CCP 07-21-1997 - Laserfiche WebLink

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I ARTICLE III I Acquisition and Conveyance of Property: Public Improvements .. Section 3.1. Status of Redevelopment Property. The Redevelopment Propcrty consists of I several Parcels of property owned by multiple owners. The Redeveloper has entered into purchase agreements with of the owners of the Redevelopment Property, cxcept for the Authority Acquisition Propcrty. One of the Parcels of the Redevelopment Property is owned by I the City and the City and Redeveloper have entered into a purchase agreement under which the Redeveloper is entitled to purchase such property. The Authority is negotiating with the owner of the Authority Acquisition Property and expects to be able to enter into a purchase agreement I to acquire such property. The Redeveloper shall be responsible for securing all necessary purchase agreements to acquire the Redevelopment Property, other than the Authority Acquisition Property, and for taking all action necessary to permit the Redeveloper to acquire I such properties. If the Authority is able to acquire the Authority Acquisition Property at a price deemed reasonable by the Authority it will do so and, subject to satisfaction of all of the terms I and conditions set forth in this Agreement, the Authority will convey the Authority Acquisition Property to the Redeveloper. The purchase price to be paid by the Redeveloper to acquire the Authority Acquisition Property from the Authority shall be $ I Section 3.2. Conveyance of the Redevelopment Property. The Authority shall convey title to and possession of the Authority Acquisition Property to the Redeveloper under a standard .. quit claim deed. The conveyance of the Authority Acquisition Property and the Redeveloper's use of the Authority Acquisition Property and Redevelopment Property shall be subject to all of the conditions, covenants, restrictions and limitations imposed by this Agreement, all of which I shall be incorporated in the deed of conveyance. The conveyance of title to the Redevelopment Property and the Redeveloper's use of the Authority Acquisition Property shall also be subject to Permitted Encumbrances and building and zoning laws and ordinances and all other local, state I and federal laws and regulations. Section 3.3. Time of Conveyance. (a) The Authority's obligation to convey the I Authority Acquisition Property to the Redeveloper shall be subject to satisfaction of all of the following conditions precedent: I (i) the Redeveloper shall not be in default under any term of this Agreement; (ii) the City shall have approved the Minimum Improvements as a Planned Unit I Development and the Redeveloper shall have secured the approval of any other governmental agency other than the City and the Authority whose approval is I required in order for the Redeveloper to construct and operate the Minimum Improvments; (iii) the Redeveloper shall have approved or waived any objections to title to the I Authority Acquisition Property in accordance with Section 3.4 hereof; .. 9 I