Common use of Conveyance of the Property Clause in Contracts

Conveyance of the Property. The Property shall be conveyed to Developer within thirty (30) days following fulfillment to the satisfaction of the CRA of the following conditions: (a) an Event of Default on the part of Developer has not occurred or circumstances exist that with the giving of notice would constitute an Event of Default on the part of Developer, (b) all Development Approvals necessary for the Development for the Project have been obtained issued, (c) the CRA has issued the Notice to Proceed, (d) the Developer has provided satisfactory proof of the Developer’s Equity contribution, (e) that the CRA and Developer have closed on the Construction Loan, (f) a completion guaranty for the Project in form and substance reasonably acceptable to the CRA and its legal counsel from an entity or individual reasonably acceptable to the CRA, taking into account the combined assets of such entity and/or individual has been provided and (g) a covenant is to recorded in the Public Records simultaneously with the Deed (as defined below) pursuant to which (i) the Developer agrees to (i) that the Property shall remain a residential condominium for a minimum period of fifteen (15) years and (ii) if (i) is violated the individual principal members of the Developer agree to pay to the CRA the value of the Property (i.e., $________.00) with such amount amortized on a straight line basis over the fifteen (15) year period, which covenant shall be in form and substance reasonably acceptable to the CRA and its legal counsel. The conveyance of the Property by the CRA to the Developer shall be by Special Warranty Deed (the “Deed”) and subject to all matters of record including, but not limited to, the covenant in subsection (g) and the Declaration of Restrictive Covenants set forth below and otherwise on an “AS-IS” “WHERE-IS” basis with no representations or warranties of any kind whatsoever except for title as set for in the Deed. The CRA shall also provide an owner’s affidavit as well as other documents reasonably required by the title company to provide Developer with an owner’s title insurance policy. In addition to the foregoing, the Developer agrees to accept title to the Property subject to a perpetual Declaration of Restrictive Covenants prepared by the CRA’s legal counsel and in a form and substance acceptable to the CRA in all respects that provides for, among other things, (a) the maintenance, repair and replacement of the Project so that it remains consistent with the Site Plan for a period of fifteen (15) years and (b) the prohibition of certain uses including, but not limited to, (i) a convenience or check cashing store, (ii) gas station or automobile repair facility, (iii) billiard parlor, night club or other place of recreation or amusement, (iv) any business serving alcoholic beverages except in conjunction with a restaurant operation, (v) a discount; variety, general or “dollar” store, (vi) a grocery store or supermarket, (vii) adult entertainment, adult bookstore or other store catering to adults only, (viii) smoke shops, (ix) pawn shop, (x) any business or facility used in growing, delivering, transferring, supplying, dispensing, dispersing, distributing or selling marijuana, whether by prescription, medical recommendation or otherwise, and whether consisting of live plants, seeds, seedlings or processed or harvested portions of the marijuana plant; or (x) any combination of the foregoing uses. At any time prior to the conveyance of the Property to the Developer, the Developer may engage in marketing and presales at its cost and expense, as it deems necessary and appropriate.

