Agmt95 Belmont Elementary District AKA Belmont - Redwood Shores School District

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of the uses provided for under this Joint Use Agreement, (5) the receipt of a commitment to provide a municipal bond insurance policy and the satisfactory completion of all legal requirements necessary for financing the acquisition of the School site, and constructing a K-5 elementary school facility on the School Site (to be determined solely by District), and (6) final approval by City and District of the school facility design pursuant to the procedures set forth in paragraphs 15- 17, inclusive, below. Within 120 days of confirmation that all of the above conditions have been met, District shall deposit into escrow on behalf of City, the amount of $2,677,500, in cash, representing the remainder of the total purchase price for the School Site. d. city and District hereby provide that transfer of a fee interest in the School Site to District shall occur simultaneously with the closing of District's financing. e. At City's option, city may include in any transfer of fee title interest to District, reversionary provisions that provide for reversion of title to City in the event District shall fail to use the premises for the construction, operation, and maintenance of facilities for classroom instruction, school purposes or other approved purposes as specified in this Joint Use Agreement, as more fully set forth in paragraph 6, below. Any such reversionary provisions shall be subject to the provisions governing excuse of performance set forth in paragraph 2s below, and further subject to the restriction that title to the School Site may not revert to City as long as the School Site and School Facilities on the School Site remain encumbered by financing or refinancing for the construction of School Facilities as proposed under 5 ATTY/AGR/2017/AMENDMENTS/AMEND NO. 1 TO JOINT USE AGREEMENT -SANDPIPER REV: 03-02-17 JS Page 12 of 42