Common use of Conditions of Conveyance Clause in Contracts

Conditions of Conveyance. The Authority shall convey fee simple title to and possession of the Development Property to Developer at Closing by quit claim deed substantially in the form set forth on Schedule B to this Agreement (the “Deed”). (a) The Authority’s obligation to convey the Development Property to Developer, and otherwise perform any and all of its duties and obligations hereunder or otherwise are subject to satisfaction of the following terms and conditions: (1) Developer having secured financing for the acquisition of the Development Property and the construction of the Minimum Improvements and Authority having approved such financing in accordance with Article VII hereof, and Developer having closed on such financing at Closing; (2) There is no uncured Event of Default under this Agreement; (3) The Authority having approved Construction Plans for the Minimum Improvements in connection with Section 4.2 hereof; and (4) The Authority shall have approved the sale of the Development Property to Developer after a public hearing and upon satisfaction of all other conditions required by State law. (collectively, the “Authority’s Conditions”) The Authority’s Conditions are solely for the benefit of the Authority and may be waived only by the Authority in writing. The Authority shall at all times have the right to waive those conditions described in Section 3.3(a)(1)-(4) by written notice to Developer. (b) Developer’s obligations to purchase the Development Property from the Authority and otherwise perform any and all of its duties and obligations hereunder or otherwise are subject to satisfaction of the following terms and conditions: (1) Developer having reviewed and approved (or waived objections to) title to the Development Property as set forth in Section 3.5 hereof. (2) Developer having reviewed and approved (or waived objections to) soil and environmental conditions as set forth in Section 3.6. (3) The representations and warranties of the Authority in this Agreement shall be true and correct in all material respects up through and including the Closing, with the same force and effect as if such representations were made at such time. (4) At Closing, ▇▇▇▇▇▇▇▇▇ having obtained an owner’s and ▇▇▇▇▇▇’s policy of title insurance with respect to the Development Property in form and substance approved by Developer. (5) The Authority having approved Developer’s Construction Plans for the Minimum Improvements in connection with Section 4.2 hereof. (6) Developer shall have secured financing for the acquisition of the Development Property and the construction of the Minimum Improvements and the Authority having approved such financing in accordance with Article VII hereof. (collectively, the “Developer’s Conditions”) Developer’s Conditions are solely for the benefit of Developer and may be waived only by Developer in writing. Developer shall at all times have the right to waive any condition by written notice to Authority. (c) All conditions must be satisfied or waived on or before the Closing stated in paragraph (d) below. If any of such conditions have not been satisfied or waived not less than 15 business days prior to the Closing stated in paragraph (d) below, excepting those conditions contained in Section 3.3(b)(3) and (4), above, which must be satisfied on or at Closing, then this Agreement may be terminated, at the benefitted party’s option by written notice from that party to the other. Waiver of any condition (to the extent permitted under this paragraph) must be in writing delivered by the waiving party to the other party. (d) The closing on conveyance of the Development Property from the Authority to Developer shall occur upon satisfaction of the conditions specified in this Section, but no later than March 31, 2025, or at such other date as is mutually agreed upon by the parties (the “Closing”); provided, however, that if all of the foregoing conditions have not been satisfied or waived on or before March 31, 2025, either the Authority or Developer may thereafter terminate this Agreement by ten days written notice. Thereafter neither party shall have any obligations or liability to the other hereunder.

