The Bluff Property and the Triangle Property Sample Clauses

The Bluff Property and the Triangle Property. All in accordance with the Act, the Parties hereto each agree and acknowledge that the City shall transfer ownership of the Bluff Property and the Triangle Property upon the completion of the following conditions: (1) the payment by Developer of Ten and 00/100 Dollars ($10.00); (2) Developer shall submit updated estimates of Redevelopment Project Costs and Total Project Cost, the form and content of which shall be reasonably acceptable to the City; (3) approval of the final PUD for the initial phase of the Bluff Project; and, (4) the closing of construction financing for the initial phase of the Bluff Project (collectively, the “Transfer Conditions”). The City shall, not later than five (5) business days after the approval of this Agreement, deposit a deed transferring fee simple title for the Bluff Property and the Triangle Property to the Developer (the “Deed”), or its assignee, into an escrow account at a mutually agreed upon title company or other escrowee (“Escrowee”), along with mutually acceptable instructions regarding the disposition of said Deed (“Instructions”). The Instructions shall direct Escrowee to record the Deed and deliver the same to Developer only upon the satisfaction of the Transfer Conditions; provided, however, that the Deed shall be returned to the City in the event that each of the Transfer Conditions have not been fulfilled within twenty- four (24) months after the approval of the final PUD for the initial phase of the Bluff Project. Developer shall be responsible for the cost of any survey(s), owner’s and lender’s title insurance policies, transfer taxes and other standard and customary closing fees.
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