Common use of Project Approvals Clause in Contracts

Project Approvals. Upon the Effective Date, Developer shall acquire a vested right to develop the Property in accordance with the Project Approvals. If Developer applies to the Town Council to amend the Project Approvals, and the Town Council approves the requested amendments, then Developer shall acquire a vested right to such amendments to the Project Approvals as of the date of approval of the amendments by the Town Council; provided, however, that Developer shall not, by virtue of this Agreement, acquire a vested right to any amended Project Approval approved after the expiration of the term of this Agreement. Developer shall have the right to develop the Property in such order and at such rate and at such times as Developer deems appropriate within the exercise of Developer's subjective business judgment, subject only to any timing or phasing requirements set forth in the Project Approvals.