Trust Exchange. 6.1.1 To implement SB 792 and effectuate the planned consolidation and reconfiguration of lands within the Project Site that are or may be held subject to (a) the public trust for commerce, navigation, and fishery, (b) a statutory trust imposed by the Xxxxxx Act or SB 792, or (c) both the public trust and a statutory trust (collectively, the “Public Trust”), the Agency agrees to enter into that certain Hunters Point Shipyard/Candlestick Point Title Settlement, Public Trust Exchange and Boundary Line Agreement in substantially the form attached hereto as Attachment 5 (as amended from time to time, the “Public Trust Exchange Agreement”), subject to the approval of the State of California, acting by and through the California State Lands Commission (“State Lands”), the City acting by and through the Board of Supervisors, the City acting by and through the San Francisco Port Commission (the “Port”), and the State of California, acting by and through the California Department of Parks and Recreation (“State Parks”). The Public Trust Exchange Agreement provides that the Public Trust exchange as described therein (the “Public Trust Exchange”) will occur in a series of phased closings (each, a “Trust Exchange Closing Phase”) upon the satisfaction of certain conditions. The lands to be included in the Public Trust Exchange lie within eleven separate areas, as described more fully in the Public Trust Exchange Agreement and including the “Shipyard Site”, the “Parcel A Site”, the “Hilltop Trust Streets”, the “CP State Park Site”, the “Non-Park Commission Land”, the “Yosemite Slough Addition”, the “Navy ROW”, the “Xxxxxx Drive Site”, the “Old Stadium Development Site”, the “Park Addition” and the “Port Site”. The Agency and Developer shall each use reasonable efforts to satisfy the conditions and diligently and timely complete the Public Trust Exchange under the Public Trust Exchange Agreement to achieve a configuration of trust and non-trust lands substantially similar to that set forth in the Public Trust Exchange Agreement as and when needed to enable Developer to satisfy its obligations under this DDA in accordance with the Schedule of Performance, and as otherwise consistent with Sub-Phase Approvals or as may be needed to satisfy the Developer Stadium Obligations. Without limiting the foregoing, Developer shall initiate and complete, at no cost to the Agency that does not constitute an Agency Cost, all mapping and legal descriptions and take such additional actions as may be needed to effectuate the necessary Trust Exchange Closing Phase sufficiently in advance of the anticipated closing date of the Trust Exchange Closing Phase to meet any and all required timelines. The Parties acknowledge that, in accordance with the Public Trust Exchange Agreement, the governing body of State Lands (the State Lands Commission) must approve each Trust Exchange Closing Phase and State Lands may impose certain conditions before it approves a Trust Exchange Closing Phase, including but not limited to certain conditions required by SB 792. Neither Developer nor the Agency shall engage in any activities that would be reasonably expected to jeopardize the Agency’s ability to satisfy the conditions for the Public Trust Exchange or any Trust Exchange Closing Phase as set forth in SB 792 or the Public Trust Exchange Agreement. 6.1.2 The Public Trust Exchange Agreement anticipates that the first Trust Exchange Closing Phase (the “Initial Closing Phase”) will include, among other things, the CP State Park Site (including property that will be used for Xxxxx Xxxxxxxx Replacement Units), the Parcel A Site, Non-Park Commission Land, the Yosemite Slough Addition, the Xxxxxx Drive Site and the Hilltop Trust Streets. Developer and the Agency shall each use reasonable efforts to cause the applicable parties to complete the Initial Closing Phase promptly following the Effective Date. 6.1.3 After the Initial Closing Phase, and except as may otherwise be provided in the Public Trust Exchange Agreement, subsequent Trust Exchange Closing Phases (each, a “Subsequent Closing Phase”) shall occur in the order needed to correlate to Developer’s phased development, as described in the Phasing Plan and the Major Phase Approvals. Promptly following Agency’s receipt of Developer’s written request to initiate a Subsequent Closing Phase, and provided that the Agency has the requisite land and otherwise can or expects to be in a position to satisfy all closing conditions, the Agency will notify the other parties to the Public Trust Exchange Agreement of the Agency’s intention to effectuate that Subsequent Closing Phase. The Agency shall not be required to complete a Subsequent Closing Phase before it has acquired all necessary real property to be conveyed by the Agency as part of that Subsequent Closing Phase, and Developer has: (1) completed all mapping and legal descriptions necessary for the Subsequent Closing Phase; (2) paid or committed to pay all costs required under the applicable Land Acquisition Agreements to effectuate that Subsequent Closing Phase; and (3) submitted a Major Phase Application for the real property to be received by the Agency as part of that Subsequent Closing Phase.
