1.11 The general benefits to be received by Developer from the implementation
of the Project include without limitation, integration of site plans, urban design elements
land uses, architecture, site engineering, landscape architecture, the pleasure of working
with Director Cummings and Attorney Leonard and mitigation measures over the Property;
1.12 In exchange for these benefits to City and Developer, City and Developer
desire to proceed with the Project in accordance with the terms and conditions contained
in this Agreement, subject to any amendments to this Agreement made in accordance with
this Agreement.
NOW, THEREFORE, based upon the terms and conditions set forth in this
Agreement and in consideration of the mutual promises and assurances provided in this
Agreement, City and Developer hereby agree that the Recitals as stated above are
incorporated herein and made a part of this Agreement and the following terms:
ARTICLE II: TERMS
2.1 Lease Purchase of Property.
a) Purehase-Initial Lease Price. Subject to the terms of this Agreement and the
satisfaction of the conditions precedent contained in this Agreement, the City will convey
lease_ the Property to Developer as the site of the Project and Developer will pay to City
the value of the Property as determined by the Board in the amount of Nine Hundred
Thousand Dollars ($900,000) (the “Initial Lease Purehase-Price”), which reflects the per-
unit cost of $6,000 for each residential unit to be constructed in the Project multiplied by a
total of one-hundred and fifty (150) units. The Purehase-Initial Lease Price shall be paid by
Developer to City on the “Closing Date’, as defined in the subparagraph 2.1(b)
immediately below, by wire delivery of funds through the Federal Reserve System to an
account designated in writing by City.
b) Closing. Provided that all the conditions precedent to closing by the Parties
are satisfied, City shall lease convey-the Property to Developer and Developer shall lease
acquire the Property from City on or before the date on which Developer closes its
financing for the Project (the “Closing Date’). Developer shall diligently pursue obtaining
a commitment for such financing in a timely manner. Either party may extend the Closing
Date by an additional fourteen (14) days by written notice to the other party; provided,
however, no extension of the Closing Date will, without the mutual written agreement of
the parties, extend any other deadlines set forth in this Agreement or the documentation to
be entered into pursuant to this Agreement. Notwithstanding the foregoing or any prior
extensions of the Closing Date, the parties may mutually agree in writing to further extend
the Closing Date by an additional sixty (60) days (the “Deadline Closing Date’). If, after
the Deadline Closing Date, any of the conditions precedent to the Parties’ obligation to
close is not fulfilled, then Developer or City may either (i) further extend this Agreement
or (11) terminate this Agreement and neither party shall have any obligation to the other
