13-2023 - Authorize lease with LCSC for 12900 Madison

Home Browse Search

EXHIBIT "B" Deed Restrictions (To be provided; in a similar form as:) 1. Seller's intent is to restrict the resale of the Property by Buyer for a period of 5 years to a third party. If the Property is sold prior to the commencement of the 6th year for more than the purchase price, 50 percent of the additional funds over the aggregate of (1) the purchase price and (2) Buyer's documented carrying costs, including but not limited to demolition and renovation expenses, the carrying costs to be more specifically defined herein, shall be shared with the Seller on a 50150 basis.) 2. Buyer will begin construction activities and efforts at the Property ("Construction") no later than twelve (12) months after the Closing Date and Buyer shall complete the adaptive re -use of the building to a mixed use space as generally described in the Buyer's proposal as attached hereto as Exhibit F and not later than the date that is the thirty-six (36) month anniversary of the Closing Date with respect to the office construction and the forty-eight (48) month anniversary of the Closing Date with respect to the construction of the residential apartment units (collectively, the "Construction Completion Deadline); provided, however, that the deadlines in this paragraph, by reason of Acts of God, labor strike, lockout, inability to procure materials, failure of power, riot, insurrection, war or warlike act, terrorist act, utility blackout or brownout, legal requirement or other reason not within the control of Buyer, shall be continued for a period equivalent to the period of such delay. In the event that the Construction is not completed by the Construction Completion Deadline, the Construction Completion Deadline shall be extended so long as Buyer pursues the completion of the Construction in a diligent manner. 3. The Property and any and all rights and interests appurtenant thereto are subject to the Right to Repurchase (as defined herein) held by Seller, its successors and assigns, on the following terms and conditions: a. Seller has reserved and does hereby reserve unto itself, its successors and assigns, and Buyer does hereby grant and convey to Seller, its successors and assigns, the right and option, but not the obligation,. to repurchase the Property as set forth below from Buyer (hereinafter referred to as the "Right to Repurchase"), for the Repurchase Price (as hereinafter defined) and on the other terms and conditions hereof if (i) Buyer fails to commence construction of the Improvements on or before the expiration of the twelfth full calendar month after the date of the Closing (for purposes of the Right to Repurchase set forth in this Deed the date of Closing shall be deemed the date of this Deed), or (ii) Buyer fails to complete construction of the adaptive re -use of the Youth Services Building structure to an office use not later than the date that is the 36-month anniversary of the date of Closing and construction of a minimum of 2 residential units on the site (or alternative as reasonably agreed to by Seller) not later than the date that is the 48-month anniversary of the date of Closing (any of the deadlines ' in items (i) and (ii) (hereinafter referred to as the "Commencement Deadline"); provided, however, that in the event of Acts of God, strikes, terrorism, war, unavailability of materials or -any other cause outside the reasonable control of Buyer, the Commencement Deadline shall be reasonably extended to reflect the time loss due to the unexpected delay and the time to complete f01430183-1 1