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5.1. HRSR 12-06-2004
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5.1. HRSR 12-06-2004
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City Government
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HRSR
date
12/6/2004
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(iv) In accordance with Section 4.1, the Developer shall have submitted the <br /> Construction Plans for the Minimum Improvements to the City, and the City shall have <br /> approved the same. <br /> (v) Developer shall have performed all of the obligations required to be <br /> performed by Developer under this Agreement as of the Closing Date. <br /> (vi) The Developer shall have delivered to the City evidence of presales of the <br /> units of the Bluff Block Housing Project in the amount required by the Construction <br /> Lender. <br /> (vii) The Developer shall have delivered to the City all of the Developer's <br /> Documents described in Section 3.7(c). <br /> (c) City's and Developer's Options. In the event that any of the foregoing <br /> contingencies fail to be satisfied on or before the Closing Date, the Developer or the City, as the <br /> case may be, may: <br /> (i) terminate this Agreement; or <br /> (ii) waive such failure and proceed to close. <br /> Section 3.7 Closing. <br /> (a) Time and Place. Subject to the terms and conditions of this Agreement, the Aft <br /> Closing on the purchase and sale of the Jackson Block Property shall take place on the Closing <br /> Date and shall take place at such place which is mutually acceptable to the Parties. The City <br /> shall deliver possession of the Jackson Block Property on the Closing Date. <br /> (b) City's Documents. At the Closing, the City shall execute, where appropriate, and <br /> deliver all of the following City's Documents: <br /> (i) The Deed properly executed on behalf of the City and in recordable form <br /> conveying the Jackson Block Property to the Developer free and clear of all <br /> encumbrances except those accepted by the Developer. <br /> (ii) The most current abstracts of title, if any, in the City's possession to any <br /> portion of the Jackson Block Property which are abstract property, and any owner's <br /> duplicate certificate of title in the City's possession to any portion thereof which is <br /> registered property. <br /> (iii) A non-foreign affidavit properly containing such information as is <br /> required by Internal Revenue Code Section 1445(b)(2) and the regulations promulgated <br /> pursuant thereto. <br /> (iv) An affidavit of the City indicating on the Closing Date that there are no <br /> outstanding, unsatisfied judgments, tax liens or bankruptcies against or involving the City <br /> or the Jackson Block Property; that there has been no skill, labor or material furnished to <br /> 1674205v8 20 <br />
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