Common use of AGREEMENT TO CONVEY AND DEVELOP PROPERTY Clause in Contracts

AGREEMENT TO CONVEY AND DEVELOP PROPERTY. Section 2.1. Conveyance of Property “As Is”, Development, Design and Construction of Project. Developer shall purchase and City shall sell to Developer the Property and Developer shall demolish the Building and construct and equip a new facility of approximately 40,000 to 50,000 square feet for Developer’s Business Operations. The acreage of the Property shall be determined by a survey at Developer’s sole cost and expense. The boundary line of the Property shall be generally in accordance with Exhibit A attached hereto but shall be revised to include the existing school building entirely within the Property to allow for subdivision prior to the Closing Date. The boundary line shall be subject to review and approval of the City’s Department of Development. The City will convey fee simple title to the Property to Developer by special warranty deed which title shall be good and marketable and free of any liens, encumbrances, or other title defects which would prohibit or impair the use of the Property for the purposes contemplated by this Contract, except for any Permitted Encumbrances, as hereinafter defined. The City shall have reasonable time to cure any title defects which are not acceptable to Developer and/or its lender. The City, however, shall have the option of declining to cure any defect, and if the City does decline to cure any defect or does not cure any defect that it has agreed to cure, the Developer shall have the right either to waive its title objections and to take title to the Property subject to such title defects, which shall be considered “Permitted Encumbrances” as defined in Section 3.6(a) of this Contract, or to terminate this Contract and to receive the return of the Deposit as its exclusive remedy for termination of this Contract and any related claim. Developer will accept from City the Property, subject to the terms and conditions hereinafter set forth. Except as expressly set forth in this Contract, Developer is accepting the use and conveyance of the Property “as is.” Each Party shall be responsible for its costs of closing. The City shall not be obligated to any extent under this Contract until any required notices, advertisements and/or hearings have been held and an ordinance has been adopted by City Council approving the Project and authorizing the City Manager to enter into this Contract.

AGREEMENT TO CONVEY AND DEVELOP PROPERTY. Section 2.1. Conveyance of Property “As Is”, Development, Design and Construction of Project. Developer shall purchase and City shall sell to Developer the Property and Developer shall demolish the Building and construct and equip a new facility of approximately 40,000 to 50,000 square feet for Developer’s Business Operations. The acreage of the Property shall be determined by a survey at Developer’s sole cost and expense. The boundary line of the Property shall be generally in accordance with Exhibit A attached hereto but shall be revised to include the existing school building entirely within the Property to allow for subdivision prior to the Closing Date. The boundary line shall be subject to review and approval of the City’s Department of Development. The City will convey fee simple title to the Property to Developer by special warranty deed which title shall be good and marketable and free of any liens, encumbrances, or other title defects which would prohibit or impair the use of the Property for the purposes contemplated by this Contract, except for any Permitted Encumbrances, as hereinafter defined. The City shall have reasonable time to cure any title defects which are not acceptable to Developer and/or its lender. The City, however, shall have the option of declining to cure any defect, and if the City does decline to cure any defect or does not cure any defect that it has agreed to cure, the Developer shall have the right either to waive its title objections and to take title to the Property subject to such title defects, which shall be considered “Permitted Encumbrances” as defined in Section 3.6(a) of this Contract, or to terminate this Contract and to receive the return of the Deposit as its exclusive remedy for termination of this Contract and any related claim. Developer will accept from City the Property, subject to the terms and conditions hereinafter set forth. Except as expressly set forth in this Contract, Developer is accepting the use and conveyance of the Property “as is.” Each Party shall be responsible for its costs of closing. Developer shall be responsible for any demolition. The City shall not be obligated to any extent under this Contract until any required notices, advertisements and/or hearings have been held and an ordinance has been adopted by City Council approving the Project and authorizing the City Manager to enter into this Contract.