Resolution 5871 - Laserfiche WebLink

(1) any mortgage, deed of trust, or other security instrument or sale and leaseback or other conveyance for financing permitted by this Agreement; or (2) any rights or interests provided in this Agreement for the protection of the holder of such mortgages, deeds of trust, or other security instruments, the lessor under a sale and leaseback,or the grantee under such other conveyance for financing. To exercise the Repurchase Right the City shall pay to OM in cash an amount equal to: (1) the fair market value of the Designated Repurchase Property, as determined by an MAI Appraiser selected by the City in accordance with professional appraisal standards, specifically including the Code of Professional Ethics of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, excluding any value attributable to any City Work and any property or interests dedicated or conveyed, or required to be dedicated or conveyed, to the City, including, without limitation,the Main Road; less (2) any amounts paid by the City to remove any liens or other encumbrances placed on the City Property by or as a result of the actions or omissions of OM; less (3) any income withdrawn or made by OM from the designated Repurchase Property or the improvements thereon; and less (4) any costs incurred by the City in enforcing the Repurchase Right and causing the reconveyance of the Designated Repurchase Property by OM to the City. The Deed shall contain appropriate reference and provision to give effect to the City's right, as set forth in this Section 17.1.1. 17.1.2 Option to Repurchase In addition to the other rights granted in this Agreement, the City shall have and retain the fully and unconditionally assignable right, at the City's option (the "Repurchase Option"), to repurchase, reenter, and take possession of the City Property, or all or any portion of the City Property identified by the City that has not been released from the City's Option to Repurchase by a Partial Certificate of Completion (the "Designated Option to Repurchase Property"), with all improvements thereon, if, after Closing and prior to the issuance of a Final Certificate of Completion for the Minimum Development Elements, OM is in breach of this Agreement, subject to any extension allowed under Section 20.2, following written notice from the City because OM: (1) receives approval from the City to commence construction of an Approved Minimum Retail Program, but then fails to develop and complete the Approved Minimum Retail Element as and within the time period approved by the City for the Approved Minimum Retail Element; -38- 06107-0063;LEGAL 13023969,I