Substantial Construction definition
Examples of Substantial Construction in a sentence
To preserve Successor Agency’s ability to re-enter and take possession of the Public Parcel under the Power of Termination, pursuant to Section 8.02(a), Developer shall not finalize a merger of any kind of the Public Parcel and the Private Parcel until Developer has achieved the Commencement of Substantial Construction, in accordance with the provisions of Section 4.08 and the Schedule of Performance, Attachment 5.
Upon occurrence of an Event of Default by Developer after close of Escrow but prior to Commencement of Substantial Construction, Successor Agency may, in its sole option, terminate this Agreement; in such case, Developer shall forfeit any right to reimbursement of the Good Faith Deposit and Successor Agency shall be entitled to receive and retain the Good Faith Deposit.
All dates set forth in the Schedule of Performance shall automatically be extended by the same number of days incurred in undertaking such review; provided, however, in no event shall the Commencement of Substantial Construction or Completion of Construction (as set forth in the Schedule of Performance) be extended as a result of such extension of the review period, unless the delay caused by such review period extends beyond six (6) weeks.
Except as provided above in Section 8.03(a) and solely with respect to the rights of Successor Agency after Commencement of Substantial Construction, Successor Agency shall have the right to institute an action for specific performance of the terms of this Agreement or of the Grant Deed, including, but not limited to, the right to institute an action for specific performance of Developer’s obligations under this Agreement or the Grant Deed to construct the Improvements.
No later than ninety (90) days prior to the Commencement of Substantial Construction, Developer shall coordinate with the San Francisco Municipal Transportation Agency (“SFMTA”) to relocate the casual carpool pickup location from its current location to an alternative site in the Transbay District.