this Section 17(a), “commencement of construction” shall mean material and substantial work on the Project Site related to the construction of the Project pursuant to Required Permits such as demolition of the existing buildings together with, installation of footings, foundations, and infrastructure and shall not be deemed to occur as a result of mere excavation work. The foregoing terms shall be incorporated into the Garage Lease, the Multi-Party Agreement and the Public Land Deed. Further, such terms shall encumber the entire Mixed-Use Condominium Units notwithstanding whether such language has been incorporated into each individual deed for parcels comprising the Mixed-Use Condominium Units prior to the Plat’s recordation.