Examples of Development Tower in a sentence
The Purchase Price of each Development Tower shall be paid by wire transfer in immediately available funds pursuant to Developer’s wire instructions.
No such agreement(s) with any local municipality and/or Authority in the Territory will affect the Purchaser’s ownership or operation of the Development Tower and/or the Tower Assets following the applicable Closing.
Each Development Tower shall have all Applicable Permits and governmental authorization obtained in accordance with FCPA laws and regulations as well as local and Federal laws and regulations.
Each Development Tower shall have a signed Anchor Tenant Lease, with a minimum initial non-cancellable term of [***] years in length and for which upon construction the applicable Qualified Tenant would be obligated to commence rental payments (Third Milestone).
Any failure to respond by [***] during such ten (10) Business Day period shall be deemed to be a rejection of the Site as a Development Tower.
At the Closing of each Development Tower, [***] shall pay an amount (the “Closing Date Payment”) equal to the Allocable Purchase Price minus the total amount of Milestone Payments paid in accordance with Section 2(c) of this Agreement (it being understood that the Fifth Milestone Payment shall not be required to be paid to the Developer until the Closing in accordance with Section 2(c)).
For the avoidance of doubt, in case Developer performs any of the actions set forth in clauses (i) through (iii) above, such Defect Site will be deemed to no longer be a Development Tower and Developer will be subject to no restrictions with respect to any sale or other transaction related thereto (including those set forth in Section 2(a)(iii)).
Subject to the satisfaction of all terms and conditions of this Agreement and the Asset Purchase Agreement, the closing (each a “Closing”) of the purchase of a Development Tower will occur on the later of thirty (30) days after (i) the date on which Developer delivers notice to [***] with reasonable supporting documentation that the Fifth Milestone was achieved, or (ii) the date that all Minimum Conditions have been satisfied or previously waived by [***] in writing.
Tenant requested the construction of the Development Tower (as distinguished from a later request to co-locate on an existing Development Tower).
If the terms of the proposed Ground Lease Option are satisfactory to [***], [***] will purchase the Development Tower (and the related Tower Assets and Site) subject to the terms and conditions of this Agreement and the applicable Asset Purchase Agreement.