Common use of Execution and Recordation Clause in Contracts

Execution and Recordation. The Parties will execute and record the City Easement and Public Use Agreement as set forth on the Schedule of Performance. Prior to recordation of the City Easement and Public Use Agreement, the Developer shall submit to the City Community Development Director evidence of debt and equity commitments sufficient to acquire the 220 Park Property and pay the full estimated cost, including reasonable contingencies, to construct the Project, including the Parking Garage and the Terrace Improvements, and to satisfy Developer’s financial obligations specified in this Agreement. In the event Developer identifies legal, financial, regulatory or other concerns arising from relying on an easement from City for the Parking Garage or Terrace Improvements which may prevent their development, City agrees in its reasonable discretion to cooperate with Developer to consider alternative means to provide such rights.