Land Payment Sample Clauses
The Land Payment clause defines the terms and conditions under which payment for a parcel of land must be made in a transaction. Typically, it outlines the total purchase price, the schedule for making payments (such as deposits, installments, or lump sums), and any conditions that must be met before payment is due, such as completion of due diligence or transfer of title. This clause ensures both parties are clear on when and how payment will occur, reducing the risk of disputes and providing a structured process for the financial aspect of the land sale.
Land Payment. In accordance with the terms of this Agreement, the City will convey to the Developer the Property. The Developer and the City have determined that the Property is to be conveyed pursuant to this Agreement for Ten Dollars ($10.00) and other good and valuable consideration (the “Land Payment”). The Developer agrees to purchase and accept the Property from City, on the Closing Date, together with the following:
(a) Any City water and or sewer taps currently issued and appurtenant to the Property; and
(b) Any structure, building, improvements, and fixtures on or attached to the Property; and
(c) Any personal property not removed by the City and remaining on the Property on the Closing Date.
Land Payment. Dranoff shall pay or cause to be paid to the Township, for use of the Township’s land for the Project One Million Dollars ($1,000,000.00) (“Land Payment”), and the Township’s sole obligation to contribute to the cost of the Project shall be to apply an amount equal to the Land Payment actually received.
Land Payment. In accordance with the terms of this Agreement, the City will convey to the Developer Affiliate the Property or applicable portion thereof improved with the Backbone Infrastructure in exchange for the Collaborating Partners terminating the Exiting Leases, relocating at their own costs the current occupants of the Existing Structures subject to the covenants and conditions in this Agreement and removing any encumbrances, on the property subject to the Existing Leases. The City has determined that the Collaborating Partners' release of their rights and claims under the Existing Leases as well as the Developer's agreement to meet the requirements contained in the 2001 Renewed Hope Settlement Agreement and meet the Inclusionary Housing Ordinance requirements for the Main Street Neighborhood with the City equals or exceeds the value of the Property to be conveyed to the Developer Affiliates. The Developer and the City have determined that the Property is to be conveyed pursuant to this Agreement for One Dollar ($1.00) (the “Land Payment”) for each Phase
Land Payment. Prior to transferring the Cricket Lot to the RDA, the Township intends to place of record with the ▇▇▇▇▇▇▇▇▇▇ County Recorder of Deeds a Declaration (the “Declaration”) containing the following burdens on the entity which takes title to the Cricket Lot from the RDA (the “Initial Cricket Owner”):
(a) If the Initial Cricket Owner conveys the Cricket Lot to a third-party purchaser prior to the occurrence of either of the events described in subsections (b) and (c) below, then upon the closing of such conveyance the Initial Cricket Owner shall pay a Land Payment to the Township of Two Million Dollars ($2,000,000.00). The requirement to make the Land Payment shall be a lien upon the Cricket Portion of the Project, but such lien shall be subordinated at the request of any construction mortgage loan or subsequent Refinancing (subject to the payment of all sums, if any, required to be made at the time of such Refinancing).
(b) If the Initial Cricket Owner converts the Cricket Portion of the Project to include residential condominiums, the Initial Cricket Owner shall pay to the Township Two Million Dollars ($2,000,000.00), which amount shall be apportioned on a pro-rata basis based upon the percentage unit interests of the units in the condominium and paid on a per unit basis as such condominiums are sold. Such document will provide for recordation of the sums received and reducing the outstanding amount owed under this Section 2.3(b) and for the release of the applicable condominium unit from the lien and effect of the Declaration upon the payment of the portion of the Land Payment apportioned to such unit.
(c) If there is a Refinancing of the Cricket Portion of the Project or an Equity Recapitalization occurs, in either case which results, together with amounts previously paid to Equity Owners, in an Internal Rate of Return of at least 15% on all of the cash contributed to the Cricket Portion of the Project by the Equity Owners (whether as debt or equity), then the Initial Cricket Owner shall pay fifty (50%) percent of any amounts over the 15% Internal Rate of Return attained on all cash contributed to the Cricket Portion of the Project by the Equity Owners (whether as debt or equity), up to Two Million Dollars ($2,000,000.00)(or so much thereof as has not been previously repaid). If the total outstanding balance of the Land Payment is not paid as the result of the initial Refinancing or Equity Recapitalization, any balance not paid shall continue to be payable f...