Exchange of Deeds. At the Effective Time, (i) PSP11 will receive from escrow deeds for the PSI Exchange Properties and (ii) PSI will receive from escrow deeds for the PSP11 Exchange Properties. PSP11 and PSI acknowledge that the PSP11 Exchange Properties, and the PSI Exchange Properties, have the respective values set forth in Exhibits B and C hereto. PSP11 and PSI also acknowledge that the Exchange is intended to qualify, as to each of PSP11 and PSI, for "like-kind exchange" treatment under Section 1031 of the Code.
Exchange of Deeds. On the Transfer Date, Columbia shall transfer fee simple title to the Shoreside Facilities Sites to the City, and the City shall immediately thereafter transfer fee simple title to the Shoreside Facilities Sites which shall include the thirty (30) year reversion as described in Section 9.01, back to Columbia. The City will promptly execute such instruments reasonably requested by Columbia to ensure that the reversion of the Shoreside Facilities Sites occurs no earlier than thirty (30) years from the Transfer Date, unless said property has reverted back to the City prior to such date in accordance with the provisions of this Agreement.
Exchange of Deeds. At a time and place to be agreed upon by the parties, but prior to the beginning of construction on the New Deck and in any event by May 28, 2021: The Town will execute and deliver to Xxxxx a fee simple general warranty deed conveying marketable title to the Xxxxxxx Deck Property and the Corner Lot. Xxxxx will execute and deliver to the Town a fee simple general warranty deed conveying marketable title to the CVS Deck Property and the Investor’s Title Insurance Company (ITIC) Lot. The Town will pay $_________ to Xxxxx to reconcile the difference in property values exchanged and an additional amount to reimburse Xxxxx for New Deck Total Cost expended by Xxxxx through the Closing Date. The Parties will execute and deliver the “Xxxxxxx Deck Lease” in the form of Exhibit B, with only such additional changes as the parties may agree upon. The execution and delivery of the final form Xxxxxxx Deck Lease will constitute conclusive evidence that the parties have agreed on any such changes. The Town will execute and deliver a license agreement as set forth in Section 3(g) hereof. The Town will execute and deliver a xxxx of sale in connection with the Xxxxxxx Deck Property. The acts of executing, delivering and paying described above will be referred to as the “Closing,” and the date of those actions will be referred to as the “Closing Date.” If the Closing has not occurred by the end of the calendar day on May 28, 2020, neither Party shall have any further obligations under this Agreement. The parties will execute and deliver such certificates and other documents as may be reasonably appropriate to effect the planned conveyances. The only monetary adjustment to the transfers stated above will be to pro-rate taxes on the CVS Deck Property and the ITIC Lot to the Closing Date.
