Globe Theater Sample Clauses

Globe Theater. Provided the Redeveloper acquires such property, the Redeveloper agrees to renovate and preserve the building located at 00 Xxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxxx (the “Globe Theater”) and to restrict the future use thereof to predominantly cultural uses such as, but not limited to, theatrical performances and/or performance education, or similar uses such as ballet, dance, symphonic orchestra performances and concerts (“Cultural/Performance Space”). The foregoing use restriction on the Globe Theater shall remain in effect from the date Redeveloper acquires title to the Globe Theater until the later of (i) that date which is thirty (30) years after the Redeveloper acquires title to the Globe Theater, or (ii) the date of expiration of the Covenant on Use set forth in Article XIV hereof. The Redeveloper agrees that in the event the Redeveloper or an Affiliate of the Redeveloper acquires title to the Globe Theater, and at any time thereafter desires to sell the Globe Theater and shall have received a bona fide written offer from a third party for the purchase thereof which it wishes to accept, it shall by written notice to the City, enclosing a copy of such written bona fide offer, offer to the City the right to enter into a contract for the purchase of the Globe Theater, and the City shall have sixty (60) days after receipt of such written notice and offer in which to accept in writing such offer upon such terms and conditions specified therein, and upon such acceptance of such offer by the City, the Redeveloper or an Affiliate of the Redeveloper, as the case may be, and the City shall enter into a contract for the purchase of the Globe Theater upon the terms and conditions specified in the written notice and offer to the City. In the event that the City shall fail to accept in writing the terms and conditions of sale during such sixty (60) day period, this option shall be null and void and of no further force and effect, and the Redeveloper or the Affiliate of the Redeveloper, as the case may be, shall thereafter be free to sell the Globe Theater substantially upon the terms and conditions specified in the bona fide written offer made by such third party.
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