Common use of Deannexation Clause in Contracts

Deannexation. The provisions of this Agreement, as well as acceptable City zoning of the Property, are material considerations of Owner’s agreement to annex the Property to the City. Therefore, in the event (a) the City fails to perform under the terms of this Agreement, or (b) Owner, CDSG, or both are unable to obtain, either before or after annexation proceedings are complete, Commercial (CO) and PUD zoning of the Property as described above and/or subdivision and/or development approval for development of the Property which they in their sole discretion find acceptable, Owner, CDSG, and the City stipulate and agree, pursuant to C.R.S. §31-12-501, that it shall be in the best interest of the City that the Property (or a portion of thereof) be de-annexed from the City. In such event, the City agrees that it shall initiate de-annexation proceedings, and to take all steps necessary to effect the de-annexation. The City further acknowledges and agrees that de-annexation is not prohibited by the City Charter or Municipal Code and ordinances, and that the City will not amend its ordinances to preclude a de-annexation permitted hereunder. The Parties’ right to de-annex shall be in addition to any other rights available to them at law or under this Agreement. Upon the de-annexation of the Property (or portion thereof) from the municipal boundaries and specific jurisdiction of the City, the City agrees that it shall convey, assign, transfer and quitclaim to Owner or their successors and assigns, any and all water rights (the public dedication of which is more fully described by Section 6 hereof) previously dedicated by Owner hereunder to the City for the public use and benefit.

Deannexation. The provisions of this Agreement, as well as acceptable City zoning of the Property, are material considerations of Owner’s agreement to annex the Property to the City. Therefore, in the event (a) the City fails to perform under the terms of this Agreement, or (b) Owner, CDSG, or both are unable to obtain, either before or after annexation proceedings are complete, Commercial (CO) and PUD zoning of the Property as described above and/or subdivision and/or development approval for development of the Property which they in their sole discretion find acceptable, Owner, CDSG, and the City stipulate and agree, pursuant to C.R.S. §31▇▇-12▇▇-501▇▇▇, that it shall be in the best interest of the City that the Property (or a portion of thereof) be de-annexed from the City. In such event, the City agrees that it shall initiate de-annexation proceedings, and to take all steps necessary to effect the de-annexation. The City further acknowledges and agrees that de-annexation is not prohibited by the City Charter or Municipal Code and ordinances, and that the City will not amend its ordinances to preclude a de-annexation permitted hereunder. The Parties’ right to de-annex shall be in addition to any other rights available to them at law or under this Agreement. Upon the de-annexation of the Property (or portion thereof) from the municipal boundaries and specific jurisdiction of the City, the City agrees that it shall convey, assign, transfer and quitclaim to Owner or their successors and assigns, any and all water rights (the public dedication of which is more fully described by Section 6 hereof) previously dedicated by Owner hereunder to the City for the public use and benefit.