Saturday, April 14, 2012
CTA deadlines
The 381 Agreement contains deadlines that must be met by the developer. Since this is a frequently asked question and there is some confusion floating around out there, we thought we’d post the relevant passages from page 12 of the 381 Agreement for easy reference:
(i) Construction of Airport Improvements.
(A) Commencement. Company agrees to use Commercially Reasonable Efforts to cause construction of Phase One of the Airport Improvements and the portions of Phase One of the Infrastructure Improvements required to use and operate Phase One of the Airport Improvements to Commence no later than June 30, 2012.
(B) Completion. Company agrees to use Commercially Reasonable Efforts to cause construction of Phase One of the Airport Improvements and the portions of Phase One of the Infrastructure Improvements required to use and operate Phase One of the Airport Improvements to be Completed no later than June 30, 2012, subject to Force Majeure.
(ii) Construction of Commercial Improvements.
(A) Commencement. Company agrees to use Commercially Reasonable Efforts to cause construction of Phase One of the Commercial Improvements and the portions of Phase One of the Infrastructure Improvements required to use and operate Phase One of the Commercial Improvements to Commence no later than June 30, 2012.
(B) Completion. Company agrees to use Commercially Reasonable Efforts to cause construction of Phase One of the Commercial Improvements and the portions of Phase One of the Infrastructure Improvements required to use and operate Phase One of the Commercial Improvements to be Completed no later than June 30, 2012, subject to Force Majeure.
