Common use of Property Control Clause in Contracts

Property Control. If the development team represents that it has legal control of the property (or a substantial portion of the property) where the project would be located, the following must be provided: ▪ Property deeds; ▪ Copies of executed and enforceable real property sales contracts; ▪ Copies of executed and enforceable real property option agreements; ▪ Evidence that property has been purchased or is under contract to be purchased at price not substantially greater than market value; and ▪ If Development Team is a partnership, evidence that the Key Negotiator has the legal authority to commit the subject property to the proposed development project.

Property Control. If the development team represents that it has legal control of the property (or a substantial portion of the property) where the project would be located, the copies of the following must be providedprovided to the extent they exist for the project: ▪ Property deeds; ▪ Copies of executed and enforceable real property sales contracts; ▪ Copies of executed and enforceable real property option agreements; ▪ Evidence that property has been purchased or is under contract to be purchased at a price not substantially greater than market value; and ▪ If Development Team is a partnership, evidence that the Key Negotiator has the legal authority to commit the subject property to the proposed development project.