Effective Date/Sequence of Approvals Sample Clauses

Effective Date/Sequence of Approvals. The Parties agree that this Agreement will not become effective, and no party will have any obligation under this Agreement unless each of the following occurs: (1) this Agreement is executed by all parties, (2) the City has entered into an Intergovernmental Agreement with ADOT, pursuant to which the City will convey the City Property to ADOT (the “IGA”), (3) Vintage has entered into an Implementation Agreement with ADOT, pursuant to which Vintage will design and construct new operational facilities for ADOT on the Vintage Property (“New ADOT Facilities”) and, immediately following the completion of the New ADOT Facilities, ADOT will transfer its property to Vintage and, concurrently, the City will convey the City Property to ADOT pursuant to the IGA, ADOT will transfer the Mill Town Property to Vintage, and the City-approved final plat dedicating all right-of-way required for the City Transportation Improvements will be recorded (the “Implementation Agreement”), (4) Vintage’s application to rezone the Mill Town Property to Highway Commercial (“HC”) and Resource Protection Overlay (“RPO”) is approved by the City Council and the rezoning becomes final and effective (the “Direct to Ordinance Zoning Map Amendment Rezoning Ordinance”), (5) the conditional use permits to allow the Rooming and Boarding use on the Mill Town Property and additional building height (“CUP”) are approved by the Planning and Zoning Commission and become final and effective, and (65) this Agreement is recorded as required by A.R.S. § 9-500.05(D). The City, Vintage, and ADOT will use an escrow process to ensure that all transfers of property and recordation of right-of-way and public easement dedications occur simultaneously. The date on which all of the foregoing items have been completed is the “Effective Date” of this Agreement. If a challenge is properly made to the Agreement or, the Rezoning Ordinance, or the CUP, this Agreement will become effective after resolution of any such challenges in favor of the City. If requested by either party, the parties shall execute an amendment to this Agreement confirming the Effective Date.
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