Resolution 5871 - Laserfiche WebLink

introductions for OM to Port representatives, assist where appropriate in facilitating communications with representatives of the Port and will review and process Development Permits within its jurisdiction to the extent they include the Port Property consistent with the terms of Section 16.10 below. 1.3 Drywall Parcel and 36th Street Easements The City also owns an adjacent 1.4-acre parcel of land commonly referred to herein as the "Drywall Parcel"), legally described on Exhibit C, attached hereto and depicted as such on the Property Map. At some time in the future the Site may include the Drywall Parcel, although the Drywall Parcel is not being sold as part of this Agreement. However, the City acknowledges that due to the proximity of the Drywall Parcel to the City Property, OM has an interest in acquiring the Drywall Parcel if and when it might become available for acquisition. If OM should acquire the Drywall Parcel, the City acknowledges that OM also may be interested in the vacation of the adjacent right of way property if the City should decide to vacate the right of way. If the adjacent right of way is vacated and acquired by OM prior to issuance of the Development Permits, the property will be included as part of the larger Development. If the adjacent right of way is not vacated by the City or acquired by OM for any reason, then at Closing the City shall grant to OM and its successors, tenants, subtenants and other invitees such rights of ingress and egress for access and utilities in the 36th Street right of way as are reasonably necessary for the anticipated use and development of the Development ("36th Street Easements"). The City's only commitment to OM with respect to the Drywall Parcel is set forth in Section 15 below, and the City is not making and does not make any commitments in this Agreement regarding the possible vacation, surplusing or sale of the adjacent right of way property. 1.4 Site The City Property, together with such other properties as may be acquired and added to the overall Development by OM as described in this Agreement, including the Port Property and the Drywall Parcel, and the adjacent right of way properties, is from time to time collectively referred to herein as the"Site." 2. DISPOSITION OF THE CITY PROPERTY 2.1 Purchase and Sale 2.1.1 Generally Subject to all of the terms and conditions set forth in this Agreement, the City shall sell to OM, and OM shall purchase from the City, the City's interest in the City Property, which shall include all building structures, improvements and fixtures constructed and owned by the City located thereon and all rights, privileges, servitudes and appurtenances thereunto belonging or appertaining thereto including, without limitation, all minerals, oil, gas and other hydrocarbon substances on and under the City Property and all rights related thereto. -4- 06107-0063 LEGAL 13023969.1