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cut P-IMA^4 CV 00"M PO� A Atli RTICLE III _Acquisition and Conveyance of Proper Section 3.1 Acquisition and Conveyance of Redevelopment Pro2.2r�t. (a) In anticipation of the execution of this Agreem for deedeveloper has acquired the Redevelopment Property pursuant to a contract (b) Within ninety (90) days after the Redeveloper notifies and demonstrates to the City that it has completed the Soil Correction Work and drainage ditch relocation described at Section 4.4 and has obtained a firm commitment for the financing described at Section 8.19 the Redeveloper will sell to the City and the City will purchase all of the Redeveloper's interest in the Redevelopment Property. The purchase price to be paid by the City to the Redeveloper shall be equal to Two Hundred Twenty -Five Thousand Do llars ($225,000.00); provided, however, that the City shall not be obligated to pay more than the actual cost to the Redeveloper of the Soil Correction Work and drainage ditch relocation , including design and engineering costs, described at Section 4.4 of this Agreement; and provided further that the purchase price shall be reduced to the extent that the net proceeds received from tax increment bonds issued pursuant to Section 8.3(a) of this Agreement (net proceeds being equal to proceeds less issuance and administrative expenses and capitalized interest) are insufficient to pay Two Hundred and Twenty -Five Thousand Dollars ($225,000.00). Redeveloper shall provide to the City evidence of of statementscosts of tor. invoices esSoil rfromocontraetors, n Work and drainage ditch relocation in the form subcontractors or other persons employed in connection with the design and construction of the Soil Correction Worth and such ciontgractorsh relocation I subcontractors oa cancelled checks or lien waivers showing other persons have been paid. Upon shall execof ute ethe purchase and deliver the price RedevelopCity ment the Redeveloper, the Redeveloper Property Deed to the City. (c) Immediately after conveyance of the Redevelopment Property to the City pursuant to Section 3.1(b) of this Agreement the City shall convey its interest in the Redevelopment Property back to the Redeveloper through the execution and delivery of a Redevelopment Property Deed. The purchase price to be paid by the Redeveloper to the City shall be equal to One Dollar ($1.00), and shall be paid simultaneously with the execution of the Redevelopment Property Deed. (d) Unless otherwise mutually agreed by the City and the Redeveloper, the execution and delivery of all deeds and the paymE of any purchase price shall be made at the principal offices of the City. (e) The Redevelop b e the Property Redeveloper. The Redeveloperbe in able shallopay ei8d shall be promptly recorded y ll costs of recording the deeds. Section 3.2 Title. The City shall have no obligation to purchase the Redevelopment Property until Redeveloper has made all payments required to be made under the contract for deed described above and has acquired fee title to the Redevelopment Property, subject only to such encumbrances as will not interfere with construction of the Minimum Improvements. The title to the Redevelopment Property to be conveyed to Redeveloper by the City under Section 3.1(c) of this Agreement shall be the same as the title conveyed to the City under Section 3.1(b).