Transfer; Deed Restriction Sample Clauses

Transfer; Deed Restriction. Promptly following the Closing, Developer shall convey that certain parcel of land within the Property platted as Xxx 0, Xxxxx 00 as‌ depicted on the Plat (the “Ballfield Parcel”), to Friends of Highland Ball, a Minnesota non- profit corporation, subject to (A) the Ballfield Trail Easement (defined below) and (B) a deed restriction in substantially the form attached to this Agreement as Exhibit M, which will provide that such Ballfield Parcel shall only be used for recreational sports and other similar activities and cannot be redeveloped or used for any other purpose, and which deed restriction shall be secured by a 20-year forgivable mortgage granted by Friends of Highland Park in favor of Developer. Pursuant to such mortgage, if the Ballfield Parcel and the ballfields located thereon are in disrepair or are no longer used for youth baseball and youth softball purposes for a period of 10 consecutive months during such 20-year term of the mortgage, Developer will have the right but not the obligation to foreclose on such mortgage and convey the Ballfield Parcel to the City, at no cost to the City, subject to a deed restriction that such Ballfield Parcel may be used for City-owned Park or open greenspace purposes only; provided, however, that if the Ballfield Parcel and the ballfields located thereon are in disrepair or are no longer used for youth baseball and softball purposes for a period of 36 consecutive months during such 20-year term of the mortgage, then Developer will foreclose on such mortgage and convey the Ballfield Parcel to the City, at no cost to the City, subject to a deed restriction that such Ballfield Parcel may be used for City-owned Park or open greenspace purposes only.
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Related to Transfer; Deed Restriction

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