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WHEREAS, by Ordinance No. <br /> <br />the City approved the <br /> <br />Plan; <br /> <br /> WHEREAS, by Ordinance No. the City authorized <br />the Authority to enter into a redevelopment contract with the <br />Developer; <br /> <br /> WHEREAS, the Redeveloper and the Authority desire the <br />Authority to acquire the Project Area from the Redeveloper or <br />an affiliate of the Redeveloper and immediately convey it to <br />Redeveloper for redevelopment in accordance with the Proposal, <br />the Inducement Resolution and this Agreement; <br /> <br /> WHEREAS, the Authority has advised the Redeveloper <br />that the Authority has given the City Council notice as <br />required by the Land Clearance for Redevelopment Authority Law <br />of its intention to accept and enter into this Agreement and <br />that this Agreement and the execution hereof by the parties <br />hereto has been approved by all governmental authorities as <br />required by law and pursuant to all contractual obligations of <br />the Authority; <br /> <br /> NOW, THEREFORE, in consideration of the premises <br />recited above and the mutual obligations and undertakings of <br />the parties hereto, each of them does hereby convenant and <br />agree with the ot~er as follows: <br /> <br /> Section 1. Acguisition. Redeveloper will cause to be <br />conveyed all of the interest of the Redeveloper or an affiliate <br />of the Redeveloper in the Project Area to the Authority, and <br />the Authority will immediately sell all of its interest in the <br />Project Area, subject to the terms, covenants and conditions of <br />this Agreement, to the Redeveloper at a price mutually accept- <br />able to the Redeveloper and to the Authority which price shall <br />be deemed to be the fair, reuse value. <br /> <br /> Section 2. Conveyance. The conveyances authorized by <br />Section 2 hereby shall be made by special warranty deeds <br />substantially in the form of the special warranty deeds <br />attached hereto as Exhibit B (the "Deeds"). Such conveyances <br />and title to the Project Area will be subject only to condi- <br />tions of title existing upon conveyance by the Redeveloper or <br />an affiliate thereof to the Authority pursuant to Section 1 <br />hereof. <br /> <br /> Section 3. Time and Place. The conveyances pursuant <br />to Section 1 hereof shall take place on September , 1983 <br /> a.m. at the offices of the Authority, or on ~uch other <br />date as the Redeveloper and the Authority may agree. The <br />Redeveloper shall promptly file the deeds for recordation, pay <br />all costs for so recording the deeds, and promptly provide the <br /> <br />-2- <br /> <br /> <br />