Reconveyence to City Sample Clauses

Reconveyence to City. Pursuant to Section 3.2 of the Development Agreement, City conveyed the Property to Childsplay by the Deed. City and Childsplay hereby acknowledge and agree that each has satisfied its respective obligations under Section 3 of the Development Agreement and that neither has any further obligation or liability thereunder. Sections 3.1 through 3.5 of the Development Agreement are hereby terminated and deleted, and replaced with the following: 3.1 Childsplay hereby agrees to voluntarily reconvey the Property to City on the terms and conditions set forth below. City and Childsplay may open an escrow (“Escrow”) with a title or escrow company (“Escrow Agent”) to facilitate the consummation of the reconveyance of the Property. City and Childsplay shall execute any escrow instructions (“Escrow Instructions”) reasonably requested by Escrow Agent in connection with opening the Escrow or otherwise facilitating the consummation of the reconveyance of the Property. In the event of any conflict or inconsistency between the Escrow Instructions and this Third Addendum, the provisions of this Third Addendum shall prevail. 3.2 In consideration of the reconveyance, City agrees to reimburse Childsplay the sum of $1,948,102.30 (the “Repurchase Price”). The Repurchase Price shall be payable over five (5) years as follows: (a) $500,000.00 during fiscal year 2016-2017, to be paid within thirty-one (31) days of City Council approval of Third Amendment. City shall pay this sum directly to Childsplay; (b) $500,000.00 during fiscal year 2017-2018, on or before July 15, 2017, City shall pay this sum directly to Childsplay; (c) $300.000.00 during fiscal year 2018-2019, on or before July 15, 2018, City shall pay this sum directly to Childsplay; (d) $300,000.00 during fiscal year 2019-2020, on or before July15, 2019; and (e) $348,102.30 during fiscal year 2020-2021, on or before July 15, 2020. 3.3 The date (“Closing Date”) set for conveyance of title to the Property and the performance of all conditions (except those conditions expressly required to be performed earlier pursuant to this Agreement) relating thereto (“Closing” or “Close of Escrow”) shall be thirty (30) days following the Feasibility Date, or such earlier date as City may specify by written notice to Childsplay.
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