Common use of City’s Option to Purchase Property Clause in Contracts

City’s Option to Purchase Property. In any case where the holder of any mortgage obtains title to the Project Site and any New Building or any part thereof as a result of foreclosure proceedings or action in lieu thereof, prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements for the New Building, the City shall (and any additional mortgage instrument made after the date of this Redevelopment Agreement with respect to the Project Site or any part thereof prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements shall so provide) be entitled, at its option, to a conveyance to it of the Project Site or any part thereof upon payment to such holder of an amount equal to the sum of: (1) The mortgage debt at the time of foreclosure or action in lieu thereof (less all the appropriate credits including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (2) All expense with regard to foreclosure; (3) The net expense, if any, incurred by such holder in and as a direct result of its subsequent management and operation of the Project Site; (4) The depreciated cost of any improvement made by such holder; (5) An amount equal to the interest that would have accrued on the aggregate of such amounts had all such amounts become a part of the mortgage debt and such debt had continued in existence; and (6) All other reasonable holding costs actually incurred as to the Project Site. The City’s option shall remain in force for ninety (90) days after the date the holder of any mortgage obtains title to said Project Site or part thereof and notifies the City, unless the City waives the option prior to the end of such 90-day period. In the event the City exercises its option under this Section, then the City shall be required to repay in full any and all outstanding amounts of the TIF Bond and thereafter the City shall be entitled to receive the TIF Tax Revenues.

City’s Option to Purchase Property. In any case where the holder of any mortgage obtains title to the Project Site and any New Building Housing or any part thereof as a result of foreclosure proceedings or action in lieu thereof, prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements for the applicable phase of the New BuildingHousing, the City shall (and any additional mortgage instrument made after the date of this Redevelopment Agreement with respect to the Project Site or any part thereof prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements shall so provide) be entitled, at its option, to a conveyance to it of the Project Site or any part thereof upon payment to such holder of an amount equal to the sum of: (1) The mortgage debt at the time of foreclosure or action in lieu thereof (less all the appropriate credits including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (2) All expense with regard to foreclosure; (3) The net expense, if any, incurred by such holder in and as a direct result of its subsequent management and operation of the Project Site; (4) The depreciated cost of any improvement made by such holder; (5) An amount equal to the interest that would have accrued on the aggregate of such amounts had all such amounts become a part of the mortgage debt and such debt had continued in existence; and (6) All other reasonable holding costs actually incurred as to the Project Site. The City’s option shall remain in force for ninety (90) days after the date the holder of any mortgage obtains title to said Project Site or part thereof and notifies the City, unless the City waives the option prior to the end of such 90-day period. In the event the City exercises its option under this Section, then the City shall also be required to repay in full any and all outstanding amounts of the Project One TIF Bond or Project Two TIF Bond and thereafter the City shall be entitled to receive the Project One TIF Tax RevenuesBond Proceeds and Project Two TIF Bond Proceeds.

City’s Option to Purchase Property. In any case where the holder of any mortgage obtains title to the Project Site and any New Building or any part thereof as a result of foreclosure proceedings or action in lieu thereof, prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements for the New Building, the City shall (and any additional mortgage instrument made after the date of this Redevelopment Agreement with respect to the Project Site or any part thereof prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements shall so provide) be entitled, at its option, to a conveyance to it of the Project Site or any part thereof upon payment to such holder of an amount equal to the sum of: (1) The mortgage debt at the time of foreclosure or action in lieu thereof (less all the appropriate credits including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (2) All expense with regard to foreclosure; (3) The net expense, if any, incurred by such holder in and as a direct result of its subsequent management and operation of the Project Site; (4) The depreciated cost of any improvement made by such holder; (5) An amount equal to the interest that would have accrued on the aggregate of such amounts had all such amounts become a part of the mortgage debt and such debt had continued in existence; and (6) All other reasonable holding costs actually incurred as to the Project Site. The City’s option shall remain in force for ninety (90) days after the date the holder of any mortgage obtains title to said Project Site or part thereof and notifies the City, unless the City waives the option prior to the end of such 90-day period. In the event the City exercises its option under this Section, then the City shall be required to repay in full any and all outstanding amounts of the TIF Bond and thereafter the City shall be entitled to receive the TIF Tax RevenuesBond Proceeds.

