2007-06-13 CC - Laserfiche WebLink

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The City believes that it has the legal authority to acquire the Parcels comprising the Acquisition Property that are necessary to construct the Public Improvements but makes no warranties or guaranties to the Developer that it will be able to do so. The Developer acknowledges that the City does not warrant the successful conclusion of any eminent domain action or vacation procedures or the accomplishment of any particular result or timetable because of the many variables inherent in any litigation or legal proceeiling. The City shall not be liable to any party for any consequential or other damages that may arise out of any delays due to eminent domain actions, vacation procedures, envirQnmental conditions, court challenges or elements outside the control of the City. Once the eminent domain action has been initiated, the City agrees to diligently pursue the same to completion. Section 3.6. Convevance of Parcels. (a) If the City acquires a Parcel of the Acquisition Property that is to be conveyed to the Developer, the City will convey such property to the Developer, subject to the terms and conditions of this Agreement. (b) In consideration of the Developer's payment of the costs of acquiring the Parcel, no additional payment will be required of the Developer to acquire the Parcel. (c) The City shall convey title to and possession of the Parcel to the Developer under a standard quit claim deed (the "Deed") containing the reversionary clause described in Section 9.3 of this Agreement. The conveyance of the Parcel and the Developer's use of the Parcel shall be subject to all of the conditions, covenants, restrictions and limitations imposed by this Agreement and the Deed. The conveyance of title to the Parcel and the Developer's use of the Parcel shall also be subject to Permitted Encumbrances and building and zoning laws and ordinances and all other local, state and federal laws and regulations. (d) The City's obligation to convey a Parcel, or any portion thereof, to the Developer shall be subject to satisfaction of all of the following conditions precedent: (i) the Developer shall not be in default under any term of this Agreement; (ll) the Developer shall have approved or waived any objections to title to the Parcel in accordance with Section 3.4 hereof; (ill) the Developer shall have closed on its financing for the construction of the Phase or Sub-Phase of the Minimum Improvements to be constructed on the Parcel to be conveyed; (iv) the Developer shall have submitted and the City and City shall have approved all building plans for the Phase or Sub-Phase and the Developer shall have obtained any other governmental approvals necessary to allow the construction and operation of the Phase or Sub-Phase; and (v) the Developer and the City shall have agreed on a schedule for the construction of the Phase or Sub-Phase. 16