Agenda Packets - 1987/12/14 - Laserfiche WebLink

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r: (cl, Each Redevelopment Property Deed ahall be in recordable form and shall be promptly recorded. The Redeveloper shall pay all costs for such recording. Section 3.5. Title. (a) Within ten (10) days after the Redeveloper has received an initial commitment for the issuance of an owner's title insurance policy with respect to the Redevelopment Property and in any event no later than December 31. 1967. the Redeveloper shall deliver a copy of the commitment to the City. The commitment shall be obtained from a title Insurance company licensed to do business in the State and shall initially Insure the title to the Redevelopment Property in the amount of $1,500,000.00. The Redeveloper shall thereafter cause to be increased the amount of the title Insurance commitment so that at all times the amount of coverage available equals the aggregate price paid by the City, using funds provided under Section 3.7, for the Redevelopment Property. The commitment shall commit the Insurer to the issuance of an owner's title insurance policy (ALTA FORM "B"), shall name the City and Redeveloper as the proposed Insured parties, shall be certified to date, include searches for bankruptcies and state and federal judgments, tax and other liens and for all special sasessments levied or pending. The commitment shall Include full mechanic's lien coverage and coverage for matters revealed by a survey (including gaps). The City shall be allowed twenty (20) days after receipt thereof for examination of said commitment and the making of ally objections thereto, said objections to be made in writing and delivered to the Redeveloper within said time or deemed to be waived. No objection may be based on the existence of a Permitted Encumbrance. (b) If any objection to the title held by the Redeveloper or the present owner of the Redevelopment Property is made by the City, said objection shall be accompanied by a written election of one of the following- (1) a determination to delay the City's acquisition of the Redevelopment Property for a reasonable time during which the Redeveloper shall undertake to cure or cause to be cured the basis for such objection; or (11) a determination to acquire title to and possession of the Redevelopment Property upon the assumption by the Redeveloper of the obligation to undertake ally such actions as may be necessary to cure the basis for the objection. If the CIty makes the election described in Section 3.5(b)(H) of this Agreement, and the objection cannot be cured the City shall have no recourse against the Redeveloper as a result thereof. (c) The City shall voluntariiy take no actions to encumber title to any Parcel of the Redevelopment Property between the date the City acquire, the Parcel to the date on which the Redevelopment Property Deed for such Parcel is executed and delivered by the City. Section 3.6. Public Improvements. (a) The City hereby appoints the Redeveloper to act as its agent in connection with the construction of the Public improvements. The Public Improvements shall consist of the Improvements described in the attached Schedule 1, the constructioi: of which shall be completed within the time periods set forth In the attached Schedule J. (b) Plans and specifications subcontracts, and ell contracts reltin to a the design and construction of the Pub le improvements shall be prepared by the 12