Laserfiche WebLink
NOW, THEREFORE, for no monetary consideration and for other good and valuable <br /> consideration, Owner agrees to donate to City the following described property upon the terms and <br /> conditions hereinafter set forth: <br /> • <br /> 1. Donation and Acceptance. <br /> Owner agrees to donate, convey and transfer to the City, and the City agrees to receive and <br /> accept from the Owner, all of the Owner's right, title and interest in and to the Property subject to the <br /> terms, conditions and provisions hereof. <br /> 2. Conveyance. <br /> Owner shall convey to the City the Property by special warranty deed in the form attached <br /> hereto as Exhibit"C" and incorporated herein by reference ("Deed"). <br /> 3. Title and Survey. <br /> Owner shall provide to the City a copy of the most recent title search completed with respect to <br /> the Property, environmental reports, and a copy of the Owner's most recent survey of the Property. At <br /> the City's election and at its sole cost and expense, the City may obtain an updated title commitment, <br /> environmental test, and an updated survey for the Property. <br /> 4. Transfer of Development Rights Account. <br /> The City agrees to transfer the Navarro's TDRs to a private TDR account created by the City. <br /> The City further agrees to sell the Navarro's TDRs on behalf of the Owner to a willing buyer at not <br /> less than$125 per square feet ("Guaranteed Maximum Price"). <br /> 5. Lease Agreement and Assignment. <br /> The City and the Owner acknowledge that Property is subject to a Lease Agreement ("Existing <br /> Lease"),for which the current term expires on December 31,2021. The parties further acknowledge that <br /> Holiday CVS,LLC ("Existing Tenant")has one(1)five(5)year option to renew(the"Renewal Option") <br /> the Existing Lease upon its expiration. The Owner agrees to use commercially reasonable efforts to <br /> terminate the Existing Lease on or before December 31, 2021. If the Existing Lease is not terminated <br /> on or before December 31,2021 or prior to Closing(as defined below),the Owner agrees to transfer and <br /> assign the Existing Lease to the City. After such assignment, the City agrees to pay to Owner the base <br /> rent due under the terms of the Existing Lease on a quarterly basis commencing on the date that is ninety <br /> 2 of 8 <br />