CCP 07-21-1997 - Laserfiche WebLink

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I I the Redeveloper shall have closed on its financing for the constmction of Phase I; It (iv) and (v) the Authority shall have acquired the Authority Acquisition Property and the I Redeveloper shall have acquired all other Parcels of the Redevelopment Property. (b) Subject to satisfaction of all of the terms and conditions contained in this I Agreement required to be satisfied prior to conveyance of the Authority Acquisition Property, the Authority shall execute and deliver to Redeveloper the deed conveying the Authority Acquisition I Property on the later of: (i) seven (7) days after all of the conditions contained in subsection 3.3(a) have been satisfied, provided, that the conveyance of the Authority Acquisition Property may occur simultaneously with the closing on the Redeveloper's financing for constmction of I Phase I, or (ii) on such other date as the Authority and the Redeveloper shall agree in writing. (c) The Redeveloper shall pay the purchase price for the Authority Acquisition I Property in cash or by certified check and take possession of the Authority Acquisition Property upon execution and delivery of the deed conveying the Authority Acquisition Property by the Authority. Unless otherwise agreed by the Authority and the Redeveloper, the execution and I delivery of all deeds shall be made at the principal office of the Authority. (d) The deed conveying the Authority Acquisition Property shall be in recordable Ie form and shall be promptly recorded with the Assessment Agreement. The Redeveloper shall pay all recording costs, including State deed tax, related to the Authority's conveyance of the I Authority Acquisition Property. Section 3.4. Title. (a) Within a reasonable time after securing a purchase agreement for I the Authority Acquisition Property, the Authority shall obtain and furnish to the Redeveloper a commitment for the issuance of an owner's policy of title insurance for the Authority Acquisition Property naming the Authority and Redeveloper as the proposed insured parties in the amount of I the purchase price to be paid to acquire the Authority Acquisition Property from its present owner. The Redeveloper shall have twenty (20) days from the date of its receipt of such commitment to review the state of title to the Authority Acquisition Property and to provide the I Authority with a list of written objections to such title. Upon receipt of the Redeveloper's list of written objections, the Authority shall proceed in good faith and with all due diligence to attempt to cause the objections made by the Redeveloper to be cured. A title objection shall be deemed I to be cured if the title insurer agrees to issue an endorsement to the owner's title insurance policy affirmatively insuring over such objection. After the date that all such objections have been I cured, to the reasonable satisfaction of the Redeveloper, the Authority and the Redeveloper shall proceed with the conveyance of the Authority Acquisition Property under this Article III. In the event that the Redeveloper's objections have not been cured within sixty (60) days after the I Authority's receipt of the Redeveloper's objections, either the Redeveloper or the Authority by the giving of written notice to the other may terminate this agreement upon which this .. Agreement shall be null and void and neither party shall have any liability hereunder; provided that the parties shall execute an agreement in recordable form evidencing the cancellation of this Agreement. The Authority shall have no obligation to exercise its powers of eminent domain to I 10