Common use of Conveyances to Developer Clause in Contracts

Conveyances to Developer. (a) In consideration of the Developer Stadium Obligations, upon Substantial Completion of the Stadium Pad Infrastructure and the Stadium Related Infrastructure, the Agency shall convey (or cause to be conveyed) to Developer fee title to the Compensating Land if at that time Developer is not in default in payment of the Developer Stadium Contribution, and in such phases as Developer shall Approve. Such conveyance shall occur irrespective of whether Developer has satisfied the Agency’s other conditions to the close of Escrow as set forth in Article 10. The Parties understand and agree that Developer’s right to the Compensating Land as set forth above is a material part of this DDA, and that Developer would not be willing to perform Developer Stadium Obligations without this provision. Developer shall have the right to enforce this provision by specific performance against the Agency under this DDA and against the City as a third-party beneficiary of the RecPark Land Transfer Agreement. (b) All conveyances under this Section 5.2.6 shall be made regardless of whether the Agency has granted Major Phase Approval or any Sub-Phase Approval for the Compensating Land, and notwithstanding contrary provisions in the DRDAP, but such conveyances shall be subject to Section 6.2.2 (other than the requirement for a Sub-Phase Approval) and the Proposition G Conveyance Requirement. No Schedule of Performance shall apply to the Compensating Land, although Developer shall have no right or obligation to develop the Compensating Land until receipt of the applicable Major Phase and Sub-Phase Approvals. No right of reverter or power of termination shall be placed upon the Compensating Land, and Developer shall not be required to provide Adequate Security with respect to the Compensating Land except as required by the CP/HPS Subdivision Code. All Compensating Land shall be conveyed to Developer in the same condition other land is required to be conveyed under Article 10. (c) Notwithstanding anything to the contrary in this Section 5.2.6, the Agency and the City shall have no obligation to convey the Existing Stadium Site to Developer before the 49ers Lease has terminated or expired and the 49ers vacate the Existing Stadium Site (the “49ers Departure”). If there is a delay in conveyance of the Existing Stadium Site for this reason, the Agency and the City shall remain obligated to convey the Existing Stadium Site to Developer upon the 49ers Departure.

Conveyances to Developer. (a) In consideration of the Developer Stadium Obligations, upon Substantial Completion of the Stadium Pad Infrastructure and the Stadium Related Infrastructure, the Agency shall convey (or cause to be conveyed) to Developer fee title to the Compensating Land if at that time Developer is not in default in payment of the Developer Stadium Contribution, and in such phases as Developer shall Approve. Such conveyance shall occur irrespective of whether Developer has satisfied the Agency’s other conditions to the close of Escrow as set forth in Article 10. The Parties understand and agree that Developer’s right to the Compensating Land as set forth above is a material part of this DDA, and that Developer would not be willing to perform Developer Stadium Obligations without this provision. Developer shall have the right to enforce this provision by specific performance against the Agency under this DDA and against the City as a third-party beneficiary of the RecPark Land Transfer Agreement. (b) All conveyances under this Section 5.2.6 shall be made regardless of whether the Agency has granted Major Phase Approval or any Sub-Phase Approval for the Compensating Land, and notwithstanding contrary provisions in the DRDAP, but such conveyances shall be subject to Section 6.2.2 (other than the requirement for a Sub-Phase Approval) and the Proposition G Conveyance Requirement. No Schedule of Performance shall apply to the Compensating Land, although Developer shall have no right or obligation to develop the Compensating Land until receipt of the applicable Major Phase and Sub-Phase Approvals. No right of reverter or power of termination shall be placed upon the Compensating Land, and Developer shall not be required to provide Adequate Security with respect to the Compensating Land except as required by the CP/HPS Subdivision Code. All Compensating Land shall be conveyed to Developer in the same condition other land is required to be conveyed under Article 10.under (c) Notwithstanding anything to the contrary in this Section 5.2.6, the Agency and the City shall have no obligation to convey the Existing Stadium Site to Developer before the 49ers Lease has terminated or expired and the 49ers vacate the Existing Stadium Site (the “49ers Departure”). If there is a delay in conveyance of the Existing Stadium Site for this reason, the Agency and the City shall remain obligated to convey the Existing Stadium Site to Developer upon the 49ers Departure.

Conveyances to Developer. (a) In consideration of the Developer Stadium Obligations, upon Substantial Completion of the Stadium Pad Infrastructure and the Stadium Related Infrastructure, the Agency shall convey (or cause to be conveyed) to Developer fee title to the Compensating Land if at that time Developer is not in default in payment of the Developer Stadium Contribution, and in such phases as Developer shall Approve. Such conveyance shall occur irrespective of whether Developer has satisfied the Agency’s other conditions to the close of Escrow as set forth in Article 10. The Parties understand and agree that Developer▇▇▇▇▇▇▇▇▇’s right to the Compensating Land as set forth above is a material part of this DDA, and that Developer would not be willing to perform Developer Stadium Obligations without this provision. Developer shall have the right to enforce this provision by specific performance against the Agency under this DDA and against the City as a third-party beneficiary of the RecPark Land Transfer Agreement. (b) All conveyances under this Section 5.2.6 shall be made regardless of whether the Agency has granted Major Phase Approval or any Sub-Phase Approval for the Compensating Land, and notwithstanding contrary provisions in the DRDAP, but such conveyances shall be subject to Section 6.2.2 (other than the requirement for a Sub-Phase Approval) and the Proposition G Conveyance Requirement. No Schedule of Performance shall apply to the Compensating Land, although Developer shall have no right or obligation to develop the Compensating Land until receipt of the applicable Major Phase and Sub-Phase Approvals. No right of reverter or power of termination shall be placed upon the Compensating Land, and Developer shall not be required to provide Adequate Security with respect to the Compensating Land except as required by the CP/HPS Subdivision Code. All Compensating Land shall be conveyed to Developer in the same condition other land is required to be conveyed under Article 10.under (c) Notwithstanding anything to the contrary in this Section 5.2.6, the Agency and the City shall have no obligation to convey the Existing Stadium Site to Developer before the 49ers Lease has terminated or expired and the 49ers vacate the Existing Stadium Site (the “49ers Departure”). If there is a delay in conveyance of the Existing Stadium Site for this reason, the Agency and the City shall remain obligated to convey the Existing Stadium Site to Developer upon the 49ers Departure.