Conveyance of the Property. The conveyance of the Property from Sellers to the City shall be for the sum of $10 and shall be made pursuant to a quit claim deed (the “Deed”) that is acceptable in form and content to Sellers and the City. The Closing (as such term is defined in Section 6 of this Memorandum) of said conveyance shall occur on a date that is acceptable to Sellers and the City but in no event later than July 1, 2024. If the Closing has not occurred on or before July 1, 2024, for any reason or no reason whatsoever, this Memorandum shall be deemed to be null and void and of no further force or effect and neither Party shall have any further obligation to the other under this Memorandum.
Appears in 2 contracts
Sources: Memorandum of Understanding for Conveyance of Land, Memorandum of Understanding for Conveyance of Land