Agenda Packets - 1987/12/14 - Laserfiche WebLink

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ARTICLE III Acquisition and Conveyance of Property; Pdbllo Improvements Section 3.1 Current Status of Redevelopment Property. (a) Commercial Property Iuvestments, inc., (n the owner of the vendeea interest under the Contract for Deed and Is entitled to purchase that portion of the Redevelopment Property which is the subject of the Contract for Deed according to the terms of the Contract for Deed. The parties Intend that the City will accept assignments of Redeveiupers righis under the Contract for Deed and will purchase Parcels of the Redevelopment Property from the vendors under the Contract for Deed for a total amount equal to $2,535,840.00 and convey title and possession of each Parcel of the Redevelopment Property to the Redeveloper for One Dollar ($1.00), ell pursuant to Via terms and provisions of this Article Ill. (b) As of the date of this Agreement, the City has acquired and conveyed to the Redeveloper by a Redevelopment Prooerty Deed that portion of the Redevelopment Property described on the attached Schedule A as the Johnson Parcel. ;n conn2etion with such conveyance. the Redeveloper has paid to the City the amount of $96,628.00. Such amount shall be deemed to have been provided to the City as funds required to be provided under Section 3.7 of this Agreement. in the event that this Agreement is terminated pursuant to Article RI of this Agreement, the City shall have an option to repurchase the Johnson Parcel from the Redeveloper for the price of $86,628.00. Such option shall be exercisable by the City by its giving to the Redeveloper a written notice of its intention to exercise the option which notice shall be given no later than ninety (90) days following the date of termination of this Agreement. Within thirty (30) days following the City's notification of its Intent to exercise the option the Redeveloper shall deliver to the City a limited warranty deed conveying the Johnson Parcel to the City and the City shall pay the purchase price of $86,628.00. The title to the Johnson Parcel to be conveyed to the City shall be subject to no defects or encumbrances other than those to which it was subject at the time of the City's conveyance of such property to the Redeveloper. (c) The City's riligatfors to purchase any Parcel, other than the Johnson Parrel which has already been purchased by the City, of the Redevelopment Property shall be subject to satisfaction of the following conditions precedent: (1) There has not occurred an Event of Default under this Agreement which remains uncured after the notice period prescribed by Section 9.2, and the City receives satisfactory assurances that any other existing Events of Default will be promptly cured; (11) The Redeveloper having made available to the City funds, as required pursuant to Section 3.7, In amounts sufficient to acquire the subject Parcel or Parcels after crediting the Redeveloper for amounts paid under the Contract for Deed toward the purchase of the Redevelopment Property; and (ill) Receipt of an opinion of counsel to the Redeveloper in the form attached hereto as Schedule K. `- 10