Common use of Acquisition of the Property Clause in Contracts

Acquisition of the Property. Developer covenants and agrees to acquire the Property from the EDC within ninety (90) days of the Effective Date of this Agreement or consistent with the terms of a real estate sales contract executed by and between the Developer and the EDC. The Developer covenants and agrees the Property has a value of Three Hundred Four Thousand Seven Hundred Forty and No/100 Dollars ($304,740.00). Developer covenants and agrees to execute a deed of trust lien or other lien for the Property in a form acceptable to the EDC providing a first lien position to 14.093 acres of the Property, and a second lien position to 2.00 acres of the Property at the time of closing on the Property.

Acquisition of the Property. Developer covenants and agrees to acquire the Property from the EDC within ninety (90) days of the Effective Date of this Agreement or consistent with the terms of a real estate sales contract executed by and between the Developer and the EDC. The Developer covenants and agrees the Property has a value of Three One Hundred Ninety-Four Thousand Seven Two Hundred Forty Ninety-Two and No/100 Dollars ($304,740.00194,292.00). Developer covenants and agrees to execute a deed of trust lien or other lien for the Property in a form acceptable to the EDC providing a first lien position to 14.093 8.794 acres of the Property, and a second lien position to 2.00 acres of the Property at the time of closing on the Property.