CCP 06-02-2014 - Laserfiche WebLink

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occurrence of the Option Property Closing, shall be applied as a credit towards the Option Property Purchase Price. (3) "Option Period 3" shall commence on June 1, 2019 and continue through May 31, 2021. During Option Period 3, 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 3 so long as the Owner pays to the City an option fee of $20,000.00 per acre ( "Option Period 3 Fee "). The Option Period 3 Fee shall be payable to the City on or before June 1, 2019. If the Owner fails to pay the Option Period 3 Fee within thirty (30) days after the Option Period 3 Fee is due, then the option shall terminate and no longer be in effect. Option Period 3 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. Option Period 3 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(o), but upon the occurrence of the Option Property Closing, Option Period Fee 2 and Option Period Fee 3 shall be applied as a credit towards the Option Property Purchase Price. (4) The option shall be exercised by Owner providing the City with notice during the above mentioned option periods (an "Option Notice "). The Option Notice shall include a description (including the acreage) of the Option Property to be purchased pursuant to such Option Notice. The option shall not be exercised if the Minimum Improvements have not been completed in accordance with this Agreement. (5) After receipt of an Option Notice and subject to the terms of this Agreement, the City agrees to sell and the Owner agrees to purchase the Option Property (or portion thereof) for the Option Property Purchase Price. The City shall, subject to the conditions herein, convey title to and possession of the Option Property (or portion thereof) on the Option Property Closing Date, subject only to the Option Permitted Encumbrances (as defined below). The City shall execute and deliver the Redevelopment Option Property Deed attached as Exhibit C at the Option Property Closing for the Option Property (or portion thereof). At its expense, the Owner may obtain any title insurance policy and endorsements it deems necessary. All sums shall be paid by wire transfer of funds on the Option Property Closing Date. The Owner shall promptly record the Redevelopment Option Property Deed. (f) Within a reasonable time after receipt of the Option Notice and at its expense, the City agrees to obtain and shall deliver to the Owner a commitment for an ALTA Form owner's title insurance policy issued by the Title Company, naming the Owner as the proposed owner- insured of the Option Property (or portion thereof) in the amount of the Option Property Purchase Price (the "Option Commitment "). The Option Commitment shall have a current date as its effective date and shall commit to insure marketable title in the Owner, free and clear of all mechanics' lien claims, questions of survey, unrecorded interests, rights of parties in possession or other exceptions. The Option Commitment shall set forth all levied real estate and special assessments. The Option Commitment shall include such title policy endorsements as may be requested by the Owner. The Option Commitment shall have attached copies of all instruments 21