Horizontal Development definition
Examples of Horizontal Development in a sentence
Any such request (a “Development Contribution Request”), must be in writing signed by each of the Manager and the Private Owner delivered to the Initial Member specifying in reasonable detail, for such Acquired REO Property, the proposed Horizontal Development, including attached thereto the applicable Asset Development Plan for such Horizontal Development.
On the Closing Date, the Manager shall cause the Company to establish the Company Development Account with the Paying Agent for the exclusive purpose of holding the Development Contributions to cover Permitted Horizontal Development Expenses in accordance with the terms hereof and the Custodial and Paying Agency Agreement.
In connection with its review of any such Horizontal Development Plan, the Initial Member may, at the Company’s expense, engage the Verification Contractor to review such Horizontal Development Plan and provide to the Initial Member recommendations with respect thereto (it being understood that no such recommendation shall be binding on the Initial Member).
No Horizontal Development Plan may be modified without the approval of the Initial Member.
Horizontal Development (and related expenses) with respect to Acquired REO Property shall be performed and/or funded in accordance with, and to the extent expressly set forth in, a Horizontal Development Plan approved by the Initial Member in accordance herewith (such approved Horizontal Development pursuant to such Horizontal Development Plan, “Permitted Horizontal Development”).
Developer will participate in a Construction Assistance Program to ensure that local San Francisco construction contractors and other businesses/employers, including qualified SBEs as defined in this Program, are given an opportunity to obtain technical assistance in order to participate in portions of the Horizontal Development Work and portions of the Vertical Development Work and to create and sustain long term businesses and related jobs, all in accordance with this Program.
Funds in the Company Development Account shall be used to fund Permitted Horizontal Development in accordance with Section 5.3 hereof and Section 3.5 of the Custodial and Paying Agency Agreement.
The Private Owner Development Contributions are to be deposited into the Company Development Account, from which account the funds will be made available to fund any Permitted Horizontal Development pursuant to this Section 3.5 and the LLC Operating Agreement.
Upon the satisfaction of the conditions described in Sections 5.3 and 12.13 of the LLC Operating Agreement, the Paying Agent shall transfer the funds held in the Initial Member Development Funding Account pursuant to Section 3.4(c) below in such amounts as described in Section 3.5(c) below to the Company Development Account, from which funds will be made available to pay for Permitted Horizontal Development pursuant to the LLC Operating Agreement.
In connection with such obligations, at the Phase 1 Closing, City shall grant to Developer an access easement (the “Phase 2 Access Easement”) across the Phase 2 Property for purposes of performing the Phase 1 development work, including, but not limited to, Horizontal Development for Phase 1 and Phase 2, parking, and staging for the Vertical Development.