CONVEYANCE INSTRUMENT DEPOSIT. If the negotiations contemplated by this MOU result in the execution of a Conveyance Instrument, subject to the agreement of the parties, the Conveyance Instrument will require that Regency submit to City a deposit in the form of a cash deposit, cashier’s check or other form of security reasonable acceptable to City to insure (i) that Regency will proceed diligently and in good faith to perform all of Regency’s obligations under the Conveyance Instrument (“Conveyance Instrument Deposit”) and (ii) the City will recover its costs for the transaction. The amount and terms of the Conveyance Instrument Deposit shall be outlined in the Conveyance Instrument.
CONVEYANCE INSTRUMENT DEPOSIT. If negotiations pursuant to this Agreement result in the execution of Conveyance Instruments by the parties, the Conveyance Instruments will require SHP to submit to City or Successor Agency a deposit in the form of a cash deposit, cashier’s check or other form of security reasonable acceptable to City and Successor Agency to insure (i) that SHP will proceed diligently and in good faith to perform all of SHP’s obligations under the Conveyance Instrument (“Conveyance Instrument Deposit”) and (ii) Successor Agency will recover its costs for the transaction. The amount and terms of the Conveyance Instrument Deposit will be outlined in the Conveyance Instrument.