Conditions of Conveyance. a) The Authority shall City hereby agrees to convey fee simple to the Buyer by special warranty deed (the "Deed") all of its right, title to and possession interest in the Property. The delivery of the Development Property to Developer at Closing by quit claim deed substantially in Deed and the form closing on this conveyance ("Closing") shall occur as set forth on Schedule B in Paragraph 3(a) herein. b) The Buyer hereby agrees to this Agreement purchase the Property from City for the sum of Five Thousand and no/100ths dollars (the $5,000.00) to be paid in accordance with Paragraph 3(a) herein, in U.S. dollars ("Purchase Price"). All payments required to be made shall be made in funds which comply with all applicable Colorado laws (“DeedGood Funds”). (ac) The Authority’s obligation to convey the Development Property to Developer, Buyer will obtain and otherwise perform any and all pay for a current commitment for an ALTA Owner's Policy of its duties and obligations hereunder or otherwise are subject to satisfaction of the following terms and conditions: (1) Developer having secured financing Title Insurance for the acquisition of the Development Property and the construction of the Minimum Improvements and Authority having approved such financing in accordance with Article VII hereof, and Developer having closed on such financing at Closing; (2) There is no uncured Event of Default under this Agreement; (3) The Authority having approved Construction Plans for the Minimum Improvements in connection with Section 4.2 hereof; and (4) The Authority shall have approved the sale of the Development Property to Developer after a public hearing and upon satisfaction of all other conditions required by State law. (collectively, the “Authority’s Conditions”) The Authority’s Conditions are solely for the benefit of the Authority and may be waived only by the Authority in writing. The Authority shall at all times have the right to waive those conditions described in Section 3.3(a)(1)-(4) by written notice to Developer. (b) Developer’s obligations to purchase the Development Property from the Authority and otherwise perform any and all of its duties and obligations hereunder or otherwise are subject to satisfaction of the following terms and conditions: (1) Developer having reviewed and approved (or waived objections to) title to the Development Property as set forth in Section 3.5 hereof. (2) Developer having reviewed and approved (or waived objections to) soil and environmental conditions as set forth in Section 3.6. (3) The representations and warranties of the Authority in this Agreement shall be true and correct in all material respects up through and including the Closing, with the same force and effect as if such representations were made at such time. (4) At Closing, ▇▇▇▇▇▇▇▇▇ having obtained an owner’s Title (“Title Company”) and copies of all documents referred to therein as exceptions ("Title Commitment"). The Title Commitment is in the amount of the Purchase Price and commits to insure fee simple title to the Property in the Buyer and to delete or insure over the standard exceptions which relate to (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) any unrecorded mechanics’ liens, (5) gap period (effective date of commitment to date Deed is recorded), and (6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. The Buyer agrees to take title to the Property subject to all exceptions to title disclosed by the Title Commitment (the “Permitted Exceptions”), but no other exceptions. ▇) ▇▇▇▇▇ agrees that the Property will be deemed to be part of the “Developer Parcel” as defined in the DRA and that the Property shall be subject to all the terms and conditions concerning the “Developer Parcel” as set forth in the final executed DRA. e) ▇▇’s policy ▇▇▇ agrees to pay the entire cost of title insurance with respect to the Development Property in form Title Policy (as hereinafter defined) and substance approved by Developer. (5) The Authority having approved Developer’s Construction Plans for the Minimum Improvements all closing costs incurred in connection with Section 4.2 hereof. (6) Developer shall have secured financing for the acquisition of the Development Property and the construction of the Minimum Improvements and the Authority having approved such financing in accordance with Article VII hereof. (collectively, the “Developer’s Conditions”) Developer’s Conditions are solely for the benefit of Developer and may be waived only by Developer in writing. Developer shall at all times have the right to waive any condition by written notice to Authority. (c) All conditions must be satisfied or waived on or before the Closing stated in paragraph (d) below. If any of such conditions have not been satisfied or waived not less than 15 business days prior to the Closing stated in paragraph (d) below, excepting those conditions contained in Section 3.3(b)(3) and (4), above, which must be satisfied on or at Closing, then this Agreement may be terminated, at the benefitted party’s option by written notice from that party to the other. Waiver of any condition (to the extent permitted under this paragraph) must be in writing delivered by the waiving party to the other party. (d) The closing on conveyance of the Development Property from the Authority to Developer shall occur upon satisfaction of the conditions specified in this Section, but no later than March 31, 2025, or at such other date as is mutually agreed upon by the parties (the “Closing”); provided, however, that if all of the foregoing conditions have not been satisfied or waived on or before March 31, 2025, either the Authority or Developer may thereafter terminate this Agreement by ten days written notice. Thereafter neither party shall have any obligations or liability to the other hereunderProperty.

