2005_1121_Packet SS - Laserfiche WebLink

Home

�3� The City dete��i��es in the exercise of its reasonable jted;ment that the Redeveloper's obligation to pay for the acquisition of the Parcel or to pay relocation beneiits is �iot adequately secured, and die Redeveloper fails to provide security deemed adequate by tl�e City within thirty (30) days of a written request by -] �u City. �� Upon disco��t��uaz�ce by tl�e City of acquisition activities pursuant to either of subparag�-aphs (a) or (b) above, the Redeveloper shall promptly reimburse t��e City for any awards, relocation payments or discontinuance fees relating to any ei�7zz�el�t dornain proceedings pending at the tit�.�e of such discvi�ti��uance and any relocation benefits that the City is subsequently required to pay based oai activities which occu�zed prior to sucla d�sco��tinuance, Any such expenses borne by the Redeveloper shall be subject to rei�i�.bursez��.en� as Eligible Project Costs. The Redeveloper shall indemnify and save the City and its Council members, ofiicers, agents atid employees han111ess from at�,d against (i) any c�aim or cause arising out of or occasioned by the discontinuance of sucll acquisition activities, (ii) any claims for relocation benefits relating to Parcels, whether or not cauden�ti�atiqi7 of such Parcels was cai�irnei7ced� and (iii) any appeals for conden�nation awards or relocation beneiits (whether or ilot such appeals have been con�mei-�ced at C��e time of discontinuance). �d� Title to any Parcels as to which the Redeveloper ::a� been reqt�ired to pay the damage award pursuant to this Section and as to which the City has been required to ta�c� title shall be conveyed to il�e Redeveloper. Section 3.7. Cni�vevance of Citv Parcels to the Redeveloper. �a� Title. Th� City shall convey title to and possession of the City Parcels to ti�� Redeveloper under a quit claim deed in the foz�� of the Redevelopn�ent Praperty Deed contained in Exhibit K. Title to tl�e City Parcels sl�all be conveyed in the condition of title approved by t��e Redeveloper pursuant to Section 3.4{b). '�lze conveyance of title to the Redevetopment Property pursuant to ttie Redevelopment I'ropez�ty Deed shall be subject to all of the conditions, covena�lts, restrictions and �uilitatio��s imposed by t11is Agreement and the Redevelopment Property Deed. At its expense the Redeveloper shall obtain any title insurance it deems iiecessaiy. �b� Ti�rie of ��'�r� ti+��•.•�rr; �•��. City Parcels acquired by en�iz�ent dai��au� shall be conveyed to the Redeveloper as set forth in Section 3.3(b) by Redevelopment Property Deed. �� Price rr�acl f'a}��rierlt. The Closing or Closings and pa�nnent of the purchase price for the City Parcels conveyed in sucli Closings shall talce place at the principal ofiices of the City. At each Closing, the City agrees to sell and the Redeveloper agrees to pt�rcl�ase each City Parcel being conveyed for a purchase �� i�.�: equal to :I:� s�un of all the amounts paid or deposited by tl�e Redeveloper in co�ulectior� with the acquisition of such City Parcel pursuant to Sections 3.2 tlu-ough 3.5. �d� 5i-r11�e1� curd Title Ev�'cle�rce� The City agrees to provide the Redeveloper �vith any survey, title commitment, title insurance policy, registered property abstract, or other title material in t�ie City's possession.