School Board Parcel. In accordance with the terms and conditions of this Agreement, School Board shall transfer fee simple title to the School Board Parcel to Elements. Prior to the Escrow Closing (as hereinafter defined in Section 8), Elements, in its discretion, may elect to receive only the Remainder Parcel and, provided that all required consents and approvals have previously been obtained from the City of Jacksonville (the “City”), have the City receive the Right-of-Way Parcel. Elements’ election shall be provided via written notice to the School Board and the Escrow Agent no later than ten (10) business days prior to Escrow Closing. If Elements elects to receive only the Remainder Parcel, at the Remainder Parcel Closing, the Right- of-Way Parcel will be conveyed pursuant to a Deed of Dedication in the form attached hereto as Exhibit F (the “Deed of Dedication”), and the Remainder Parcel will be conveyed pursuant to a special warranty deed in the form attached hereto as Exhibit G (the “Remainder Parcel Deed”). In the event the City does not agree to accept a dedication of the Right-of-Way Parcel as set forth in this Section, then the School Board shall transfer fee simple title to the entire School Board Parcel to Elements in the form of the Remainder Parcel Deed, and Elements agrees to grant School Board a perpetual non-exclusive easement for vehicular and pedestrian ingress and egress over the Right-of-Way Parcel, at no maintenance cost to School Board, in form reasonably acceptable to the School Board.
