Acquisition Phase Sample Clauses
The Acquisition Phase clause defines the period and procedures during which one party acquires certain assets, rights, or interests from another party. Typically, this clause outlines the steps, timelines, and conditions that must be met for the acquisition to proceed, such as due diligence, regulatory approvals, or the transfer of ownership. Its core practical function is to provide a clear framework for the acquisition process, ensuring that both parties understand their obligations and the sequence of events, thereby reducing uncertainty and potential disputes.
Acquisition Phase. General: When doing the Acquisition work, Agency shall provide State with a status report of the Project quarterly. Title to properties acquired shall be in the name of the Agency. Prior to the initiation of acquisitions, if title to the properties is to be acquired in the name of the Agency, the Agency shall adopt a resolution of intention and determination of necessity in accord with ORS 35.235 and ORS 35.610, authorizing acquisition and condemnation. If the Oregon Department of Justice is to handle condemnation work, prior approval evidenced by Chief Trial Counsel, Department of Justice, signature on this Agreement is required; and authorization for such representation shall be included in the resolution adopted by the Agency. Prior approval by Oregon Department of Justice is required. Legal Descriptions: Agency shall provide sufficient horizontal control, recovery and retracement surveys, vesting deeds, maps and other data so that legal descriptions can be written. Agency shall provide construction plans and cross-section information for the Project. Agency shall write legal descriptions and prepare right of way maps. If the Agency acquires any right of way on a State highway, the property descriptions and right of way maps shall be based upon centerline stationing and shall be prepared in accordance with the current “State Right of Way & Rail/Utility Coordination Manual”, “Contractor Services Guide” and the “Right of Way Engineering Manual”. The preliminary and final versions of the property descriptions and right of way maps must be reviewed and approved by the State. Agency shall specify the degree of title to be acquired (e.g., fee, easement). Real Property and Title Insurance: Agency shall provide preliminary title reports, if State determines they are needed, before negotiations for acquisition commence. Agency shall determine sufficiency of title (taking subject to). If the Agency acquires any right of way on a State highway, sufficiency of title (taking subject to) shall be determined in accordance with the current “State Right of Way Manual” and the “Contractor Services Guide”. Agency shall clear any encumbrances necessary to conform to these requirements, obtain Title Insurance policies as required and provide the State copies of any title policies for the properties acquired. Agency shall conduct a Level 1 Hazardous Materials Study within project limits to detect presence of hazardous materials on any property purchase,...
Acquisition Phase