R2005-49 AUTHORIZING DEVELOPMENT AGREEMENT Near North

Home Browse Search

City and the Developer. The City shall further deliver to the Developer and the surveyor a title insurance policy,and prior thereto a title insurance commitment,issued by a national title insurance company reasonably acceptable to the Developer,together with copies of all instruments which aze set forth as exceptions on Schedule B, insuring Developer's or Owner Entity's interest in the City Parcels. For the purposes of the Phase II Rental Site and Phase III Rental Site,the only portions of the City Parcels for which the City sha.11 be under any obligation to convey is limited to twenty-five (25)acres,more or less, essentially comprising the land necessary to complete the Phase II Rental Site and Phase III Rental Site. 3.1.3 City Environmental Remediation. In relation to the City Pazcels and pursuant to the requirements contained in the HOPE VI Grant Agreement, the City will be responsible for the pre-existing environmental soil remediation required by HLJD ("Soil Remediation") and will obtain, if necessary, either directly or through the DHA, an approved process for asbestos abatement(the"Asbestos Abatement"). The City or the DHA(whichever has obtained the same)shall ma,ke available to the Developer a copy of the no further remediation letter. Other than the foregoing, the only obligation of the City in regazd to the City Parcels in regazd to environmental matters shall be to deliver the same to Developer or the Owner Entity,in a Clean and Buildable Condition,as such term applies solely to the City and the City Parcels. Notwithstanding the foregoing, if the City determines (in its sole discretion) that it is economically or practically infeasible for the City to undertake the Soil Remediation or the Asbestos Abatement, City will inform Developer and City will not be obligated to undertake such work. In the event that the Developer determines that any of the City Pazcels requires environmental remediation,and City determines in its sole discretion that it is economically or practically infeasible for the City to do so, or if the City has notified Developer that it will not undertake the Soil Remediation or Asbestos Abatement work set forth above,Developer or the Owner Entity may,at its election,(1)refuse to accept conveyance of such parcel or(2)accept conveyance of such pazcel and take such actions as are necessary to satisfactorily remediate such parcels. In the event Developer or the Owner Entity elects to remediate such parcels, Developer shall do so in consultation with the City and DHA and only if the City has approved the remediation undertaken and such parcels will not be developed until Developer has received any environmental approval required by the City from applicable State or Federal agencies. The City's obligation to convey to Developer or the Owner Entity the City Pazcels,or any one or more of them, is expressly conditioned upon (a) subject to the provisions of the immediately preceding paragraph,the absence of any uncured default on DHA's part;(b)no Force Majeure Event affecting the City's ability to convey the City Parcels,or any one or more of them,then exist;(c)the City will be entitled to encumber the fee title to all of the City Parcels and the DHA Parcels,if any, which are intended to be sites for any PHA-Assisted Units with a restrictive covenant,in a form and containing substance which is acceptable to the City, pursuant to which the use of such land is restricted to such uses as would be in accordance with this Agreement,and must remain the same for so long as any applicable Public Housing Requirements or any other applicable Legal Requirements in regazd to such use are in effect; (d) the DHA and Developer have otherwise satisfied all of the other terms and conditions of this Agreement;and(e)the absence of any uncured default on Developer's part. 17 INDY 1566592v.2