Common use of Purchase and Conveyance Clause in Contracts

Purchase and Conveyance. 1.1 The City shall purchase the ROW from the Owner and the Owner shall sell the ROW to the City for a purchase price of ($ ) (exclusive of GST) (the “Purchase Price”) and upon the terms and conditions contained herein. The Purchase Price shall be paid to the Owner by the City on the Closing Date. 1.2 For clarification, the Purchase Price is based on a rate set at fifty percent (50%) of the Arterial Road Assessment Land Dedication Rates in effect at the effective date of this Agreement, as calculated on Schedule “C” attached hereto. 1.3 Subject to Article 3, the conveyance provided for in this Agreement shall be completed on , or such other date as the parties shall mutually agree to in writing, (the “Closing Date”). 1.4 Notwithstanding the above, and with the agreement of the Owner, the payment for the ROW may be: (a) Deferred with security for the payment to be provided by the City to the Owner, or (b) By way of land exchange for land of equal or greater size.