Conveyance of the Property. The Property shall be conveyed to Developer within thirty (30) days following fulfillment to the satisfaction of the CRA of the following conditions: (a) an Event of Default on the part of Developer has not occurred or circumstances exist that with the giving of notice would constitute an Event of Default on the part of Developer, (b) all Development Approvals necessary for the Development for the Project have been obtained issued, (c) the CRA has issued the Notice to Proceed, (d) the Developer has provided satisfactory proof of the Developer’s Equity contribution, (e) that the CRA and Developer have closed on the Construction Loan, (f) a completion guaranty for the Project in form and substance reasonably acceptable to the CRA and its legal counsel from an entity or individual reasonably acceptable to the CRA, taking into account the combined assets of such entity and/or individual has been provided and (g) a covenant is to recorded in the Public Records simultaneously with the Deed (as defined below) pursuant to which (i) the Developer agrees to (i) that the Property shall remain a residential condominium for a minimum period of fifteen (15) years and (ii) if (i) is violated the individual principal members of the Developer agree to pay to the CRA the value of the Property (i.e., $________.0031,300.00) with such amount amortized on a straight line basis over the fifteen (15) year period, which covenant shall be in form and substance reasonably acceptable to the CRA and its legal counsel. The conveyance of the Property by the CRA to the Developer shall be by Special Warranty Deed (the “Deed”) and subject to all matters of record including, but not limited to, the covenant in subsection (g) and the Declaration of Restrictive Covenants set forth below and otherwise on an “AS-IS” “WHERE-IS” basis with no representations or warranties of any kind whatsoever except for title as set for in the Deed. The CRA shall also provide an owner’s affidavit as well as other documents reasonably required by the title company to provide Developer with an owner’s title insurance policy. In addition to the foregoing, the Developer agrees to accept title to the Property subject to a perpetual Declaration of Restrictive Covenants prepared by the CRA’s legal counsel and in a form and substance acceptable to the CRA in all respects that provides for, among other things, (a) the maintenance, repair and replacement of the Project so that it remains consistent with the Site Plan for a period of fifteen (15) years and (b) the prohibition of certain uses including, but not limited to, (i) a convenience or check cashing store, (ii) gas station or automobile repair facility, (iii) billiard parlor, night club or other place of recreation or amusement, (iv) any business serving alcoholic beverages except in conjunction with a restaurant operation, (v) a discount; variety, general or “dollar” store, (vi) a grocery store or supermarket, (vii) adult entertainment, adult bookstore or other store catering to adults only, (viii) smoke shops, (ix) pawn shop, (x) any business or facility used in growing, delivering, transferring, supplying, dispensing, dispersing, distributing or selling marijuana, whether by prescription, medical recommendation or otherwise, and whether consisting of live plants, seeds, seedlings or processed or harvested portions of the marijuana plant; or (x) any combination of the foregoing uses. At any time prior to the conveyance of the Property to the Developer, the Developer may engage in marketing and presales at its cost and expense, as it deems necessary and appropriate.

Conveyance of the Property. The Property shall be conveyed to Developer within thirty (30) days following fulfillment to the satisfaction of the CRA of the following conditions: (a) Provided that an Event of Default on the part of Developer has not occurred or circumstances exist exists that with the passage of time and the giving of notice would constitute an Event of Default on the part of Developer, (b) all Development Approvals necessary for upon the Development for closing of the Project have been obtained issued, (c) sale of the applicable townhouse units that were constructed on the CRA has issued Property the Notice CRA shall convey the CRA Property to Proceed, (d) the Developer has provided satisfactory proof of the Developer’s Equity contribution. Without limiting the foregoing, (e) the parties acknowledge and agree that the CRA and Developer have closed Property may need to be conveyed at different times by separate Deeds depending on the Construction Loantownhouse unit closings. Such conveyance shall be by Special Warranty Deed (the “Deed”) and subject to all matters of record including, (f) a completion guaranty for but not limited to, the Project in form mortgage and substance reasonably acceptable any other security documents related to the CRA Construction Loan and its legal counsel from otherwise on an entity “AS-IS” “WHERE-IS” basis with no representations or individual reasonably acceptable to warranties of any kind whatsoever except for title as set for in the CRA, taking into account the combined assets of such entity and/or individual has been provided Deed. The Developer acknowledges and (g) agrees that a covenant is to recorded in the Public Records simultaneously with the Deed (as defined below) pursuant to which (i) the Developer agrees to (i) that the Property shall remain a residential condominium townhouse for a minimum period of fifteen (15) years and (ii) if (i) is violated the individual principal members of the Developer agree to pay to the CRA the value of the Property (i.e., $________.00) with such amount amortized on a straight line basis over the fifteen (15) year period, which covenant shall be in form and substance reasonably acceptable to the CRA and its legal counsel. The conveyance of the Property by the CRA to ; provided, further, that since the Developer shall be by Special Warranty Deed (is selling the “Deed”) and subject townhouse units to all matters of record including, but not limited tothird party end users, the covenant in subsection (g) and the Declaration of Restrictive Covenants set forth below above shall also be supplemented by a guaranty from