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Term Sheet Development Agreement

11th October 2021 • By

This Agreement is intended to be binding on each of the above-mentioned Co-Developers (the “Co-Developers”) and is in good faith only subject to the negotiation and execution of final transaction documents (“Joint Development Agreement”) and the Co-Developers agree to prepare and execute such final documents no later than June 19, 2015. Following the commencement of a due diligence process by PSI, which shall not last more than 120 days from the date of this Agreement, PSI shall evaluate the Project referred to in Annex A and determine, at its discretion, the feasibility and desirability of building, owning and operating the Project. A final joint development agreement, concluded in accordance with this agreement, remains fully operational until the last project contained in the exhibitions is finalized or abandoned or, on the other hand, terminated by mutual agreement of the co-developers. . . .