CCP 08-18-1997 - Laserfiche WebLink

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e ARTICLE Jll Acquisition and Convevance ofPronerty: Public Improvements Section 3.1. Status of Redevelopment 'PrOJlcrtv. The Redevelopment Property consists of several Parcels of property owned by multiple owners. l1le Redeveloper has entered into purchase agreements with of the owners of the Redevelopment Property, except for the Authority Acquisition Property. One of the Parcels of the Redevelopment 'Property is the r:it;y Prooerty which is owned by the City. The City and Redeveloper have entered into a l'uT-GHase 11 the CiTY 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 to acquire such property. The Redeveloper shall be responsible for securing aJ1 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 such properties. If the Authority is able to acquire the Authority Acquisition Property at a priee deemed reasonable by the Authority it will do so and, sllbject to satisfaction of all of the teIJl1S 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$ Section 3.2. Convevanee 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 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 - and federal laws and regulations. I Section 3.3. Jime of Convevance. (a) The Authority's obligation to convey the Authority Acquisition Property to the Redeveloper shall be subject to satisfaction of all of th.e following conditions precedent: I (1) the Redeveloper shall not be in default under any term of this Agreement; I (ii) the City shall have approved the Minimum Improvements as a Planned Unit Development and the Redeveloper shall have secured the approval of any other I governmental agency other than the City and the Authority whose approval is required in order for the Redeveloper to construct and operate the Minimum Improv.<;ments; it (iii) the Redeveloper shall have approved or waived any obj eetions to title to the Authority Acquisition Property m1lLthe Authority shall have approved title to all I 9 l.t/5t'd 6t-01. 1.,,6 ",9 '~'d '3~13a ~ A3la~da 1.0:9, 1.66,-H-9flt!