Purchase by the Developer. At the end of the 27-year term of the Lease, the CDA shall convey to the Developer fee title to the Private Ramp. As consideration for the conveyance: (i) the Parking Lease shall contain participation agreement with the CDA whereby the CDA shall be entitled to receive twenty percent (20%) of the Parking Income throughout the lease term; and (ii) the Developer shall pay to the CDA the lump sum of Four Million and 00/100 Dollars ($4,000,000.00) at the end of the lease term (the “Terminal Payment”). For purposes of this section, “Parking Income” shall be defined in the Parking Lease.
Appears in 2 contracts
Sources: Development Agreement, Development Agreement