CCP 06-02-2014 - Laserfiche WebLink

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Improvements; provided, however, that such Expansion Improvements to be constructed upon the Option Property (or portion thereof) need not include building improvements and may include only parking or other non - building improvements; and (4) Expansion Improvements must be commenced within one (1) year following the date of the applicable Option Closing Date, subject to Unavoidable Delays, and completed within two (2) years following the date of the applicable Option Closing Date, subject to Unavoidable Delays. In the event that the Owner fails to comply with the deadlines set forth in this Section 4.4(c)(4), then the City, as its sole remedy, shall have the right to repurchase the Option Property (or portion thereof) that the Owner purchased in connection with such Expansion Improvements. To exercise such right, the City must deliver written notice to the Owner its intent to repurchase within sixty (60) days following the expiration of the applicable deadline. If such right is exercised in accordance with these requirements, the Owner will re- convey such Option Property to the City by limited warranty deed (subject to all easements, covenants and restriction of record) for a total consideration equal to the Option Property Purchase Price paid by the Owner to the City for such Option Property. The closing shall occur within thirty (30) days after the date of receipt of the City's notice and, upon conveyance, the City shall pay the repurchase price and all closing costs in funds readily available. Ad valorem taxes and assessments shall be prorated as of 12:01 a.m. on the date of such reconveyance. (d) The Option Property shall be conveyed for any purpose consistent with Applicable Laws. The Option Property conveyed shall not be further subdivided for a period of ten (10) years after the date of conveyance to the Owner. (e) The term of the option multiple periods are as follows. (1) "Option Period 1" shall commence on the date hereof and continue through May 31, 2017. During Option Period 1, the option shall be exclusive to Owner. Option Period 1 shall only be effective and Owner shall only have a right to exercise the option if there is no existing and uncured material Event of Default under this Agreement by the Owner and the Redevelopment Property has been conveyed to the Owner and the Minimum Improvements have been completed in accordance with this Agreement. (2) "Option Period 2" shall commence on June 1, 2017 and continue through May 31, 2019. During Option Period 2, the option shall remain exclusive to the Owner and the City agrees not to convey or otherwise encumber the Option Property during the Option Period 2 so long as the Owner pays to the City an option fee of $20,000.00 per acre ( "Option Period 2 Fee "). The Option Period 2 Fee shall be payable to the City on or before June 1, 2017. If the Owner fails to pay the Option Period 2 Fee within thirty (30) days after the Option Period 2 Fee is due, then the option shall terminate and no longer be in effect. Option Period 2 shall only be effective and the Owner shall only have a right to exercise the option if there is no existing and uncured material Event of Default under this Agreement by the Owner and the Redevelopment Property has been conveyed to the Owner. Option Period 2 Fee shall be non - refundable, except in the event of any Event of Default by the City hereunder and except as provided in Section 4.4(0), but upon the 20