REAL ESTATE DEVELOPMENT AGREEMENT
A Real Estate Development Agreement is an agreement to develop a piece or parcel of land for someone’s personal or commercial use. This agreement can be between an individual and a construction company, a builder, a city or town or any combination thereof.
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REAL ESTATE DEVELOPMENT AGREEMENT
THIS REAL ESTATE DEVELOPMENT AGREEMENT (the "Agreement") made this _____ of _____________, 20____, between _____________, (the “Owner”) a ___________ company incorporated pursuant to the laws of the Province/State of ___________, whose registered office address is ______________ and ________________, (the “Developer”) a ___________ company incorporated pursuant to the laws of the Province/State of ___________, whose registered office address is __________________________.
NOW THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, the Owner and Developer hereby agree as follows: ARTICLE 1 1.00 CONTRACT
1.01 The Owner is the legal and beneficial owner of certain lands, known municipality as __________________________ (the "Property"), and as more fully described in the legal description contained in Schedule “A” attached hereto. 1.02 The Owner is desirous to retain the Developer to develop and obtain the necessary approvals and permits to develop the Property for the purposes of _______________________ (insert purpose of Developer) (the "Project") and related matters hereinafter described, upon and subject to the terms, provisions and conditions contained herein. ARTICLE 2 2.00 CONSIDERATION AND FINANCING
2.01 The Owner and the Developer hereby acknowledge and agreement that consideration for the completion of the Project will be the sum of _________________ ($_______) Dollars (the “Project Consideration”). The Project Consideration will include, among other things, a Development Fee (the “Development Fee”) payable to the Developer in the sum of ________________ ($_________) Dollars, as more fully described herein. The Development Fee shall include the cost of all development personnel and overhead costs. The Project Consideration has been determined by the Owner and the Developer pursuant to the present scope of the Project and presently known facts, and is subject to adjustments based on any material changes or modifications to the scope of the work to be performed by the Developer, whether any material changes occur, changes in statutes, ordinances or regulations or the application thereof subsequent to the date hereof that results in a required change or modification to the scope of the work or as may hereinafter be agreed to in writing by the Owner and the Developer.
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2.02 Payment of the Development Fee will be paid to the Developer by the Owner pursuant to the following provisions: (i) _________ (__%) percent of the Development Fee, or ____________ ($_______) Dollars will be paid by the Owner to the Developer upon the Developer obtaining all necessary permits and approvals for the Project; _________ (__%) percent of the Development Fee, or ___________ ($_______) Dollars will be paid by the Owner to the Developer upon the commencement of the Project by the Developer; _________ (__%) percent of the Development Fee, being the final and full payment of the Development Fee, will be paid by the Owner to the Developer upon completion of the Project.
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2.03 Payment of the Project Consideration will be paid to the Developer by the Owner pursuant to the following provisions: (i) _________ (___%) percent of the Project Consideration, being _______ ($_____) Dollars will be paid by the Owner to the Developer upon commencement of the Project; _________ (___%) percent of the Project Consideration, being _______