PROCEEDS OF FUTURE SALES Sample Clauses

PROCEEDS OF FUTURE SALES. In the event of a bona fide arms-length sale or proposed sale of all or any portion of the Nominal Properties by the City, at any time within twenty (20) years from the date of transfer of the Nominal Properties from IO to the City, fifty percent (50%) of any Proceeds, as defined below, shall be paid to IO by the City and the amount of such Proceeds shall be a charge on the subject Nominal Property in favour of the IO until paid. For the purposes of this Section, "Proceeds" means the value in lawful money of Canada of all consideration and benefit paid or agreed to be paid for the subject Nominal Properties by a bona fide purchaser dealing at arm's length with the City (or the City's heirs, administrators, successors or assigns) including the value of all chattels situate thereon which are then owned by the City and which are intended to pass on such sale transaction and the value of any encumbrances or mortgages assumed by the City or taken back as part of the consideration for such sale transaction, less any real estate commission payable by the City in disposing of the subject Nominal Property to such a bona fide purchaser in an amount not to exceed the then current industry practice; and reasonable legal, consulting and accounting fees payable by the City in disposing of the subject Nominal Property. Nothing in this Section restricts or prevents the City from using, granting rights and/or disposing of its interest in the Nominal Properties, provided that such use, granting of rights and/or disposal is used for a municipal purpose. On the date of transfer of the Nominal Properties, the City shall register notice of this right on title to the Nominal Properties, in form and content acceptable to both IO and the City.