Res99 RD-99-30 - Laserfiche WebLink

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mutually agreed upon in writing between IAC and the Agency. The Agency and IAC agree to perform all acts necessary for the timely conveyance of title and delivery of possession under this Agreement in accordance with the Schedule of Performance. Possession shall be delivered to IAC not later than the conveyance of [itle. If this Agreement has not been terminated pursuant to Article 8, then IAC shall accept title 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 Pazcels, the Agency has not obtained title to one or more Acquisition Pazcels but has obtained ajudicial 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 Escrow Agent; B. The Agency delivers exclusive possession of the property involved to IAC pursuant to a written lease or other document reasonably approved by the Agency and IAC 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 IAC acquires from the Agency is such that the = Title Company will issue a policy or policies of title insurance which will enable IAC to obtain financing for the development of the IAC 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 Articie 4 hereof; then the Agency shall not be in Default and, provided IAC has given the Agency its prior written approval, which approval shall not be unreasonably withheld, of the Order of Possession, IAC shall accept such right of possession and shall proceed with development of the IAC 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 accordance 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 311(D) or the Agency cannot secure a final judgment in an eminent domain action under Section 311(E) is (1) the insufficiency of the Letters of Credit (or Cash Deposit), or (2) the failure of IAC and/or the Agency to supplement the same as allowed in Section 307, or (3) the failure of IAC to provide the Agency IAC's monetary commitment in an amount sufficient to enable the Agency to fumish the Title Company appropriate indemnification, then the Agency will not be in Default for failing to secure a final judgment in an eminent domain action under this Agreement and any termination of this Agreement by reason thereof shall fall under Sections 807, 808 or 809, as the case may be. _ ' Ya 9627�.8397625 . . , r .