Material Conformance definition
Material Conformance means meeting the essential or significant aspects of the Plans, standards, or specifications. The Developer’s Improvements to be constructed upon the Property and their uses shall be in compliance with all applicable municipal ordinances of the City, including, but not limited to, any pertinent provisions of the District Project Plan. Developer shall not materially alter the Plans approved for each Phase without the prior written consent of the City, which consent may be withheld in the City’s reasonable discretion.
Material Conformance means that the economic terms of a Proposed Lease Transaction materially conform to those set forth in Exhibit W or the approved term sheet and that the Proposed Lease Transaction contains no other terms or provisions which materially deviate from what is customary for the leasing of office space in the Minneapolis, Minnesota metropolitan area. At Closing, Purchaser shall reimburse Seller for any Tenant Inducement Costs, leasing commissions or other expenses, including reasonable legal fees, incurred by Seller in connection with any Proposed Lease Transaction executed by Seller between the Effective Date and Closing or executed by Purchaser after Closing and assume all post-Closing obligations with respect to such Proposed Lease Transaction. Any amendment to an approved Proposed Lease Transaction shall be deemed a “Proposed Lease Transaction” for the purpose of this Section 6.4(b).
Examples of Material Conformance in a sentence
The Developer’s Improvements will be constructed in Material Conformance with the Plans, subject to any material changes as may be approved thereto by the City in writing from time to time.
Notwithstanding the foregoing provisions of this Section 6.4, Purchaser shall have no right to approve any Proposed Lease Transaction the documentation of which is in Material Conformance with the Pending Renewals/Expansions or a term sheet that was approved by Purchaser pursuant to the above-described procedure.