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Samples: Disposition and Development Agreement, Disposition and Development Agreement
Trust Exchange. 6.1.1 To implement SB 792 the Exchange Act and to effectuate the planned consolidation and reconfiguration of lands within the Project Site that are or may be held subject to to
(a) the public trust for commerce, navigation, and fishery, (b) a statutory trust imposed by the Xxxxxx Act or SB 792Conversion Act, or (c) both the public trust and a statutory trust (collectively, the “Public Trust”), the Agency Authority agrees to enter into that certain Hunters Point Shipyard/Candlestick Point Title Settlementa separate title settlement, Public Trust Exchange public trust exchange and Boundary Line Agreement boundary line agreement substantially in substantially the form attached hereto as Attachment 5 1 (as amended from time to time, the “Public Trust Exchange Agreement”), subject to the approval of the State of California, acting by and through the California State Lands Commission (“State Lands”), the Authority Board and the City acting by and through the Board of Supervisors, the City acting by and through the San Francisco Port Commission (the “Port”), and the State of California, acting by and through the California Department of Parks and Recreation (“State Parks”). The Public Trust Exchange Agreement provides that the Public Trust exchange as described therein (the “Public Trust Exchange”) will occur in a series of phased closings (each, a “Trust Exchange Closing Phase”) upon the satisfaction of certain conditions. The lands to be included in the Public Trust Exchange lie within eleven separate areasTreasure Island and Yerba Buena Island, as described more fully in the Public Trust Exchange Agreement and including Agreement. A map showing the “Shipyard Site”, areas of Treasure Island that will be removed from the “Parcel A Site”, the “Hilltop Public Trust Streets”, the “CP State Park Site”, the “Non-Park Commission Land”, the “Yosemite Slough Addition”, the “Navy ROW”, the “Xxxxxx Drive Site”, the “Old Stadium Development Site”, the “Park Addition” and the “Port Site”areas of Yerba Buena Island that will become subject to the Public Trust as part of the Public Trust Exchange is attached to the Public Trust Exchange Agreement in Attachment 1. The Agency Authority and Developer shall each use reasonable efforts to satisfy the conditions and diligently and timely complete the Public Trust Exchange under the Public Trust Exchange Agreement to achieve a configuration of trust Public Trust and non-trust Public Trust lands substantially similar to that set forth in the Public Trust Exchange Agreement as and when needed to enable Developer to satisfy its obligations under this DDA in accordance with the Schedule of Performance, and as otherwise consistent with Sub-Phase Approvals or as may be needed to satisfy the Developer Stadium ObligationsApprovals. Without limiting the foregoing, Developer shall initiate and complete, at no cost to the Agency that does not constitute an Agency CostAuthority, all mapping and legal descriptions and take such additional actions as may be needed to effectuate the necessary Trust Exchange Closing Phase sufficiently in advance to allow for the timely closing of the anticipated closing date of the each Trust Exchange Closing Phase to meet any and all required timelinesPhase. The Parties acknowledge that, in accordance with the Public Trust Exchange Agreement, the governing body of State Lands (the State Lands Commission) must approve the Public Trust Exchange Agreement and certain conditions required by the Exchange Act must be satisfied prior to each Trust Exchange Closing Phase and State Lands may impose certain conditions before it approves a Trust Exchange Closing Phase, including but not limited to certain conditions required by SB 792. Neither Developer nor the Agency Authority shall engage in any activities that would be reasonably expected to jeopardize the AgencyAuthority’s ability to satisfy the conditions for the Public Trust Exchange or any Trust Exchange Closing Phase as set forth in SB 792 the Exchange Act or the Public Trust Exchange Agreement.
6.1.2 The Public Trust Exchange Agreement anticipates that the first Trust Exchange Closing Phase (the “Initial Closing Phase”) will include, among other things, the CP State Park Site (including property that will be used for Xxxxx Xxxxxxxx Replacement Units), “Phase 1 Area” described and depicted in the Parcel A Site, Non-Park Commission Land, the Yosemite Slough Addition, the Xxxxxx Drive Site and the Hilltop Public Trust StreetsExchange Agreement. Developer and the Agency Authority shall each use reasonable efforts to cause the applicable parties to complete the Initial Closing Phase promptly following close of escrow for the Effective Datefirst conveyance under the Conveyance Agreement.
