Phasing of Conveyances to Developer Sample Clauses

The "Phasing of Conveyances to Developer" clause establishes a schedule or sequence for transferring property interests from the seller to the developer in multiple stages rather than all at once. Typically, this means that parcels of land or development rights are conveyed as the developer meets certain milestones, such as completing infrastructure or obtaining approvals for each phase. This approach allows both parties to manage risk and investment incrementally, ensuring that the developer does not take on more property than can be developed at a given time and that the seller retains leverage until obligations are met.
Phasing of Conveyances to Developer. Following the grant of a Sub-Phase Approval and the satisfaction (or waiver by the Agency) of all conditions to the Agency’s obligation to convey real property to Developer as set forth in Article 10, the Agency shall: (i) convey to Developer all real property the Agency owns (or acquires as contemplated herein) that is part of the Sub-Phase, other than real property that is subject to the Public Trust and the “Public Property”, which is the Agency Lots, the ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Lots, the Community Facilities Lots, the Open Space Lots, including Parcel E-2, the Fire Station Lot, and the public rights of way and other real property intended to be owned permanently by Governmental Entities, including real property that is to be placed under the Public Trust; (ii) with the Approval of Developer in its sole discretion, convey to Developer all real property the Agency owns (or acquires as contemplated herein) that is part of the Sub-Phase (excluding property that is subject to the Public Trust or that is to be placed under the Public Trust), subject to Developer’s obligation to convey the Public Property back to the Agency as it directs; or (iii) lease to Developer all or any portion of the property the Agency owns, other than the Public Property, but only with Developer’s Approval. Any such conveyance from Developer to the Agency shall be under a Developer Quitclaim Deed and shall be free and clear of any title exceptions or encumbrances other than those (1) that existed at the time of the conveyance from the Agency to Developer, (2) permanent recorded restrictions or covenants that are required as a part of Developer’s obligations hereunder (and not including any mechanics or other liens or security instruments) or (3) for ad valorem property taxes or assessments related to the period after Developer’s ownership. All mapping and legal descriptions required for conveyances from the Agency to Developer under this DDA shall be prepared by Developer and Approved by the Agency Director.
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Related to Phasing of Conveyances to Developer

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  • Purchase and Conveyance The Seller, in exchange for the payment of the applicable Purchase Price by the Purchaser on the related Closing Date, receipt of which is hereby acknowledged, hereby sells, transfers, assigns, sets over and conveys to the Purchaser, without recourse, but subject to the terms of this Agreement, all of its rights, title and interest in and to the Mortgage Loans, including the related Mortgage Note and Mortgages, in a Mortgage Loan Package having a Stated Principal Balance in an amount as set forth in the related PPTL, or in such other amount as agreed by the Purchaser and the Seller as evidenced by the actual aggregate principal balance of the Mortgage Loan Package accepted by the Purchaser on the related Closing Date, together with the related Mortgage Files and all rights and obligations arising under the documents contained therein, on a servicing released basis. With respect to each Mortgage Loan, the Purchaser shall own and be entitled to (1) all Monthly Payments due after the related Cut-off Date, (2) all other recoveries of principal collected after the related Cut-off Date (provided, however, that the principal portion of all Monthly Payments due on or before the related Cut-off Date and collected by the Seller or any successor servicer after the related Cut-off Date shall belong to the Seller), and (3) all payments of interest on the Mortgage Loans (minus that portion of any such payment which is allocable to the period prior to the related Cut-off Date). The Stated Principal Balance of each Mortgage Loan as of the related Cut-off Date is determined after application of payments of principal due on or before the related Cut-off Date whether or not collected, together with any unscheduled Principal Prepayments collected prior to the related Cut-off Date; provided, however, that Monthly Payments for a Due Date beyond the Cut-off Date shall not be applied to reduce the principal balance. Such Monthly Payments shall be the property of the Purchaser. If the Servicing Transfer Date has not yet occurred, the Seller shall remit any such Monthly Payments to the Purchaser on the Remittance Date following collection thereof. If the Servicing Transfer Date has occurred, the Seller shall remit any such Monthly Payments to the Purchaser in accordance with the Servicing Transfer Instructions.