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Agmt90 DDA Sequoia Station
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Agmt90 DDA Sequoia Station
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Last modified
10/19/2017 12:13:32 PM
Creation date
9/13/2017 4:36:22 PM
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Template:
Agreement
Contractor Name
Sequoia Station Developers, Inc
PROJECT NAME
Sequoia Station
RMP File Number
405
Date
4/10/1990
Amendment
Yes
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A. The Agency delivers a copy of the order to <br />the Escrow Agent; <br />B. The Agency delivers exclusive possession <br />of the property involved to the Developer, prepares and <br />executes a Grant Deed or Grant Deeds for such parcels <br />notwithstanding the fact that a final order of condemnation <br />has not yet been issued by the court on or prior to the time <br />set for conveyance thereof, and forthwith deposits such Grant <br />Deed or Grant Deeds in the escrow provided in Article 4 hereof <br />under instructions to record such Grant Deed or Grant Deeds <br />upon the Agency's acquisition of the applicable parcel; <br />C. All occupants have been relocated from the <br />property involved; <br />D. The interest which the Developer acquires <br />from the Agency is such that the Title Company will issue a <br />policy or policies of title insurance which will enable the <br />Developer to obtain financing for the development of the <br />Project; and <br />E. The Agency diligently proceeds with the <br />eminent domain action until a final judgment is rendered; <br />then the Developer shall not terminate this Agreement under <br />the provisions of Section 1007 but shall accept such title and <br />right of possession, or the Agency's tender thereof, and shall <br />proceed with the development of the Project. <br />The parties agree that, where the reason the Title <br />Company will not issue a policy or policies of title insurance <br />under subsection D of this section or the Agency cannot secure <br />a final judgment in an eminent domain action under subsection <br />E of this section is (1) the insufficiency of the Letter of <br />Credit (or Cash Deposit) or (2) the failure of the Developer <br />to supplement the same as allowed in Section 304 or (3) the <br />failure of the Developer to provide the Agency the Developer's <br />monetary commitment in an amount sufficient to enable the <br />Agency to furnish the Title Company appropriate <br />indemnification, then the Agency will not be in Default under <br />this Agreement and any termination of this Agreement shall <br />fall under subsection C. of Section 1009. <br />In the event that the requisite title or legal interest <br />and possession to the real property covered by Sections 204 <br />and 205 of this Agreement (or the contractual right to acquire <br />the same) are not held by the Developer on or before the date <br />specified therefor in the Schedule of Performance, then the <br />duty of the Agency to convey the Acquisition Parcels to the <br />Developer on the date shown in the Schedule of Performance <br />7 <br />6407L <br />
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