the Developer and otherwise on an “AS-IS” “WHERE-IS” basis with no representations or warranties of any kind whatsoever except for title as set for its individual principal members, which guaranty shall be in form and substance reasonably acceptable to the DeedCRA and its legal counsel. The CRA shall also provide an owner’s affidavit as well as other documents reasonably required by the title company to provide Developer with an owner’s title insurance policy. In addition to the foregoing, the Developer agrees to accept title to the Property subject to a perpetual Declaration of Restrictive Covenants prepared by the CRA’s legal counsel and in a form and substance acceptable to the CRA in all respects that provides for, among other things, (a) the maintenance, repair and replacement of the Project so that it remains consistent with the Site Plan for a period of fifteen (15) years and (b) the prohibition of certain uses including, but not limited to, (i) a convenience or check cashing store, (ii) gas station or automobile repair facility, (iii) billiard parlor, night club or other place of recreation or amusement, (iv) any business serving alcoholic beverages except in conjunction with a restaurant operation, (v) a discount; variety, general or “dollar” store, (vi) a grocery store or supermarket, (vii) adult entertainment, adult bookstore or other store catering to adults only, (viii) smoke shops, (ix) pawn shop, (x) any business or facility used in growing, delivering, transferring, supplying, dispensing, dispersing, distributing or selling marijuana, whether by prescription, medical recommendation or otherwise, and whether consisting of live plants, seeds, seedlings or processed or harvested portions of the marijuana plant; or (x) any combination of the foregoing uses. At any time prior to the conveyance of the CRA Property to the Developer, the Developer may engage in marketing and presales at its cost and expense, as it deems necessary and appropriate.

Conveyance of the Property. The Property shall be conveyed to Developer within thirty (30) days following fulfillment to the satisfaction of the CRA of the following conditions: provided that (a) an Event of Default on the part of Developer has not occurred or circumstances exist that with the passage of time and the giving of notice would constitute an Event of Default on the part of Developer, (b) all Development Approvals necessary for the Development for the Project have been obtained issued, (c) the CRA has issued the Notice to Proceed, (d) the Developer has provided satisfactory proof of the Developer’s Equity contributionContribution, (e) if a Construction Loan is being obtained, that the CRA and Developer have has closed or is in a position to close on the Construction Loan, (f) a completion guaranty for the Project in form and substance reasonably acceptable to the CRA and its legal counsel from an entity or individual reasonably acceptable to the CRA, taking into account the combined assets of such entity and/or individual has been provided and (g) a covenant is to recorded in the Public Records simultaneously with the Deed (as defined below) pursuant to which (i) the Developer agrees to (i) that operate a medical facility on the Property shall remain a residential condominium for a minimum period of fifteen (15) years and (ii) if (i) is i)is violated the individual principal members of the Developer agree to pay to the CRA the value of the Property (i.e., $________.00750,000.00) with such amount amortized on a straight line basis over the fifteen (15) year period, which covenant shall be in form and substance reasonably acceptable to the CRA and its legal counsel. The conveyance of the Property by the CRA to the Developer shall be by Special Warranty Deed (the “Deed”) and subject to all matters of record including, but not limited to, the covenant in subsection (g) and the Declaration of Restrictive Covenants set forth below and otherwise on an “AS-IS” “WHERE-IS” basis with no representations or warranties of any kind whatsoever except for title as set for in the Deeddeed. The CRA shall also provide an owner’s affidavit as well as other documents reasonably required by the title company to provide Developer with an owner’s title insurance policy. The parties acknowledge and agree that the prior owner of the Property continues to use and occupy the Property pursuant to a separate written agreement with the CRA (the “Occupancy Agreement”), which Occupancy Agreement may be terminated by the CRA at its convenience. The CRA, in its sole discretion, shall determine when to terminate the Occupancy Agreement; provided, however, such shall be terminated prior to the conveyance of the Property from the CRA to the Developer. In addition to the foregoing, the Developer agrees to accept title to the Property subject to a perpetual Declaration of Restrictive Covenants prepared by the CRA’s legal counsel and in a form and substance acceptable to the CRA in all respects that provides for, among other things, (a) the maintenance, repair and replacement of the Project so that it remains consistent with the Site Plan for a period of fifteen (15) years and (b) the prohibition of certain uses including, but not limited to, (i) a convenience or check cashing store, (ii) gas station or automobile repair facility, (iii) billiard parlor, night club or other place of recreation or amusement, (iv) any business serving alcoholic beverages except in conjunction with a restaurant operation, (v) a discount; variety, general or “dollar” store, (vi) a grocery store or supermarket, (vii) adult entertainment, adult bookstore or other store catering to adults only, (viii) smoke shops, (ix) pawn shop, (x) any business or facility used in growing, delivering, transferring, supplying, dispensing, dispersing, distributing or selling marijuana, whether by prescription, medical recommendation or otherwise, and whether consisting of live plants, seeds, seedlings or processed or harvested portions of the marijuana plant; or (x) any combination of the foregoing uses. At any time prior to the conveyance of the Property to the Developer, the Developer may engage in marketing and presales pre-leasing at its cost and expense, as it deems necessary and appropriate.

