Xxxxxxx Money Deposit; Purchase of Development Parcels Sample Clauses

Xxxxxxx Money Deposit; Purchase of Development Parcels. Within five (5) days of the Effective Date, Developer shall deposit with Xxxxxxx Title Insurance, Inc. (“Escrow Agent”), the sum of Fifty Thousand Dollars ($50,000.00) (“Xxxxxxx Money”). Time is of the essence with respect to delivery of the Xxxxxxx Money. Upon expiration of the Inspection Period, the Xxxxxxx Money shall be non-refundable to Developer except in the case of City’s default or as otherwise set forth in this Agreement. The Xxxxxxx Money shall be applied to the Purchase Price at Closing on Phase 1 and Phase 2. The Developer shall have the absolute right to purchase and acquire from the City each of the Development Parcels shown upon Exhibit B subject to Developer’s compliance with the terms and conditions of this Agreement. The purchase prices for each such Development Parcel are as shown upon Exhibit C but each purchase price for each Phase shall automatically be increased by the prior year’s average for the Consumer Price Index for All Urban Consumers as determined by the U.S. Bureau of Labor Statistics (“CPI-U”), compounded annually, beginning on the date that is one year from the Effective Date and for each year thereafter. Developer’s rights to purchase and acquire the Development Parcels are assignable subject to the restrictions as provided for elsewhere in this Agreement.
Sample 1
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