AgdaPkt 2002-12-09 - Laserfiche WebLink

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q. �-i �q- accomplished in order to allow the Agency to convey the Agency and Acquisidon W Developar by the date set forth in the Schedule of Performance. §309 Convevaace of Title and Deliverv ot Possession Subject to a determination of the Parties regazding the manner in wlvch title will be held, conveyance to Developer of tiUe to the Agency and Acquisition Parcels, or delivery of possession thereof in accordance with Sxtions 309(A) through (E) hereof, shall be completed contemporaneously tluough the Escrow as provided in Article 4. The Agency and Developer agree to perform all acts necessary for the timely conyeyance of tifle and delivery of possession under this Agreement in accordance with the Schedule of Performance. Possession shall be delivered W Developet not later than the conveyance of title. If this Agreement has not been temunated pursuant to Article 8, then Developer shall accept ritle and possession in accordance with the Schedule of Performance. If, at or prior to the time set forth in the Schedule of Performance for conveyance of the Acquisition Parcels, the Agency has not obtained ritle to one or more Acquisirion Parcels but has obtained a judicial order authorizing the Agency to take possession thereof ("Order for Possession") and: A. The Agency delivers a copy of the Order for Possession to the Escmw Agent; B. The Agency delivers exclusive possession of the property involved to Developer pursuant to a written lease or other document reasonably appmved by the Agency and Developer as a means of effectuating this Agreement, on or prior to the time set for conveyance thereof; C. All occupants have been relocated from the portions of the Acquisition Pazcels involved; D. The right of possession which Developer acquires from the Agency is such that the Title Company will issue a policy or policies of title insurance which will enable Developer to obtain financing for the development of the Project Site; and E. The Agency diligently proceeds with the eminent domain action until a final judgment is rendered, and the Agency forthwith deposits the Grant Deed or Grant Deeds to such property in the escrow provided in Article 4 hereof; then the Agency shall not be in Default and, provided Developer has given the Agency its prior written approval, which approval shall not be unreasonably withheld, of the Order of Possession, Developer shall accept such right of possession and shall proceed with development of the Project Site in accordance with the Schedule of Performance or as otherwise set forth in this Agreement. The escrow provided in Article 4 with respect to the Acquisition Pazcels, or portions thereof, shall remain open until the Grant Deed or Grant Deeds to such property can be recorded therein in acwrdance with this section. The parties agree that, where the reason the Title Company will not issue a policy or policies of title insurance under Section 309(D) or the Agency cannot secure a final judgment in an eminent domain action under Section 309(E) is (1) the insufficiency of the Letters of Credit (or Cash Deposit), or (2) the failure of Developer and/or the Agency to supplement the same as allowed in Section 307, or (3) the failure of Developer to provide the Agency Developer's monetary commitment in an amount sufficient to enable the Agency to fumish the Title 12 DOCSSF1:648942.4 9975-5 C14 120502