6.1.3 After the Initial Closing Phase, and except as may otherwise be provided in the Public Trust Exchange Agreement, Authority shall initiate subsequent Trust Exchange Closing Phases (each, a “Subsequent Closing Phase”) shall occur promptly upon the Authority obtaining the requisite land and otherwise being in a position to satisfy all closing conditions under the Public Trust Exchange Agreement and in the order and timing needed to correlate to Developer’s phased development, as described in the Phasing Plan and the any applicable Major Phase ApprovalsApproval. Promptly following Agency’s receipt The Authority shall diligently prosecute the Subsequent Closing Phase to close; provided, that subject to satisfaction of Developer’s written request to the forgoing conditions, in no event shall Authority initiate a Subsequent Closing Phase, and provided that Phase later than thirty (30) days after Developer has submitted a Major Phase Application for the Agency has the requisite land and otherwise can or expects real property to be in a position to satisfy all closing conditions, received by the Agency will notify the other parties to the Public Trust Exchange Agreement Authority as part of the Agency’s intention to effectuate that Subsequent Closing Phase. The Agency Authority shall not be required to complete a Subsequent Closing Phase before it has acquired all necessary real property to be conveyed by the Agency Authority as part of that Subsequent Closing Phase, and Developer has: (1) completed all mapping mapping, surveys and legal descriptions necessary for the Subsequent Closing Phase; (2) paid or committed to pay all costs required under the applicable Land Acquisition Agreements to effectuate that Subsequent Closing Phase; and (3) submitted a Major Phase Application for the real property to be received by the Agency as part of that Subsequent Closing Phase.,
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Trust Exchange. 6.1.1 To implement SB 792 the Exchange Act and to effectuate the planned consolidation and reconfiguration of lands within the Project Site that are or may be held subject to (a) the public trust for commerce, navigation, and fishery, (b) a statutory trust imposed by the Xxxxxx Act or SB 792Conversion Act, or (c) both the public trust and a statutory trust (collectively, the “Public Trust”), the Agency Authority agrees to enter into that certain Hunters Point Shipyard/Candlestick Point Title Settlementa separate title settlement, Public Trust Exchange public trust exchange and Boundary Line Agreement boundary line agreement substantially in substantially the form attached hereto as Attachment 5 1 (as amended from time to time, the “Public Trust Exchange Agreement”), subject to the approval of the State of California, acting by and through the California State Lands Commission (“State Lands”), the Authority Board and the City acting by and through the Board of Supervisors, the City acting by and through the San Francisco Port Commission (the “Port”), and the State of California, acting by and through the California Department of Parks and Recreation (“State Parks”). The Public Trust Exchange Agreement provides that the Public Trust exchange as described therein (the “Public Trust Exchange”) will occur in a series of phased closings (each, a “Trust Exchange Closing Phase”) upon the satisfaction of certain conditions. The lands to be included in the Public Trust Exchange lie within eleven separate areasTreasure Island and Yerba Buena Island, as described more fully in the Public Trust Exchange Agreement and including Agreement. A map showing the “Shipyard Site”, areas of Treasure Island that will be removed from the “Parcel A Site”, the “Hilltop Public Trust Streets”, the “CP State Park Site”, the “Non-Park Commission Land”, the “Yosemite Slough Addition”, the “Navy ROW”, the “Xxxxxx Drive Site”, the “Old Stadium Development Site”, the “Park Addition” and the “Port Site”areas of Yerba Buena Island that will become subject to the Public Trust as part of the Public Trust Exchange is attached to the Public Trust Exchange Agreement in Attachment 1. The Agency Authority and Developer shall each use reasonable efforts to satisfy the conditions and diligently and timely complete the Public Trust Exchange under the Public Trust Exchange Agreement to achieve a configuration of trust Public Trust and non-trust Public Trust lands substantially similar to that set forth in the Public Trust Exchange Agreement as and when needed to enable Developer to satisfy its obligations under this DDA in accordance with the Schedule of Performance, and as otherwise consistent with Sub-Phase Approvals or as may be needed to satisfy the Developer Stadium ObligationsApprovals. Without limiting the foregoing, Developer shall initiate and complete, at no cost to the Agency that does not constitute an Agency CostAuthority, all mapping and legal descriptions and take such additional actions as may be needed to effectuate the necessary Trust Exchange Closing Phase sufficiently in advance to allow for the timely closing of the anticipated closing date of the each Trust Exchange Closing Phase to meet any and all required timelinesPhase. The Parties acknowledge that, in accordance with the Public Trust Exchange Agreement, the governing body of State Lands (the State Lands Commission) must approve the Public Trust Exchange Agreement and certain conditions required by the Exchange Act must be satisfied prior to each Trust Exchange Closing Phase and State Lands may impose certain conditions before it approves a Trust Exchange Closing Phase, including but not limited to certain conditions required by SB 792. Neither Developer nor the Agency Authority shall engage in any activities that would be reasonably expected to jeopardize the AgencyAuthority’s ability to satisfy the conditions for the Public Trust Exchange or any Trust Exchange Closing Phase as set forth in SB 792 the Exchange Act or the Public Trust Exchange Agreement. The final Public Trust Exchange Agreement is dated for reference purposes as of November 14, 2014, and was recorded in the Official Records on January 14, 2015 as document number 2015-K005565, as amended by that certain Fourth Memorandum Memorializing Location of Reserved Easements on Treasure Island and Yerba Buena Island [Phase 1 Quitclaim] recorded in the Official Records on October 19, 2022 as document number 2022095268.
