CCP 08-18-1997 - Laserfiche WebLink

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e othcr Parcels of the Redevelopment Property in accordance with Section 3.4 hereof; (iv) the Redeveloper shall have closed on its financing for the construction of Phase lIt AA4~ (v) the Authority shall have acquired the Authority Acquisition Property and the Redeveloper shall have acquired all other Parcels ofthc Redevelopment Propcrty~~ and (vi) the Redeveloper shall have obtain en and fumiRhed to the Authoritv Roil tests and environmental assessments the result of which dcmonstrate to the satisfaction of both the Authoritv and the Renevelo.per that the Redevelopment Prnnerty does not contain any adverse soil or environmental conditions that would precludc or delav the construction of the Minimum Improvements or any phase thereof. (b) Subject to satisfaction of all of the terms and conditions contained in this 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 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 construction of Phasc 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 Property in cash or by certificd 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 othetwise agreed by the Authority and the Redeveloper, the execution and delivcry 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' - form and shall be promptly recorded with the Assessment Agreement. The Redeveloper snall I pay all recording costs, including State deed tax, related to the Authority's conveyance of the Authority Acquisition Property. Section 3.4. .Ii.!k. (a) Within a reasonable time aftcr securing a purchase agreement for I the Authority Acquisition Property, thc 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 I Property naming the Authority and Redeveloper as the proposed insured patties in the amount of the purchase price to be paid to acquire the AUthOlity Acquisition Property from its present owner. The Redeveloper shall have twenty (20) days from the date of its receipt of such I commitment to review the state of title to the Authority Acquisition Property and to provide the Authority with a list ofwrilten 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 10 1..1/91"d 6v0<'. <'.G6 (';.9 1 '~'d '3~I3a ~ ^3la~da 1.,(3: 91 <'.66,-H-8Il~ ------ ----