City’s Option to Purchase Property. In any case where the holder of any mortgage obtains title to the Project Site and any New Building or any part thereof Private Improvements as a result of foreclosure proceedings or action in lieu thereof, prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements for the New BuildingPrivate Improvements, the City shall (and any additional mortgage instrument made after the date of this Redevelopment Agreement with respect to the Project Site or any part thereof prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements shall so provide) be entitled, at its option, to a conveyance to it of the Project Site or any part thereof upon payment to such holder of an amount equal to the sum of: (1) The mortgage debt at the time of foreclosure or action in lieu thereof (less all the appropriate credits including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (2) All expense with regard to foreclosure; (3) The net expense, if any, incurred by such holder in and as a direct result of its subsequent management and operation of the Project Site; (4) The depreciated cost of any improvement made by such holder; (5) An amount equal to the interest that would have accrued on the aggregate of such amounts had all such amounts become a part of the mortgage debt and such debt had continued in existence; and (6) All other reasonable holding costs actually incurred as to the Project Site. The City’s option shall remain in force for ninety (90) days after the date the holder of any mortgage obtains title to said Project Site or part thereof and notifies the City, unless the City waives the option prior to the end of such 90-day period. In the event the City exercises its option under this Section, then the City shall also be required to repay in full any and all outstanding amounts of the TIF Bond Bonds and thereafter the City TIF indebtedness and shall be entitled entitle to receive the TIF Tax RevenuesProceeds.

City’s Option to Purchase Property. In any case where the holder of any mortgage obtains title to the Project Site or any parts thereof and any New Building Private Improvement or any part thereof as a result of foreclosure proceedings or action in lieu thereof, prior to the issuance by the City of the Redeveloper’s Certificate of Completion of Improvements for of the New BuildingPrivate Improvements, the City shall (and any additional mortgage instrument made after the date of this Redevelopment Agreement with respect to the applicable Project Site or any part thereof prior to issuance by the City of the Redeveloper’s Certificate of Completion of Private Improvements shall so provide) be entitled, at its option, to a conveyance to it of the applicable Project Site or any part thereof upon payment of to such holder of an amount equal to the sum of: (1) The mortgage debt at the time of foreclosure or action in lieu thereof (less all the appropriate credits including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (2) All expense with regard to foreclosure; (3) The net expense, if any, incurred by such holder in and as a direct result of its subsequent management and operation of the Project Site; (4) The depreciated cost of any improvement made by such holder; (5) An amount equal to the interest that would have accrued on the aggregate of such amounts had all such amounts become a part of the mortgage debt and such debt had continued in existence; and (6) All other reasonable holding costs actually incurred as to the Project Site. The City’s option shall remain in force for ninety (90) days after the date the holder of any mortgage obtains title to said Project Site or part thereof and notifies the City, unless the City waives the option prior to the end of such 90-day period. In the event the City exercises its option under this Section, then the City shall be required to repay in full any and all outstanding amounts of the applicable TIF Bond and thereafter the City shall be entitled to receive the applicable TIF Tax RevenuesBond Proceeds.

City’s Option to Purchase Property. In any case where the holder of any mortgage obtains title to the Phase I Project Site and any New Building or any part thereof as a result of foreclosure proceedings or action in lieu thereof, prior to issuance by the City of the Redeveloper’s 's Certificate of Completion of Improvements for the New BuildingCompletion, the City shall (and any additional mortgage instrument made after the date of this Redevelopment Agreement with respect to the Phase I Project Site or any part thereof prior to issuance by the City of the Redeveloper’s 's Certificate of Completion of Improvements for the applicable ownership shall so provide) be entitled, at its option, to a conveyance to it of the Phase I Project Site or any part thereof upon payment to such holder of an amount equal to the sum of: (1) The mortgage debt at the time of foreclosure or action in lieu thereof (less all the appropriate credits including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (2) All expense with regard to foreclosure; (3) The net expense, if any, incurred by such holder in and as a direct result of its subsequent management and operation of the Phase I Project Site; (4) The depreciated cost of any improvement made by such holder; (5) An amount equal to the interest that would have accrued on the aggregate of such amounts had all such amounts become a part of the mortgage debt and such debt had continued in existence; and (6) All other reasonable holding costs actually incurred as to the Phase I Project Site. The City’s 's option shall remain in force for ninety (90) days after the date the holder of any mortgage obtains title to said the Phase I Project Site or part thereof and notifies the City, unless the City waives the option prior to the end of such 90-day period. In the event the City exercises its option under this Section, then the City shall be required to repay in full any and all outstanding amounts of the TIF Bond and thereafter the City shall be entitled to receive the TIF Tax Revenues.

City’s Option to Purchase Property. In any case where the holder of any mortgage obtains title to the Project Site and any New Building or any part thereof Private Improvements as a result of foreclosure proceedings or action in lieu thereof, prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements for the New BuildingPrivate Improvements, the City shall (and any additional mortgage instrument made after the date of this Redevelopment Agreement with respect to the Project Site or any part thereof prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements shall so provide) be entitled, at its option, to a conveyance to it of the Project Site or any part thereof upon payment to such holder of an amount equal to the sum of: (1) The mortgage debt at the time of foreclosure or action in lieu thereof (less all the appropriate credits including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (2) All expense with regard to foreclosure; (3) The net expense, if any, incurred by such holder in and as a direct result of its subsequent management and operation of the Project Site; (4) The depreciated cost of any improvement made by such holder; (5) An amount equal to the interest that would have accrued on the aggregate of such amounts had all such amounts become a part of the mortgage debt and such debt had continued in existence; and (6) All other reasonable holding costs actually incurred as to the Project Site. The City’s option shall remain in force for ninety (90) days after the date the holder of any mortgage obtains title to said Project Site or part thereof and notifies the City, unless the City waives the option prior to the end of such 90-day period. In the event the City exercises its option under this Section, then the City shall also be required to repay in full any and all outstanding amounts of the TIF Bond Bonds and thereafter the City TIF indebtedness and shall be entitled to receive the TIF Tax RevenuesProceeds.

