Common use of Land Transfer Agreement Clause in Contracts

Land Transfer Agreement. The Developer, the DDA, and the City shall enter into a written agreement, the “Land Transfer Agreement” (Exhibit F), which describes the transfer of one-third, approximately 2,860 square feet, of the DDA 000 Xxxxx Xxxx Property to Developer for the development of Building A and the remaining two-thirds of the DDA 000 Xxxxx Xxxx Property to the City for the realignment of Abbot Road and the expansion of the City parking lot on the northwest corner of Abbot Road and Xxxxxx Avenue. The Land Transfer Agreement sets forth the price, terms, and other considerations of purchase, exchange, method, and timing for transfers for the DDA Property and City Property. The portion of the DDA 303 Xxxxxx Property transferred to the Developer shall be used in the development of Building A; provided that, should Developer be unable to obtain all of its required approvals, permits, and incentives for the construction of Building A the Land Transfer Agreement shall terminate with no further obligation of either party except those that are specified in the Land Transfer Agreement. The closing of the transfer shall occur contemporaneously with the closing of the Developer’s construction financing. Until the construction financing for the project closes, or earlier, if the DDA consents, the DDA 000 Xxxxx Xxxx Property shall not be mortgaged, pledged or have any liens or encumbrances placed thereon; evidence of this restriction shall be filed with the Register of Deeds if transfer to the Developer takes place prior to the closing on the Developer’s construction financing. In the event Building A, for any reason whatsoever, is not constructed pursuant to the terms of this Agreement, the Developer, or its successor, shall deed the DDA 303 Abbot Property back to the City of East Lansing Downtown Development Authority, in fee, free of any liens or encumbrances, except those in existence at the time of its transfer to the Developer.

Land Transfer Agreement. The Developer, the DDA, and the City shall enter into a written agreement, the “Land Transfer Agreement” (Exhibit F), which describes the transfer of one-third, approximately 2,860 2,249 square feet, of the DDA 000 Xxxxx Xxxx Property to Developer for the development of Building A and the remaining two-thirds of the DDA 000 Xxxxx Xxxx Property to the City for the realignment of Abbot Road Xxxxxx Avenue and the expansion of the City parking lot on the northwest corner of Abbot Road and Xxxxxx Avenue. The Land Transfer Agreement sets forth the price, terms, terms and other considerations of consideration for the purchase, exchange, method, and timing for transfers for the DDA Property and City Property. The portion of the DDA 303 Xxxxxx 000 Xxxxx Xxxx Property transferred to the Developer shall be used in the development of Building A; provided that, should Developer be unable to obtain all of its required approvals, permits, and incentives for the construction of Building A A, the Land Transfer Agreement shall terminate with no further obligation of either party except those that are specified in the Land Transfer Agreement. The closing of the transfer shall occur contemporaneously with the closing of the Developer’s construction financing. Until the construction financing for the project Project closes, or earlier, if the DDA consents, the DDA 000 Xxxxx Xxxx Property shall not be mortgaged, pledged or have any liens or encumbrances placed thereon; evidence of this restriction shall be filed with the Register of Deeds if transfer to the Developer takes place prior to the closing on the Developer’s construction financing. In the event Building A, for any reason whatsoever, is not constructed pursuant to the terms of this Agreement, the Developer, or its successor, shall deed the DDA 303 Abbot 000 Xxxxx Xxxx Property back to the City of East Lansing Downtown Development Authority, in fee, free of any liens or encumbrances, except those in existence at the time of its transfer to the Developer.

Land Transfer Agreement. The Developer, the DDA, and the City shall enter into a written agreement, the “Land Transfer Agreement” (Exhibit F), which describes the transfer of one-third, approximately 2,860 2,529 square feet, of the DDA 000 Xxxxx Xxxx Property to Developer for the development of Building A and the remaining two-thirds of the DDA 000 Xxxxx Xxxx Property to the City for the realignment of Abbot Road Xxxxxx Avenue and the expansion of the City parking lot on the northwest corner of Abbot Road and Xxxxxx Avenue. The Land Transfer Agreement sets forth the price, terms, terms and other considerations of consideration for the purchase, exchange, method, and timing for transfers for the DDA Property and City Property. The portion of the DDA 303 Xxxxxx 000 Xxxxx Xxxx Property transferred to the Developer shall be used in the development of Building A; provided that, should Developer be unable to obtain all of its required approvals, permits, and incentives for the construction of Building A A, the Land Transfer Agreement shall terminate with no further obligation of either party except those that are specified in the Land Transfer Agreement. The closing of the transfer shall occur contemporaneously with the closing of the Developer’s construction financing. Until the construction financing for the project Project closes, or earlier, if the DDA consents, the DDA 000 Xxxxx Xxxx Property shall not be mortgaged, pledged or have any liens or encumbrances placed thereon; evidence of this restriction shall be filed with the Register of Deeds if transfer to the Developer takes place prior to the closing on the Developer’s construction financing. In the event Building A, for any reason whatsoever, is not completely constructed pursuant to the terms of this Agreement, the Developer, or its successor, shall deed the DDA 303 Abbot 000 Xxxxx Xxxx Property back to the City of East Lansing Downtown Development Authority, in fee, free of any liens or encumbrances, except those in existence at the time of its transfer to the Developer, or, if construction of the building has started but has not been completed sufficiently to provide payments to the DDA under the Interlocal Agreement, pay the DDA in accordance with the provisions of the Land Transfer Agreement.

