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2.1.11 "Improvements" means the private improvements to be developed on the Project <br />Site as part of the Project, as more fully described in the Scope of Development. <br />2.1.12 "Indemnitees" is defined in Section 3.12.3. <br />2.1.13 "Outside Date" is defined in Section 3.3.3. <br />2.1.14 "Partnership" is defined in Section 1.3.2.1. <br />2.1.15 "Preliminary Title Report" is defined in Section 3.6. <br />2.1.16 "Purchase Price" is defined in Section 3.1. <br />2.1.17 "Project" is the mixed use hotel and commercial, restaurant and caf6 <br />improvements to be developed on the Project Site, as more fully described in the Scope of <br />Development, attached hereto and incorporated into this Agreement as Attachment No. 5. <br />2.1.18 "'Project Site" shall have the definition set forth in Recital C and Section 1.4. <br />2.1.19 Intentionally Blank <br />2.1.20 "Schedule of Performance" means the schedule attached hereto and incorporated <br />into this Agreement as Attachment No. 4. <br />2.1.21 "Title Company" is defined in Section 3.9. <br />Article 3 <br />DISPOSITION OF TIDE PROJECT SITE <br />3.1 Purchase and Sale of the Project Site. The City agrees to sell to the Developer, and <br />Developer agrees to purchase from the City, the City Property, within the time set forth in the <br />Schedule of Performance. The purchase price for the City Property collectively shall be <br />DOLLARS ($ .00) (the "Purchase Price "). The <br />Purchase Price constitutes the fall fair market value of the City Property as determined pursuant <br />to that certain appraisal of the City Property dated , 2016 conducted by <br />and dated <br />The City shall impose a lien on the property for the market value purchase of said <br />property. Said lien shall be maintained for no less than 25 years. The City shall release the lien <br />after 25 years and upon the developer's accomplishment of all performance requirements and <br />terms of the loan as outlined in the DDA. <br />The Developer and City both acknowledge and understand that the City is selling the City <br />Property to Developer at market value with the intention of demolishing the existing panting <br />55394.00000A29008220.1 65A -8 <br />