Determination of Parcels to be Acquired by Eminent Domain Sample Clauses

Determination of Parcels to be Acquired by Eminent Domain. 1. US2 or a Parcel Developer, (if and to the extent permitted in accordance with the terms and conditions of Section V.B hereof) shall use good faith diligent efforts to privately acquire a fee interest in each of the Disposition Parcels (or portion thereof, to the extent the City or SRA already owns the fee in a portion thereof) (each a “Privately Acquired Disposition Parcel”, and together, the “Privately Acquired Disposition Parcels”). US2 shall keep the SRA updated from time-to-time on the status of such approach as private agreements with property owners are reached or if other facts and circumstances change, but shall provide the SRA with a detailed written status report on a quarterly basis (a “Quarterly Status Report”). The Quarterly Status Report shall set forth in sufficient detail all steps taken, and a proposed schedule for all steps to be taken in order to acquire a fee interest in each of the Disposition Parcels, including without limitation performing a Phase I environmental study. If, despite US2’s private negotiations, US2 or a Parcel Developer has not acquired a Disposition Parcel in time to facilitate development of such property in accordance with the then current Master Project Schedule, then US2 or the Parcel Developer may request via written notice that the SRA take any such Disposition Parcel (or portion thereof) not owned by the City or the SRA as of the date hereof (a “Notice of Inability to Acquire”). Provided US2 is not then in default under this Master LDA and remains the designated redeveloper under the Revitalization Plan, the SRA shall commence, and pursue to completion, proceedings to take the Disposition Parcel (or portion thereof) set forth in the Notice of Inability to Acquire by eminent domain and convey it by release deed (each such deed, as respects any Disposition Parcel, a “Disposition Parcel Deed”) to US2 or the Parcel Developer designated by US2 in accordance with the terms and conditions of this Master LDA (including, without limitation, Article V hereof). Such Disposition Parcel Deed shall be in substantially the form attached hereto as EXHIBIT D. Notwithstanding the commencement of such proceedings, both Parties acknowledge that their preference is for US2 or a Parcel Developer to acquire such Disposition Parcel privately, without the use of the SRA’s eminent domain powers. Notwithstanding the foregoing, (A) within thirty (30) days of delivery of the Notice of Inability to Acquire, US2 or the applicable Parcel D...
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Related to Determination of Parcels to be Acquired by Eminent Domain

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