The RE DEVELOPER Clause Samples
The "RE DEVELOPER" clause defines the party in a contract who is responsible for undertaking real estate development activities. This clause typically identifies the developer by name and may outline their specific roles, such as acquiring property, securing permits, managing construction, or delivering completed projects. By clearly designating the developer and their responsibilities, the clause ensures all parties understand who is accountable for the development process, thereby reducing confusion and allocating risk appropriately.
The RE DEVELOPER a) Has not been declared in default in respect of any of its material financial commitments or obligations based on their reports duly validated by the DEPARTMENT;
b) Is not otherwise in default of any kind in respect of any financial commitment or obligation or in respect of any agreement, undertaking or instrument as a party thereof by which it or any of its assets or properties may be bound; and
c) Is not aware of a fact that by the service of notice and/or lapse of time would constitute a default in any or both of sub-paragraphs (a) and (b) above;