Common use of NO DEVELOPMENT OBLIGATION Clause in Contracts

NO DEVELOPMENT OBLIGATION. There is no requirement under this Agreement that Developer initiate or complete development of the Project, or any portion thereof. There is also no requirement that development be initiated or completed within any period of time or in any particular order, subject to the requirement to record the Recorded Restrictions against the Project Site prior to obtaining a site permit and to complete the Community Benefits prior to obtaining any temporary certificate of occupancy or final certificate of occupancy relating to all or any portion of the Project as set forth in Section 4.2. The development of the Project is subject to numerous factors that are not within the control of Developer or the City, such as availability of financing, interest rates, access to capital, and similar factors. Except as expressly required by this Agreement, the City acknowledges that Developer may develop the Project in such order and at such rate and times as Developer deems appropriate within the exercise of its sole and subjective business judgment. In ▇▇▇▇▇▇ Construction Co. v.