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<br />. <br /> <br />WHEREAS, the Agency and the Authority believes that the <br />redevelopment of the Property pursuant to this Agreement, and <br />the fulfillment generally of the Agreement, are in the vital <br />and best interests of the City and the health, safety, morals, <br />and welfare of its residents, and in accord with the public <br />purposes and provisions of the applicable Federal, State and <br />local laws and requirements under which the Project has been <br />undertaken and is being assisted; <br /> <br />NOW, THEREFORE, in consideration of the premises and the <br />mutual obligations of the parties hereto, each of them does <br />hereby covenant and agree with the other as follows: <br /> <br />SEC. 1. SALE: PURCHASE PRICE <br /> <br />. <br /> <br />Subject to all the terms, covenants, and conditions of <br />the Agreement, the Agency agrees to sell the property to the <br />Redeveloper for, and the Redeveloper agrees to purchase the <br />Property from the Agency and pay therefor, the amount of One <br />Hundred Sixty Thousand Dollars ($160,000.00) or adjustment <br />thereof based on a land price of $800.00 per residential unit <br />to be developed (hereinafter called "Purchase"). <br /> <br />SEC. 2. CONVEYANCE OF PROPERTY <br /> <br />(a) Condition of Title and Form of Deed. The Agency shall <br />convey to the Redeveloper t~tle to the Property by grant deed <br />(hereinafter called "Deed") in a form mutually satisfactory to <br />the Redeveloper, the title company which will insure the title <br />hereunder, and the Agency consistent with the terms of this Agree- <br />ment. Title shall be fee simple merchantable, subject to the <br />condition subsequent provided for in Section 704 hereof, free and <br />clear of all re.corded and unrecorded liens, encumbrances, cove- <br />nants, assessments, easements, leases and taxes, except as are <br />set forth or referred to elsewhere in this Agreement, and except <br />as are set'forth below: <br /> <br />(i) Easements, if any, described in the Legal <br />Description of the Property. <br /> <br />(ii) The Urban Renewal Plan. <br /> <br />. <br /> <br />(iii) Excepting and reserving from the Property, <br />all oil, gas, hydrocarbon substances and <br />~inera1s, of every kind and character lying <br />more than 500 feet below the surface of the <br />Property, together with the right to drill <br />into, through and to use and occupy all parts <br />of the Property lying more than 500 feet <br />below the surface thereof for any and all <br /> <br />-3- <br />