Definition of Development Agreement Estoppel Criteria


Development Agreement Estoppel Criteria means a Development Agreement Estoppel Certificate (i) does not identify any material document which comprises the applicable Redevelopment Agreement other than documents shown on Schedule 12.3.3; (ii) states that the applicable Seller is not in default under the applicable Redevelopment Agreement (which statement may be qualified by the actual knowledge of the City of Palm Desert, California); (iii) states that the applicable Redevelopment Agreement is in full force and effect.

Examples of Development Agreement Estoppel Criteria in a sentence

If any Development Agreement Estoppel Certificate is delivered after the date that is five (5) Business Days prior to the Contingency Date, then such Development Agreement Estoppel Certificate shall either (a) be acceptable to Buyer, or (b) satisfy each of the Development Agreement Estoppel Criteria.
If Buyer timely objects to any Development Agreement Estoppel Certificate, which objection may only be given if and to the extent it fails to satisfy a Development Agreement Estoppel Criteria, Seller shall have fifteen (15) Business Days from the date of such objections (not to extend past five (5) Business Days before the Closing Date) (the "Development Agreement Estoppel Cure Period") within which to cure such objections to Buyer's reasonable satisfaction.
The Seller's representations and warranties contained herein shall be deemed amended to conform to all matters disclosed in each Development Agreement Estoppel Certificate which satisfies each of the Development Agreement Estoppel Criteria, is accepted by Buyer or is deemed accepted by Buyer.