CC PACKET 04261983 - Laserfiche WebLink

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(f) Neither the execution or delivery of this the Agency, the Agency shall commence negotiations for Agreement, the condumation of the transactions contemplated acquisition of Phase I. If one or more petitions for hereby, nor the fulfillment of or compliance with the terms and condemnation of interests 'in the.Redevelopment Property are not conditions of this Agreement is prevented by, limited by, granted—then this Agreement may be terminated by the Agency by conflicts with, or results in a breach of, any restriction, written notice to Redeveloper. Agency may, in its sole agreement or instrument to which Redeveloper is now a party .or discretion; choose to appeal any judgment denying a petition. by which it .is bound. If the interests in the Redevelopment Property for..which a petition was denied are acquired by Agency prior to. termination of this Agreement, then Agency shall convey such interests to ARTICLE III Redeveloper, subject to performance by Redeveloper of all of Acquisition and Conveyance of Redevelopment Property its obligations which are conditions to such conveyance. Section 3.1. Acquisition. Agency shall use its best Section 3.4 Title. Prior to acquisition of any part efforts to acquire-the Redevelopment Property for conveyance to of the Redevelopment Property by the Agency, the Agency shall Redeveloper if the following conditions are first satisfied: provide Redeveloper with ax-ommitment for title insurance as (a) Redeveloper has submitted to Agency; and Agency has described below. Within 10 Uays a tide every o e^ approved, the commitments for Mortgage financing pursuant to co to edeveloper; Redeveloper shall make any Section 7.1; (b) Redeveloper is,in compliance with this objections to title in writing or the objections will be deemed Agreement and all conditions to performance by Agency have been waived. If objections are so made, Agency shall be allowed 120 satisfied; (c) Agency or the City is able to sell Bonds at a days to have the title made marketable. Pending correction of rate which reasonable o inion o s Bond title, acquisition of the property by the Agency and the consultant wi 1 ena a to repay a payments required hereunder from Redeveloper shall be ona's "d' timely manner solely rom tax increment funds postponed, but upon correction of title and within 10 days generated by the Project and other revenues specifically after written notice to Redeveloper, this Agreement shall be pledged to the Bonds; (d) Agency or the City is able to sell performed according to its terms A Agency shall provide to Bonds in an amount which, together with costs of issuance, Redeveloper a commitment for a title insurance policy (ALTA capitalized interest, reserve- funds, and other costs, will be Form "B"). f sonabl acre table to Redeve sufficient to pay all costs which will be incurred by the to insure t e title to the Re eve opment roper y or a Phase or Agency in acquiring title to- and possession of, the Phases to the full amount of the Purchase Price or .the portion Redevelopment Property, which amount shall be approximately of the Purchase Price allocated to the Phase or Phases in $525,000 with 'respect to Phase I, and $2,955,000 with respect "to, question. If a title insurance policy is issued, Redeveloper Phases II and III; and (e) the spendable proceeds from the sale shall pay all premiums and other costs thereof except the cost of Bonds are available to'-the Agency to pay the costs to be of preparation of the commitment if provided by the Agency. incurred by the Agency in acquiring title to, and possession of, the Redevelopment Property. Section 3.5 Time of Conveyance. Section 3.2 Purchase and Conveyance. Redeveloper (a) Subject to satisfaction of all of the terms and agrees to purchase the Redevelopment Property from the Agency conditions of this Agreement, Agency- shall execute and deliver in accordance with this Agreement. The Agency shall convey to Redeveloper a Deed for a Phase no later than 60 days after title and possession of the Redevelopment Property to the title to that Phase has vested in Agency, or on such other date Redeveloper by Deeds for the Phases in the manner set forth in s as Agency and Redeveloper mutually agree in writing. this Agreement: Conveyances of the Redevelopment Property and y Redeveloper shall pay the portion of the Purchase Price Redeveloper'•s use of the Redevelopment Property shall be i allocated to the Phase in accordance with Schedule C and accept subject to the'Permitted Encumbrances and to all of the the Deed within 30 days after receipt of a notice from Agency conditions, covenants, restrictions and limitations imposed by that title to the Phase has vested in Agency, or on such other the Redevelopment Plan, this -Agreement, the Deeds and the date as Agency and Redeveloper shall agree in writing. Restrictions. (b) Redeveloper shall take possession of each Parcel Section 3.3 Condemnation Contests. Upon execution of in an "as is" condition on the day of execution and delivery of this Agreement and delivery of the First Letter of Credit to the Deed for the Phase. -7- -8-