Completion of the Convention Center Sample Clauses

Completion of the Convention Center. If any Foreclosure Purchaser acquires the sub-subleasehold interest under the Sublease (or the equity interests in Tenant) before the date when the Convention Center Improvements are Completed, such Foreclosure Purchaser shall make an election within sixty (60) days of such acquisition (the “Election Period”) either to
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Completion of the Convention Center. 4 If any Foreclosure Purchaser acquires the subleasehold interest before the date when the Convention Center is Completed, such Foreclosure Purchaser shall expressly assume in writing (in a form reasonably acceptable to the Public Entities) the obligations of RIDA under the Ground Lease and the Project Implementation Agreement. The City shall negotiate in good faith with such Foreclosure Purchaser to set a new commercially reasonable timetable for Completion of the Convention Center (“New Convention Center Completion Timetable”). For the avoidance of doubt, the new date of Completion of the Convention Center (“New Convention Center Outside Construction Completion Date”) may be later than the Original Outside Construction Completion Date set forth in the Project Implementation Agreement),
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Completion of the Convention Center. If any Foreclosure Purchaser acquires the subleasehold interest before the date when the Convention Center is Completed, such Foreclosure Purchaser shall expressly assume in writing (in a form reasonably acceptable to the Public Entities) the obligations of RIDA under the Ground Lease and the Project Implementation Agreement. The City shall negotiate in good faith with such Foreclosure Purchaser to set a new commercially reasonable timetable for Completion of the Convention Center (“New Convention Center Completion Timetable”). For the avoidance of doubt, the new date of Completion of the Convention Center (“New Convention Center Outside Construction Completion Date”) may be later than the Original Outside Construction Completion Date set forth in the Project Implementation Agreement), based on the status of the construction of the Convention Center at the time of the applicable foreclosure or action in lieu of foreclosure, as applicable, but in no event shall such New Convention Center Outside Construction Completion Date be extended by a period that does not reasonably take into account the status of the construction of the Convention Center at the time of the applicable foreclosure or action in lieu of foreclosure, as applicable, and the amount of time that it would reasonably take a sophisticated developer with experience constructing and operating convention centers to Complete the Convention Center and in no event shall such New Convention Center Outside Construction Completion Date extend beyond four (4) years from the Original Outside Construction Completion Date set forth in the Project Implementation Agreement, unless otherwise agreed to by City. Once City and such Foreclosure Purchaser agree on a New Convention Center Completion Timetable, then such Foreclosure Purchaser shall Complete the Convention Center in accordance with such New Convention Center Completion Timetable and such Foreclosure Purchaser shall pay Construction Late Charges in accordance with the Project Implementation Agreement. If the City and such Foreclosure Purchaser cannot agree on a New Convention Center Completion Timetable, then the City and such Foreclosure Purchaser shall proceed to Judicial Reference in accordance with Section 6.6(e); provided that the New Convention Center Outside Construction Completion Date shall be tolled during the pendency of any Judicial Reference pursuant to this Section 9.6(b).
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