RP2 Sample Clauses

RP2. Within fifteen (15) years from the Effective Date, the Owner shall have either (a) deeded RP2 to the District subject to deed restrictions requiring the land to be used for public purposes or (2) delivered to the City the RP2 Option Agreement. The sole remedy of the City in the event the Owner fails to meet this requirement is that the Owner will not be permitted to extend this Agreement for any additional period of time under Section 18. The deed from the Owner to the District shall contain no restrictions or conditions that are inconsistent with the full and perpetual use of such land for public park purposes, provided that the foregoing shall not prohibit the use of RP2 for Stormwater Management as shall be approved by the City. RP2 shall be open to the public with the improvements to the Regional Park substantially completed within three (3) years from the date it is deeded to the District. The improvements in RP2 shall meet the specifications set forth in the Development Standards, as well as the requirements of the City Council specified during the approval of the Sector Plan containing RP2. The RP2 Option Agreement shall contain customary terms and conditions in relation to a ninety (90) day period for the City to enter onto the land that will be RP2 to conduct inspections and due diligence prior to acquiring title to the land.
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