6.1.2 The Public Trust Exchange Agreement anticipates that the first Trust Exchange Closing Phase (the “Initial Closing Phase”) will include, among other things, the CP State Park Site (including property that will be used “Phase 1 Area” described and depicted in the Public Trust Exchange Agreement. The Parties closed the Public Trust exchanges for Xxxxx Xxxxxxxx Replacement Units)the Phase 1 Area on November 10, 2015, the Parcel A SitePhase 2 Area on December 10, Non-Park Commission Land2020, the Yosemite Slough Addition, the Xxxxxx Drive Site and the Hilltop Trust Streets. Developer and the Agency shall each use reasonable efforts to cause the applicable parties to complete the Initial Closing Phase promptly following the Effective Date3 Area on September 11, 2023.
6.1.3 After the Initial Closing Phase, and except as may otherwise be provided in the Public Trust Exchange Agreement, Authority shall initiate subsequent Trust Exchange Closing Phases (each, a “Subsequent Closing Phase”) shall occur promptly upon the Authority obtaining the requisite land and otherwise being in a position to satisfy all closing conditions under the Public Trust Exchange Agreement and in the order and timing needed to correlate to Developer’s phased development, as described in the Phasing Plan and the any applicable Major Phase ApprovalsApproval. Promptly following Agency’s receipt The Authority shall diligently prosecute the Subsequent Closing Phase to close; provided, that subject to satisfaction of Developer’s written request to the forgoing conditions, in no event shall Authority initiate a Subsequent Closing Phase, and provided that Phase later than thirty (30) days after Developer has submitted a Major Phase Application for the Agency has the requisite land and otherwise can or expects real property to be in a position to satisfy all closing conditions, received by the Agency will notify the other parties to the Public Trust Exchange Agreement Authority as part of the Agency’s intention to effectuate that Subsequent Closing Phase. The Agency Authority shall not be required to complete a Subsequent Closing Phase before it has acquired all necessary real property to be conveyed by the Agency Authority as part of that Subsequent Closing Phase, and Developer has: (1) completed all mapping mapping, surveys and legal descriptions necessary for the Subsequent Closing Phase; , (2) paid or committed to pay all costs required under the applicable Land Acquisition Agreements Public Trust Exchange Agreement to effectuate that Subsequent Closing Phase; , and (3) submitted a Major Phase Application for the real property to be received by the Agency Authority as part of that Subsequent Closing Phase.
6.1.4 The Public Trust Exchange Agreement requires the Authority to undertake certain non-native vegetation removal projects on Yerba Buena Island (“Required Vegetation Removal”). Developer shall cooperate with the Authority to ensure the timely completion of the Required Vegetation Removal consistent with the Authority’s obligations under the Public Trust Exchange Agreement, and the costs of undertaking and completing the Required Vegetation Removal shall be a Project Cost.
