CCP 06-02-2014 - Laserfiche WebLink

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(c) At Closing, the Redeveloper shall deliver to the City and to the Owner: (1) The Remediation and Public Improvement Escrow Agreement (as defined below). (2) The Minimum Improvement Construction Escrow Agreement (as defined below). (3) A bring down certificate that certifies that the representations and warranties of the Redeveloper contained in this Agreement remain true and correct as of the Closing Date. Section 4.4. Option Property. (a) The City hereby grants an option to Owner to purchase the Option Property as shown in Exhibit L, subject to the terms and-conditions of this Section. The Owner may purchase the Option Property in its entirety (i.e. 3.6 acres) at one time or in no more than three (3) total phases (each, an "Option Property Closing "). If the Owner purchases the Option Property in phases, then the first purchase must comprise at least two acres and each subsequent purchase must comprise at least 0.8 acre. (b) The purchase price of the Option Property shall be $4.75 per square foot ("Option Property Purchase Price "), which square footage of the Option Property (or portion thereof) shall be determined by certification from the Owner's surveyor prior to each Option Property Closing (defined below), subject to the review and approval of the City, which approval shall not be unreasonably withheld. (c) Prior to each Option Property Closing, Owner shall submit to the City a concept plan for any proposed expansion of the Minimum Improvements ("Expansion Improvements ") on the Redevelopment Property or the Option Property. Prior to commencing the Expansion Improvements, the Owner shall submit final plans, subject to the review and approval of the City. Construction of the Expansion Improvements shall be in conformance with the approved aforementioned final plans and Applicable Laws. As a condition of exercising the option, the Owner shall agree to construct certain Expansion Improvements in accordance with the following requirements: (1) If the Owner elects to purchase the entire Option Property at one time, then Expansion Improvements shall consist of no less than 75,000 square feet; (2) If the Owner elects to purchase the Option Property in phases, then Expansion Improvements for Owner's first phased purchase of the Option Property shall consist of no less than 50,000 square feet for the initial two acres of Option Property and an additional 25,000 square feet to purchase the remaining portion of the Option Property that Owner elects to purchase; (3) At least a portion of any Expansion Improvements must be constructed on such portion of the Option Property purchased in connection with such Expansion 19