Office/ Orlando Magic Headquarters Sample Clauses

Office/ Orlando Magic Headquarters. SED shall make application to the City for a building permit to construct the Office within twelve (12) months of the completion of the Phase One Property Demolition. SED shall use commercially reasonable diligence to obtain such building permit, shall commence construction of the Office within six (6) months of obtaining the permit and shall proceed without interruption to complete the Office with commercially reasonable diligence and in any event within the time period set forth in its construction schedule for the Office prepared by its construction manager/general contractor, which shall be shared in summary form with the City and which is initially anticipated to be not longer than two (2) years after the issuance of the building permit. Concurrent with the construction of the Office, SED and/or the Orlando Magic, Ltd., the owner and operator of the Orlando Magic National Basketball Association franchise (“Orlando Magic”) shall use commercially reasonable diligence to design, permit, and construct the new Orlando Magic headquarters within the Office and shall relocate the Orlando Magic headquarters within six (6) months of receiving a certificate of occupancy for the Office. Notwithstanding, the Orlando Magic shall be granted an extension to relocate its headquarters pursuant to the parameters of this Section 3.5 to September 30th of the year in which the certificate of occupancy from the City is issued for the Office if such certificate of occupancy is issued during the Orlando Magic basketball regular season or the playoffs. The Parties hereby recognize that following the completion of construction of the Office, SED, an affiliated entity or a third party may own the Office; however, the Orlando Magic shall be obligated to maintain its headquarters in the Office and shall do so for a period of not less than five (5) years.