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Trust Exchange. 6.1.1 To implement SB 792 and effectuate the planned consolidation and reconfiguration of lands within the Project Site that are or may be held subject to (a) the public trust for commerce, navigation, and fishery, (b) a statutory trust imposed by the Xxxxxx Act or SB 792, or (c) both the public trust and a statutory trust (collectively, the “Public Trust”), the Agency agrees to enter into that certain Hunters Point Shipyard/Candlestick Point Title Settlement, Public Trust Exchange and Boundary Line Agreement in substantially the form attached hereto as Attachment 5 (as amended from time to time, the “Public Trust Exchange Agreement”), subject to the approval of the State of California, acting by and through the California State Lands Commission (“State Lands”), the City acting by and through the Board of Supervisors, the City acting by and through the San Francisco Port Commission (the “Port”), and the State of California, acting by and through the California Department of Parks and Recreation (“State Parks”). The Public Trust Exchange Agreement provides that the Public Trust exchange as described therein (the “Public Trust Exchange”) will occur in a series of phased closings (each, a “Trust Exchange Closing Phase”) upon the satisfaction of certain conditions. The lands to be included in the Public Trust Exchange lie within eleven separate areas, as described more fully in the Public Trust Exchange Agreement and including the “Shipyard Site”, the “Parcel A Site”, the “Hilltop Trust Streets”, the “CP State Park Site”, the “Non-Park Commission Land”, the “Yosemite Slough Addition”, the “Navy ROW”, the “Xxxxxx Drive Site”, the “Old Stadium Development Site”, the “Park Addition” and the “Port Site”. The Agency and Developer shall each use reasonable efforts to satisfy the conditions and diligently and timely complete the Public Trust Exchange under the Public Trust Exchange Agreement to achieve a configuration of trust and non-trust lands substantially similar to that set forth in the Public Trust Exchange Agreement as and when needed to enable Developer to satisfy its obligations under this DDA in accordance with the Schedule of Performance, and as otherwise consistent with Sub-Phase Approvals or as may be needed to satisfy the Developer Stadium Obligations. Without limiting the foregoing, Developer shall initiate and complete, at no cost to the Agency that does not constitute an Agency Cost, all mapping and legal descriptions and take such additional actions as may be needed to effectuate the necessary Trust Exchange Closing Phase sufficiently in advance of the anticipated closing date of the Trust Exchange Closing Phase to meet any and all required timelines. The Parties acknowledge that, in accordance with the Public Trust Exchange Agreement, the governing body of State Lands (the State Lands Commission) must approve each Trust Exchange Closing Phase and State Lands may impose certain conditions before it approves a Trust Exchange Closing Phase, including but not limited to certain conditions required by SB 792. Neither Developer nor the Agency shall engage in any activities that would be reasonably expected to jeopardize the Agency’s ability to satisfy the conditions for the Public Trust Exchange or any Trust Exchange Closing Phase as set forth in SB 792 or the Public Trust Exchange Agreement.
6.1.2 The Public Trust Exchange Agreement anticipates that the first Trust Exchange Closing Phase (the “Initial Closing Phase”) will include, among other things, the CP State Park Site (including property that will be used for Xxxxx Xxxxxxxx Replacement Units), the Parcel A Site, Non-Park Commission Land, the Yosemite Slough Addition, the Xxxxxx Drive Site and the Hilltop Trust Streets. Developer and the Agency shall each use reasonable efforts to cause the applicable parties to complete the Initial Closing Phase promptly following the Effective Date.
6.1.3 After the Initial Closing Phase, and except as may otherwise be provided in the Public Trust Exchange Agreement, subsequent Trust Exchange Closing Phases (each, a “Subsequent Closing Phase”) shall occur in the order needed to correlate to Developer’s phased development, as described in the Phasing Plan and the Major Phase Approvals. Promptly following Agency’s receipt of Developer’s written request to initiate a Subsequent Closing Phase, and provided that the Agency has the requisite land and otherwise can or expects to be in a position to satisfy all closing conditions, the Agency will notify the other parties to the Public Trust Exchange Agreement of the Agency’s intention to effectuate that Subsequent Closing Phase. The Agency shall not be required to complete a Subsequent Closing Phase before it has acquired all necessary real property to be conveyed by the Agency as part of that Subsequent Closing Phase, and Developer has: (1) completed all mapping and legal descriptions necessary for the Subsequent Closing Phase; (2) paid or committed to pay all costs required under the applicable Land Acquisition Agreements to effectuate that Subsequent Closing Phase; and (3) submitted a Major Phase Application for the real property to be received by the Agency as part of that Subsequent Closing Phase.
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Samples: Disposition and Development Agreement (Five Point Holdings, LLC)