City’s Option to Purchase Property. In any case where the holder of any mortgage obtains title to the Project Site and any New Building or any part thereof as a result of foreclosure proceedings or action in lieu thereof, prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements for the New Building, the City shall (and any additional mortgage instrument made after the date of this Redevelopment Agreement with respect to the Project Site or any part thereof prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements shall so provide) be entitled, at its option, to a conveyance to it of the Project Site or any part thereof upon payment to such holder of an amount equal to the sum of: (1) The mortgage debt at the time of foreclosure or action in lieu thereof (less all the appropriate credits including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (2) All expense with regard to foreclosure; (3) The net expense, if any, incurred by such holder in and as a direct result of its subsequent management and operation of the Project Site; (4) The depreciated cost of any improvement made by such holder; (5) An amount equal to the interest that would have accrued on the aggregate of such amounts had all such amounts become a part of the mortgage debt and such debt had continued in existence; and (6) All other reasonable holding costs actually incurred as to the Project Site. The City’s option shall remain in force for ninety (90) days after the date the holder of any mortgage obtains title to said Project Site or part thereof and notifies the City, unless the City waives the option prior to the end of such 90-day period. In the event the City exercises its option under this Section, then the City shall be required to repay in full any and all outstanding amounts of the TIF Bond and thereafter the City shall be entitled to receive the TIF Tax Revenues.

City’s Option to Purchase Property. In any case where the holder of any mortgage obtains title to the Project Site and any New Building or any part thereof Private Improvements as a result of foreclosure proceedings or action in lieu thereof, prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements for the New BuildingPrivate Improvements, the City shall (and any additional mortgage instrument made after the date of this Redevelopment Agreement with respect to the Project Site or any part thereof prior to issuance by the City of the Redeveloper’s Certificate of Completion of Improvements shall so provide) be entitled, at its option, to a conveyance to it of the Project Site or any part thereof upon payment to such holder of an amount equal to the sum of: (1) The mortgage debt at the time of foreclosure or action in lieu thereof (less all the appropriate credits including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (2) All expense with regard to foreclosure; (3) The net expense, if any, incurred by such holder in and as a direct result of its subsequent management and operation of the Project Site; (4) The depreciated cost of any improvement made by such holder; (5) An amount equal to the interest that would have accrued on the aggregate of such amounts had all such amounts become a part of the mortgage debt and such debt had continued in existence; and (6) All other reasonable holding costs actually incurred as to the Project Site. The City’s option shall remain in force for ninety (90) days after the date the holder of any mortgage obtains title to said Project Site or part thereof and notifies the City, unless the City waives the option prior to the end of such 90-day period. In the event the City exercises its option under this Section, then the City shall also be required to repay in full any and all outstanding amounts of the TIF Bond A and thereafter the City TIF Bond B and shall be entitled to receive the TIF Tax RevenuesBond A Proceeds and TIF Bond B Proceeds.

City’s Option to Purchase Property. In any case where the holder of any mortgage obtains title to the Project Site and any New Building or any part thereof as a result of foreclosure proceedings or action in lieu thereof, prior to issuance by the City of the Redeveloper’s 's Certificate of Completion of Improvements for the New Building, the City shall (and any additional mortgage instrument made after the date of this Redevelopment Agreement with respect to the Project Site or any part thereof prior to issuance by the City of the Redeveloper’s 's Certificate of Completion of Improvements shall so provide) be entitled, at its option, to a conveyance to it of the Project Site or any part thereof upon payment to such holder of an amount equal to the sum of: (1) The mortgage debt at the time of foreclosure or action in lieu thereof (less all the appropriate credits including those resulting from collection and application of rentals and other income received during foreclosure proceedings); (2) All expense with regard to foreclosure; (3) The net expense, if any, incurred by such holder in and as a direct result of its subsequent management and operation of the Project Site; (4) The depreciated cost of any improvement made by such holder; (5) An amount equal to the interest that would have accrued on the aggregate of such amounts had all such amounts become a part of the mortgage debt and such debt had continued in existence; and (6) All other reasonable holding costs actually incurred as to the Project Site. The City’s 's option shall remain in force for ninety (90) days after the date the holder of any mortgage obtains title to said Project Site or part thereof and notifies the City, unless the City waives the option prior to the end of such 90-day period. In the event the City exercises its option under this Section, then the City shall be required to repay in full any and all outstanding amounts of the TIF Bond and thereafter the City shall be entitled to receive the TIF Tax RevenuesBond Proceeds.