Common use of Property Transfer Clause in Contracts

Property Transfer. The City and/or RDA shall convey the Property to the Developer through the following process: a) The City and/or RDA shall prepare and obtain approvals for a CSM, for which desired parcel boundaries are herein attached as EXHIBIT C, which shall include the following reservations for public use and access: (I) The creation of a new right-of-way and/or City and/or RDA-owned parcel that extends fifty (50) feet in width from the existing eastern Fox River shoreline of 000 Xxxxxx Xxxxxx, 000 Xxxxxx Street, and 000 Xxxxx Xxxxxx (Tax Parcels 3-554-A, 3-556, 3-551) and the existing southern Fox River shoreline of the 000 Xxxxx Xxxxxx (Tax Parcel 3-551); and (II) The creation of a new right-of-way and/or City and/or RDA-owned parcel, south of the existing Xxxxx Street right-of-way, which extends fifty (50) feet from the western boundary of 000 Xxxxx Xxxxxx (Tax Parcel 3-551) to the eastern terminus of the existing Xxxxx Street right of way. b) Upon recording of such CSM with the Xxxxx County Register of Deeds, all references to Property shall include all such new parcels created through the actions of this Section III. B. 1. c) The City and/or RDA shall convey the Property, excluding all City and/or RDA parcels or right-of way, to Developer, free and clear of liens and encumbrances that materially prohibit development of the Property as herein proposed, via warranty deed, for the sum of one dollar ($1.00), and shall provide an owner's policy of title insurance at the time of conveyance.

Property Transfer. The City and/or RDA shall convey the Property to the Developer no later than February 1, 2023 through the following process: a) The City and/or RDA shall contribute the Property to Developer or, upon Developer’s request, to Developer’s Affiliate, free and clear of liens and encumbrances that materially prohibit development of the Property as herein proposed, via warranty deed, in exchange for an interest in transferee with a percentage interest and capital account commensurate with its proportionate value, as agreed by the parties, and shall provide an owner's policy of title insurance at the time of conveyance. b) The City and/or RDA shall prepare and obtain approvals for a CSM, for which desired parcel boundaries are herein attached as on the Preliminary Concept Plan (EXHIBIT C), which shall include the following reservations for public use and accessinclude: (I) The creation of a new right-of-way and/or City and/or RDA-owned parcel that extends fifty (50) feet in width from the existing eastern Fox River shoreline of 000 Xxxxxx Xxxxxx, 000 Xxxxxx Street, and 000 Xxxxx Xxxxxx (Tax Parcels 3-554-A, 3-556, 3-551) and the existing southern Fox River shoreline of the 000 Xxxxx Xxxxxx (Tax Parcel 3-551); and (II) The creation of a new right-of-way and/or City and/or RDA-owned parcel, south of the existing Xxxxx Street right-of-way, which extends fifty (50) feet from the western boundary of 000 Xxxxx Xxxxxx (Tax Parcel 3-551) to the eastern terminus of the existing Xxxxx Street right of way; and (III) The City and/or RDA will, as required, grant the Developer easements to permit the construction, operation, and maintenance of a permanent patio, landscaping, berms and/or retaining walls as required by federal, state, and local floodplain regulations within the new right-of-way and/or City and/or RDA-owned parcel(s) described above in (1) and (II). bc) Upon recording of such CSM with the Xxxxx Brown County Register of Deeds, all references to Property shall include all such new parcels created through the actions of this Section III. B. 1. cd) The City and/or RDA shall convey have a right to put its interest in the PropertyDeveloper or, excluding all City and/or RDA parcels or right-of wayupon Developer’s request, to Developer’s Affiliate, free and clear (as referenced in section III.B.1.a)) to an Affiliate of liens and encumbrances that materially prohibit development Developer (as specified by Developer) for the purchase price of $1,000 at any time after the aggregate assessed value of the Property as herein proposed, via warranty deed, for the sum of one dollar (is equal to or greater than $1.0018,750,000. e), and shall provide an owner's policy of title insurance at the time of conveyance.

Property Transfer. The City and/or RDA shall convey the Property to the Developer through the following process: a) The City and/or RDA shall contribute the Property to Developer or, upon Developer’s request, to Developer’s Affiliate, free and clear of liens and encumbrances that materially prohibit development of the Property as herein proposed, via warranty deed, in exchange for an interest in transferee with a percentage interest and capital account commensurate with its proportionate value, as agreed by the parties, and shall provide an owner's policy of title insurance at the time of conveyance. b) The City and/or RDA shall prepare and obtain approvals for a CSM, for which desired parcel boundaries are herein attached as on the Preliminary Concept Plan (EXHIBIT C), which shall include the following reservations for public use and accessinclude: (I) The creation of a new right-of-way and/or City and/or RDA-owned parcel that extends fifty (50) feet in width from the existing eastern Fox River shoreline of 000 Xxxxxx Xxxxxx, 000 Xxxxxx Street, and 000 Xxxxx Xxxxxx (Tax Parcels 3-554-A, 3-556, 3-551) and the existing southern Fox River shoreline of the 000 Xxxxx Xxxxxx (Tax Parcel 3-551); and (II) The creation of a new right-of-way and/or City and/or RDA-owned parcel, south of the existing Xxxxx Street right-of-way, which extends fifty (50) feet from the western boundary of 000 Xxxxx Xxxxxx (Tax Parcel 3-551) to the eastern terminus of the existing Xxxxx Street right of way; and (III) The City and/or RDA will, as required, grant the Developer easements to permit the construction, operation, and maintenance of a permanent patio, landscaping, berms and/or retaining walls as required by federal, state, and local floodplain regulations within the new right-of-way and/or City and/or RDA-owned parcel(s) described above in (1) and (II). bc) Upon recording of such CSM with the Xxxxx County Register of Deeds, all references to Property shall include all such new parcels created through the actions of this Section III. B. 1. cd) The City and/or RDA shall convey have a right to put its interest in the PropertyDeveloper or, excluding all City and/or RDA parcels or right-of wayupon Developer’s request, to Developer’s Affiliate, free and clear (as referenced in section III.B.1.a)) to an Affiliate of liens and encumbrances that materially prohibit development Developer (as specified by Developer) for the purchase price of $1,000 at any time after the aggregate assessed value of the Property as herein proposed, via warranty deed, for the sum of one dollar (is equal to or greater than $1.0018,750,000. e), and shall provide an owner's policy of title insurance at the time of conveyance.