Land Transfer Agreement. The Developer, the DDA, and the City shall enter into a written agreement, the “Land Transfer Agreement” (Exhibit F), which describes the transfer of one-third, approximately 2,860 2,249 square feet, of the DDA 000 Xxxxx Xxxx Property to Developer for the development of Building A and the remaining two-thirds of the DDA 000 Xxxxx Xxxx Property to the City for the realignment of Abbot Road Xxxxxx Avenue and the expansion of the City parking lot on the northwest corner of Abbot Road and Xxxxxx Avenue. The Land Transfer Agreement sets forth the price, terms, terms and other considerations of consideration for the purchase, exchange, method, and timing for transfers for the DDA Property and City Property. The portion of the DDA 303 Xxxxxx 000 Xxxxx Xxxx Property transferred to the Developer shall be used in the development of Building A; provided that, should Developer be unable to obtain all of its required approvals, permits, and incentives for the construction of Building A A, the Land Transfer Agreement shall terminate with no further obligation of either party except those that are specified in the Land Transfer Agreement. The closing of the transfer shall occur contemporaneously with the closing of the Developer’s construction financing. Until the construction financing for the project Project closes, or earlier, if the DDA consents, the DDA 000 Xxxxx Xxxx Property shall not be mortgaged, pledged or have any liens or encumbrances placed thereon; evidence of this restriction shall be filed with the Register of Deeds if transfer to the Developer takes place prior to the closing on the Developer’s construction financing. In the event Building A, for any reason whatsoever, is not completely constructed pursuant to the terms of this Agreement, the Developer, or its successor, shall deed the DDA 303 Abbot 000 Xxxxx Xxxx Property back to the City of East Lansing Downtown Development Authority, in fee, free of any liens or encumbrances, except those in existence at the time of its transfer to the Developer, or, or, if construction of the building has started but has not been completed sufficiently to provide payments to the DDA under the Interlocal Agreement, pay the DDA in accordance with the provisions of the Land Transfer Agreement.

Land Transfer Agreement. The Developer, the DDA, and the City shall enter into a written agreement, the “Land Transfer Agreement” (Exhibit F), which describes the transfer of one-third, approximately 2,860 2,249 square feet, of the DDA 000 Xxxxx Xxxx Property to Developer for the development of Building A and the remaining two-thirds of the DDA 000 Xxxxx Xxxx Property to the City for the realignment of Abbot Road Xxxxxx Avenue and the expansion of the City parking lot on the northwest corner of Abbot Road and Xxxxxx Avenue. The Land Transfer Agreement sets forth the price, terms, terms and other considerations of consideration for the purchase, exchange, method, and timing for transfers for the DDA Property and City Property. The portion of the DDA 303 Xxxxxx 000 Xxxxx Xxxx Property transferred to the Developer shall be used in the development of Building A; provided that, should Developer be unable to obtain all of its required approvals, permits, and incentives for the construction of Building A A, the Land Transfer Agreement shall terminate with no further obligation of either party except those that are specified in the Land Transfer Agreement. The closing of the transfer shall occur contemporaneously with the closing of the Developer’s construction financing. Until the construction financing for the project Project closes, or earlier, if the DDA consents, the DDA 000 Xxxxx Xxxx Property shall not be mortgaged, pledged or have any liens or encumbrances placed thereon; evidence of this restriction shall be filed with the Register of Deeds if transfer to the Developer takes place prior to the closing on the Developer’s construction financing. In the event Building A, for any reason whatsoever, is not completely constructed pursuant to the terms of this Agreement, the Developer, or its successor, shall deed the DDA 303 Abbot 000 Xxxxx Xxxx Property back to the City of East Lansing Downtown Development Authority, in fee, free of any liens or encumbrances, except those in existence at the time of its transfer to the DeveloperDeveloper the DDA may require the property to revert to the DDA pursuant to subparagraph c) of this section.

Land Transfer Agreement. The Developer, the DDA, and the City shall enter into a written agreement, the “Land Transfer Agreement” (Exhibit F), which describes the transfer of one-third, approximately 2,860 2,249529 square feet, of the DDA 000 Xxxxx Xxxx Property to Developer for the development of Building A and the remaining two-thirds of the DDA 000 Xxxxx Xxxx Property to the City for the realignment of Abbot Road Xxxxxx Avenue and the expansion of the City parking lot on the northwest corner of Abbot Road and Xxxxxx Avenue. The Land Transfer Agreement sets forth the price, terms, terms and other considerations of consideration for the purchase, exchange, method, and timing for transfers for the DDA Property and City Property. The portion of the DDA 303 Xxxxxx 000 Xxxxx Xxxx Property transferred to the Developer shall be used in the development of Building A; provided that, should Developer be unable to obtain all of its required approvals, permits, and incentives for the construction of Building A A, the Land Transfer Agreement shall terminate with no further obligation of either party except those that are specified in the Land Transfer Agreement. The closing of the transfer shall occur contemporaneously with the closing of the Developer’s construction financing. Until the construction financing for the project Project closes, or earlier, if the DDA consents, the DDA 000 Xxxxx Xxxx Property shall not be mortgaged, pledged or have any liens or encumbrances placed thereon; evidence of this restriction shall be filed with the Register of Deeds if transfer to the Developer takes place prior to the closing on the Developer’s construction financing. In the event Building A, for any reason whatsoever, is not completely constructed pursuant to the terms of this Agreement, the Developer, or its successor, shall deed the DDA 303 Abbot 000 Xxxxx Xxxx Property back to the City of East Lansing Downtown Development Authority, in fee, free of any liens or encumbrances, except those in existence at the time of its transfer to the Developer, or, or, if construction of the building has started but has not been completed sufficiently to provide payments to the DDA under the Interlocal Agreement, pay the DDA in accordance with the provisions of the Land Transfer Agreement.