Early Transfer Reverter Grant Deed Sample Clauses

Early Transfer Reverter Grant Deed. On or before the date the Early Transfer Deed is recorded, Developer shall execute, notarize and deliver to escrow a Grant Deed to the City for the Early Transfer Parcel in the form attached hereto as Exhibit U and incorporated herein by this reference (the “Early Transfer Reverter Grant Deed”). The Early Transfer Reverter Grant Deed will be held by Escrow Agent in escrow until it is recorded in accordance with this Section 2.15 or until it is returned by Escrow Agent to Developer (which Escrow Agent is hereby instructed to do if Closing occurs hereunder without the prior recordation of the Early Transfer Reverter Grant Deed). If for any reason Closing (as defined in Section 2.6) does not occur on or before the Outside Date and this Agreement is terminated in accordance with its terms, then within ten (10) days after the effective date of such termination, City and Developer hereby agree that the City will accept the Early Transfer Reverter Grant Deed and the Escrow Agent will record the Early Transfer Reverter Grant Deed in the Official Records of San Mateo County, California, in consideration for payment by City to Developer of funds in the amount of One Dollar ($1.00). The obligations under this Section 2.15.6 shall survive any such termination of this Agreement.‌
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Related to Early Transfer Reverter Grant Deed

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