Vertical DDA definition
Examples of Vertical DDA in a sentence
Notwithstanding anything to the contrary contained in this Agreement, if a Transferee defaults under this Agreement or any Vertical DDA, LDDA or Ground Lease, as applicable, such default shall not constitute a default by Developer with respect to any other portion of the Project Site hereunder and shall not entitle City to terminate or modify this Agreement with respect to such other portion of the Project Site except to the extent that termination is allowed under the DDA.
The DDA requires Vertical Developers to pay to the Authority a public art fee and a Jobs-Housing Linkage fee, to comply with certain inclusionary housing requirements and if applicable, to pay a transient occupancy in-lieu fee on fractional interest development, all on the further terms and conditions set forth in the DDA and Vertical DDA.
The Developer Housing Subsidy shall be paid over time as set forth in the Housing Plan, and shall equal the total number of Market Rate Units allowed to be constructed on each Market Rate Lot as set forth in the Vertical DDA for such Lot multiplied by Seventeen Thousand Five Hundred Dollars ($17,500), subject to the minimum and maximum requirements set forth in Section 6.1(b) of the Housing Plan.
Developer shall Transfer by Auction in accordance with Section 17.2.6 any Non-Critical Commercial Lot through a Vertical DDA, or with respect to a Non-Critical Commercial Lot on Public Trust property, a Vertical LDDA.
The Option Purchase Price, as defined in Section 3.5(e) of the Affordable Housing Program (attached as Attachment 22 to the DDA and Attachment F to the Vertical DDA form), shall be the price offered to the public minus six percent (6%).
Developer shall convey Block 49 to the Agency (or to the Mayor’s Office of Housing or other designee), in form approved by the Agency and ready for vertical development consistent with the DDA, concurrently with the execution and approval of the Block 49 Vertical DDA.
The Block 49 Vertical DDA shall be in form and substance approved by the Agency and Developer, and shall provide for the construction of approximately sixty (60) 50% AMI Units.
An “Independent Community Builder” is a Community Builder which possesses the capacity to (1) acquire its assigned Community Builder Lot in accordance with the terms set forth in the DDA, (2) negotiate a Vertical DDA mutually acceptable to such Community Builder and the Agency and (3) complete the Vertical Improvements for such Community Builder Lot in accordance with the terms of such Vertical DDA.
Developer will Transfer Lots to Vertical Developers (including Affiliates of Developer, when acting as a Vertical Developer) who will construct Vertical Improvements on such Lots in accordance with the terms of the Vertical DDA or LDDA.
Except as may otherwise be provided under the Schedule of Performance for Required Improvements, there shall be no Outside Date for development or Transfer of Blocks M-1A and M-1B; provided, however, that if Developer elects not to develop Block M-1A or M-1B, then it shall Auction the Lot in accordance with Section 17.2.6 and enter into a Vertical DDA with the successful bidder.