Common use of Conveyances to Developer Clause in Contracts

Conveyances to Developer. (a) In consideration of the Developer Stadium Obligations, upon Substantial Completion of the Stadium Pad Infrastructure and the Stadium Related Infrastructure, the Agency shall convey (or cause to be conveyed) to Developer fee title to the Compensating Land if at that time Developer is not in default in payment of the Developer Stadium Contribution, and in such phases as Developer shall Approve. Such conveyance shall occur irrespective of whether Developer has satisfied the Agency’s other conditions to the close of Escrow as set forth in Article 10. The Parties understand and agree that Developer’s right to the Compensating Land as set forth above is a material part of this DDA, and that Developer would not be willing to perform Developer Stadium Obligations without this provision. Developer shall have the right to enforce this provision by specific performance against the Agency under this DDA and against the City as a third-party beneficiary of the RecPark Land Transfer Agreement.

Conveyances to Developer. (a) In consideration of the Developer Stadium Obligations, upon Substantial Completion of the Stadium Pad Infrastructure and the Stadium Related Infrastructure, the Agency shall convey (or cause to be conveyed) to Developer fee title to the Compensating Land if at that time Developer is not in default in payment of the Developer Stadium Contribution, and in such phases as Developer shall Approve. Such conveyance shall occur irrespective of whether Developer has satisfied the Agency’s other conditions to the close of Escrow as set forth in Article 10. The Parties understand and agree that DeveloperXxxxxxxxx’s right to the Compensating Land as set forth above is a material part of this DDA, and that Developer would not be willing to perform Developer Stadium Obligations without this provision. Developer shall have the right to enforce this provision by specific performance against the Agency under this DDA and against the City as a third-party beneficiary of the RecPark Land Transfer Agreement.