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Developer listed on Attachment Igo. 13 and incorporated herein by reference not to exceed <br />Two Hundred Sixty -Five Thousand Dollars ($265,000). <br />"Title Company" is defined in Section 202. <br />"Title icy" is defined in Section 203. <br />"Total Development Vests" means the total development costs for the De eloper <br />Improvements for each Phase as shown on the Budget and the Revised Budget. <br />"Tran t• " is defined its Section 602.1. <br />11 "Tra n , eror" is defined in Section 602. 1. <br />"Veq Lotp hicom " and/or `Neil) Loiv Ineoine Households" shall rnean very to <br />income households as defined in Health & Safety Code Section 50105. <br />200. CONVE YANCE of THE SITE6 <br />201. Conveyance of the Site and scx•ow; Consideration. Subject to all of the terms <br />and conditions of this Agreement, the Agency shall convey fee title to each Phase of the Site to <br />the Developer, and the Developer agrees to accept fee title to each Phase of the Site. The parties <br />specifically recognize and acknowledge that Phase FS will close in two or more portions or <br />pluses, Nvith the specific portions or phases subject to the mutual agreement of the panties. The <br />Conditions Precedent to Closing, and all of the other provisions of this Section 201, shall be <br />applicable to each such portion of Phase FS being Conveyed. As to the Additional Parcels, and <br />the Segura Parcels, the Agency shall use commercially reasonable efforts to acquire satne on or <br />before September 15, 2010 if Developer is awarded a reservation of Tax Credits for Phase R- 1 <br />in the second Tax Credit round of 2010, and otherwise forty-five days prior to s ubmission <br />date of a Tax Credit application to TCAC for Phase R-1 l if Developer does not receive a <br />reservation of Tax Credits its the second round of 2010, as all such dates may be extended by <br />C QA challenge), for the SegUra Parcels and forty -five days prior to the date of any <br />submission of a Tai. Credit application to TCAC with respect to the applicable Phase, subject to <br />foi-ce in eure resulting from a CEQA Challenge, but in no event sl atl the Agency be required to <br />undertake or complete such acquisition by use of its power of eminent domain. The Purchase <br />Price for each Phase of the Site shall be One Dollar $1.00 . In implementation of the <br />Conveyances, the parities shall open escrow (each, an "Escrow") with Old Republic Title <br />Company, or another escrow company mutually satisfactory to both Panties the "Escrow <br />Agent") fifteen l days after the Date of Agreement. In the event that the Segura <br />Parcels have not been acq aired by the Agency on or before September 15, 2010 if D eve loper• is <br />awarded a reservation of Tax Credits for Phase R- l in the see ond Tax Credit round of 2010, and <br />otherwise forty -five 4 clays prior to submission date of a Tax Credit application to TCAC for <br />Phase -1 if Developer does not receive a reservation of Tax Credits its the second round of <br />2010, as all such dates may be extended by a C QA challenge), the Developer shall redesign <br />Phase -1 so as to exclude the Segura Parcels its which event Developer's obligations with <br />respect to Phase R-1 shall be extended by the three necessary for Such redesign. If and to the <br />extent the Additional Parcels and/or Segura Parcels have been acquired by the Agency within the <br />12 <br />D 1 400673 v 13/200272 -0001 <br />