Common use of Purchase of City Right of Way Clause in Contracts

Purchase of City Right of Way. At any time prior to the earlier of (a) the tenth anniversary of the Effective Date, or (b) the expiration or termination of this Agreement, if Developer shall have acquired title to the portion of the Additional Property located adjacent to those specific portions of the right-of-way and alley depicted on the diagram attached hereto as Exhibit D (the “ROW Parcel” and the “Alley Parcel”), then Developer shall have the option to request that the ROW Parcel and Alley Parcel be abandoned to allow Developer to acquire fee title thereto. To exercise such option, Developer shall give City written notice specifying the desired closing date which shall not be less than ninety (90) days after the date of such notice. Promptly after receipt of the notice from Developer, City shall process the abandonment in accordance with City’s normal and customary procedures (including without limitation Developer’s payment of all requisite fees and relocation of any existing utilities), and City shall process all applications for abandonment, authorizations and ordinances which may be necessary to abandon the alley and any utility easements located therein, in accordance with City’s normal procedures. The purchase price for the ROW Parcel and the Alley Parcel shall be the same as the then-applicable Per Square Foot Price, and shall be due and payable in full at Closing. If Developer exercises the option to acquire the ROW Parcel and/or the Alley Parcel, on the closing date, City shall deliver to Developer a special warranty deed, subject to receipt of the purchase price, and such purchase shall be consummated in general conformance with the balance of this Article III.