Common use of Right to Repurchase Clause in Contracts

Right to Repurchase. Notwithstanding anything to the contrary in this Agreement, at the Closing Seller and Purchaser will execute, and the Title Company will record against the Recreation Center Site, a mutually agreed upon recordable form of Memorandum of Repurchase Rights (the “Memorandum of Repurchase Rights”). The Memorandum of Repurchase Rights will provide that RCP, or its successor in interest as owner of fee title to the Stadium Site, will have: (a) a right of first offer to buy the Recreation Center Site and any improvements thereon, or such portion of such land and improvements as the City may elect to offer for sale, upon such terms and conditions as the City may offer to sell them; (b) a right of first refusal to buy the Recreation Center Site and any improvements thereon, or such portion of such land and improvements as the City may elect to offer for sale, upon the same terms and conditions upon which the City is otherwise prepared to sell them to a third party; and (c) if the City fails to construct a Recreation Center (as defined in the Development Agreement) thereon and the Infrastructure Improvements (as defined in the Development Agreement) within two (2) years of the date of this Agreement or, if the City causes the Recreation Center and Infrastructure Improvements to be built but fails to operate the Recreation Center or any other improvements on the Recreation Center Site primarily as a recreational facility open to the general public for a period of twelve (12) consecutive months (exclusive of up to six (6) months following a casualty event affecting a substantial portion of any such Recreation Center), an option to purchase the Recreation Center Site and any improvements thereon for the then fair market value thereof as determined through an appraisal process more fully described therein.

Right to Repurchase. Notwithstanding anything to the contrary in this Agreement, at the Closing Seller and Purchaser will execute, and the Title Company will record against the Recreation Center Site, a mutually agreed upon recordable form of Memorandum of Repurchase Rights (the “Memorandum of Repurchase Rights”). The Memorandum of Repurchase Rights will provide that RCP, or its successor in interest as owner of fee title to the Stadium Site, will have: (a) a right of first offer to buy the Recreation Center Site and any improvements thereon, or such portion of such land and improvements as the City may elect to offer for sale, upon such terms and conditions as the City may offer to sell them; (b) a right of first refusal to buy the Recreation Center Site and any improvements thereon, or such portion of such land and improvements as the City may elect to offer for sale, upon the same terms and conditions upon which the City is otherwise prepared to sell them to a third party; and (c) if the City fails to construct a Recreation Center (as defined in the Development Agreement) thereon and the Infrastructure Improvements (as defined in the Development Agreement) within two (2) years of the date of this Agreement or, if the City causes the Recreation Center and Infrastructure Improvements one to be built but fails to operate the Recreation Center same or any other improvements on the Recreation Center Site thereon primarily as a recreational facility open to the general public for a period of twelve (12) consecutive months (exclusive of up to six (6) months following a casualty event affecting a substantial portion of any such Recreation Center), an option to purchase the Recreation Center Site and any improvements thereon same for the then fair market value thereof as determined through an appraisal process more fully described therein.

Right to Repurchase. Notwithstanding anything to the contrary in this Agreement, at the Closing Seller and Purchaser will execute, and the Title Company will record against the Recreation Center Site, a mutually agreed upon recordable form of Memorandum of Repurchase Rights (the “Memorandum of Repurchase Rights”). The Memorandum of Repurchase Rights will provide that RCP, or its successor in interest as owner of fee title to the Stadium Site, will have: (a) a right of first offer to buy the Recreation Center Site and any improvements thereon, or such portion of such land and improvements as the City may elect to offer for sale, upon such terms and conditions as the City may offer to sell them; (b) a right of first refusal to buy the Recreation Center Site and any improvements thereon, or such portion of such land and improvements as the City may elect to offer for sale, upon the same terms and conditions upon which the City is otherwise prepared to sell them to a third party; and (c) if the City fails to construct a Recreation Center (as defined in the Development Agreement) thereon and the Infrastructure Improvements (as defined in the Development Agreement) within two (2) years of the date of this Agreement or, if the City causes the onethe Recreation Center and Infrastructure Improvements to be built but fails to operate the Recreation sameRecreation Center or any other improvements on thereonon the Recreation Center Site primarily as a recreational facility open to the general public for a period of twelve (12) consecutive months (exclusive of up to six (6) months following a casualty event affecting a substantial portion of any such Recreation Center), an option to purchase the Recreation Center Site and any improvements thereon for the then fair market value thereof as determined through an appraisal process more fully described therein.twelve