Conveyance of the Property. The Property shall be conveyed to Developer within thirty (30) days following fulfillment to the satisfaction of the CRA of the following conditions: (a) an Event of Default on the part of Developer has not occurred or circumstances exist that with the giving of notice would constitute an Event of Default on the part of Developer, (b) all Development Approvals necessary for the Development for the Project have been obtained issued, (c) the CRA has issued the Notice to Proceed, (d) the Developer has provided satisfactory proof of the Developer’s Equity contribution, (e) that the CRA and Developer have closed on the Construction Loan, (f) a completion guaranty for the Project in form and substance reasonably acceptable to the CRA and its legal counsel from an entity or individual reasonably acceptable to the CRA, taking into account the combined assets of such entity and/or individual has been provided and (g) a covenant is to recorded in the Public Records simultaneously with the Deed (as defined below) pursuant to which (i) the Developer agrees to (i) that the Property shall remain a residential condominium apartment building for a minimum period of fifteen (15) years and (ii) if (i) is violated the individual principal members of the Developer agree to pay to the CRA the value of the Property (i.e., $________.00208,313.50) with such amount amortized on a straight line basis over the fifteen (15) year period, which covenant shall be in form and substance reasonably acceptable to the CRA and its legal counsel. The conveyance of the Property by the CRA to the Developer shall be by Special Warranty Deed (the “Deed”) and subject to all matters of record including, but not limited to, the covenant in subsection (g) and the Declaration of Restrictive Covenants set forth below and otherwise on an “AS-IS” “WHERE-IS” basis with no representations or warranties of any kind whatsoever except for title as set for in the Deed. The CRA shall also provide an owner’s affidavit as well as other documents reasonably required by the title company to provide Developer with an owner’s title insurance policy. In addition to the foregoing, the Developer agrees to accept title to the Property subject to a perpetual Declaration of Restrictive Covenants prepared by the CRA’s legal counsel and in a form and substance acceptable to the CRA in all respects that provides for, among other things, (a) the maintenance, repair and replacement of the Project so that it remains consistent with the Site Plan for a period of fifteen (15) years and (b) the prohibition of certain uses including, but not limited to, (i) a convenience or check cashing store, (ii) gas station or automobile repair facility, (iii) billiard parlor, night club or other place of recreation or amusement, (iv) any business serving alcoholic beverages except in conjunction with a restaurant operation, (v) a discount; variety, general or “dollar” store, (vi) a grocery store or supermarket, (vii) adult entertainment, adult bookstore or other store catering to adults only, (viii) smoke shops, (ix) pawn shop, (x) any business or facility used in growing, delivering, transferring, supplying, dispensing, dispersing, distributing or selling marijuana, whether by prescription, medical recommendation or otherwise, and whether consisting of live plants, seeds, seedlings or processed or harvested portions of the marijuana plant; or (x) any combination of the foregoing uses. At any time prior to the conveyance of the Property to the Developer, the Developer may engage in marketing and presales at its cost and expense, as it deems necessary and appropriate.