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provisions of the applicable state and local laws and <br /> requirements under which the Project has been undertaken; <br /> <br /> NOW, THEREFORE, in consideration of the premises and the <br /> mutual obligations of the pa~ties herein set forth, the City <br /> and Redeveloper do.hereby covenant and agree with the other as <br /> follows: <br /> <br /> Section 1. Acquisition. <br /> <br /> (a) ~it¥'s Undertakinqs. <br /> <br /> Subject to all of the terms and conditions of this <br /> Agreement, the City agrees to take such steps as are necessary <br /> tO acquire all Redevelopment Properties not presently owned by <br /> the City which are required for-any Project-related and/or <br /> municipal public purpose. The'City will sell to Redeveloper, <br /> <br />· at fair market value as determined by independent appraisal, <br /> any portion of the-Redevelopment Properties not required for a <br /> municipal'public purpose. The City will promptly commence such <br /> acquisition activities and will proceed as expeditiously as <br /> possible to acquire the Redevelopment Properties, by <br /> negotiation utilizing an independent appraisal and/or by <br /> eminent domain proceedings if necessary to accomplish such <br /> acquisition. If the City fails to acquire all of the <br /> Redevelopment Properties within the time period(s) eStablished <br /> by the Project Development Schedule (hereinafter defined), <br /> Redeveloper may terminate this Agreement in accordance with the <br /> provisions of Section 5 (a) below. <br /> <br /> Notwithstanding the above, the parties agree to include <br />within the Plan Area the federal post office building and <br /> <br />- 4 - <br /> <br /> <br />