Conditions of Conveyance. a) The Authority shall City hereby agrees to convey fee simple to the Buyer by special warranty deed (the "Deed") all of its right, title to and possession interest in the Property. The delivery of the Development Property to Developer at Closing by quit claim deed substantially in Deed and the form closing on this conveyance ("Closing") shall occur as set forth on Schedule B in Paragraph 3(a) herein. b) The Buyer hereby agrees to this Agreement purchase the Property from City for the sum of One Hundred and no/100ths dollars (the $100.00) to be paid in accordance with Paragraph 3(a) herein, in U.S. dollars ("Purchase Price"). All payments required to be made shall be made in funds which comply with all applicable Colorado laws (“DeedGood Funds”). (ac) The Authority’s obligation to convey the Development Property to Developer, Buyer will obtain and otherwise perform any and all pay for a current commitment for an ALTA Owner's Policy of its duties and obligations hereunder or otherwise are subject to satisfaction of the following terms and conditions: (1) Developer having secured financing Title Insurance for the acquisition of the Development Property and the construction of the Minimum Improvements and Authority having approved such financing in accordance with Article VII hereof, and Developer having closed on such financing at Closing; (2) There is no uncured Event of Default under this Agreement; (3) The Authority having approved Construction Plans for the Minimum Improvements in connection with Section 4.2 hereof; and (4) The Authority shall have approved the sale of the Development Property to Developer after a public hearing and upon satisfaction of all other conditions required by State law. (collectively, the “Authority’s Conditions”) The Authority’s Conditions are solely for the benefit of the Authority and may be waived only by the Authority in writing. The Authority shall at all times have the right to waive those conditions described in Section 3.3(a)(1)-(4) by written notice to Developer. (b) Developer’s obligations to purchase the Development Property from the Authority and otherwise perform any and all of its duties and obligations hereunder or otherwise are subject to satisfaction of the following terms and conditions: (1) Developer having reviewed and approved (or waived objections to) title to the Development Property as set forth in Section 3.5 hereof. (2) Developer having reviewed and approved (or waived objections to) soil and environmental conditions as set forth in Section 3.6. (3) The representations and warranties of the Authority in this Agreement shall be true and correct in all material respects up through and including the Closing, with the same force and effect as if such representations were made at such time. (4) At Closing, ▇▇▇▇▇▇▇▇▇ having obtained an owner’s Title (“Title Company”) and ▇▇▇▇▇▇’s policy copies of all documents referred to therein as exceptions ("Title Commitment"). The Title Commitment is in the amount of the Purchase Price and commits to insure fee simple title insurance with respect to the Development Property in form the Buyer and substance approved by Developer. to delete or insure over the standard exceptions which relate to (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) any unrecorded mechanics’ liens, (5) gap period (effective date of commitment to date Deed is recorded), and (6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. The Authority having approved Developer’s Construction Plans for Buyer agrees to take title to the Minimum Improvements Property subject to all exceptions to title disclosed by the Title Commitment (the “Permitted Exceptions”), but no other exceptions. d) Buyer agrees that the Property will be deemed to be part of the “Developer Parcel” as defined in the DRA and that the Property shall be subject to all the terms and conditions concerning the “Developer Parcel” as set forth in the final executed DRA. e) Buyer agrees to pay the entire cost of the Title Policy (as hereinafter defined) and all closing costs incurred in connection with Section 4.2 hereof. (6) Developer shall have secured financing for the acquisition of the Development Property and the construction of the Minimum Improvements and the Authority having approved such financing in accordance with Article VII hereof. (collectively, the “Developer’s Conditions”) Developer’s Conditions are solely for the benefit of Developer and may be waived only by Developer in writing. Developer shall at all times have the right to waive any condition by written notice to Authority. (c) All conditions must be satisfied or waived on or before the Closing stated in paragraph (d) below. If any of such conditions have not been satisfied or waived not less than 15 business days prior to the Closing stated in paragraph (d) below, excepting those conditions contained in Section 3.3(b)(3) and (4), above, which must be satisfied on or at Closing, then this Agreement may be terminated, at the benefitted party’s option by written notice from that party to the other. Waiver of any condition (to the extent permitted under this paragraph) must be in writing delivered by the waiving party to the other party. (d) The closing on conveyance of the Development Property from the Authority to Developer shall occur upon satisfaction of the conditions specified in this Section, but no later than March 31, 2025, or at such other date as is mutually agreed upon by the parties (the “Closing”); provided, however, that if all of the foregoing conditions have not been satisfied or waived on or before March 31, 2025, either the Authority or Developer may thereafter terminate this Agreement by ten days written notice. Thereafter neither party shall have any obligations or liability to the other hereunderProperty.