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2011-023
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2011-023
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such pond is constructed. To the extent that the easements described herein are not completed <br />and executed at the time of closing, the requirement to execute and deliver such easements shall <br />survive the closing. <br />9. Convevance of Easements by the County. The County shall convey to the City <br />(a) an easement to use the existing retention pond, including the related pump house and pump, <br />for drainage, stormwater retention and irrigation purposes relating to those parcels that make up <br />the remaining City Property and the Parking Property, and (b) an easement to use the existing <br />retention pond, including the related pump house and pump, for drainage of stormwater from <br />26`h Street in its future expanded condition. The easements described above shall be drafted in <br />such a manner, or shall be modified at the appropriate time, to apply to the New Retention Pond <br />(including the portion of such pond constructed on the Cloverleaf Property), after such pond is <br />constructed. To the extent that the easements described herein are not completed and executed at <br />the time of closing, the requirement to execute and deliver such easements shall survive the <br />closing. <br />10. Conditions to Closing. The closing of the exchange shall be conditioned upon <br />the occurrence of each and every of the following conditions: <br />a) The preparation of final transaction documents implementing the provisions of <br />this agreement; <br />b) The execution and delivery by MiLB Vero Beach, LLC and National Association <br />of Baseball Leagues, Inc. of a First Amendment to Facility Lease Agreement, a <br />Consent and Waiver to certain of the final transaction documents, and a <br />Termination of Parking Property Lease Agreement; <br />c) The execution and delivery by DT Commons, LLC of a Third Amendment to <br />Collateral Development Agreement or, if acceptable to the County, the adoption <br />of a Resolution by the County permitting the use of the Cloverleaf Property for <br />purposes other than the "Permitted Use" as defined in the Collateral Development <br />Agreement; <br />d) Title information and insurance reasonably acceptable to the recipient of each of <br />the exchanged parcels, including no lien affidavits at closing. Such title <br />information and insurance shall be at the sole cost of the party requesting such <br />information and insurance; <br />e) Satisfactory environmental assessments, studies or analyses, as required by either <br />party. Such assessments, studies or analyses shall be at the sole cost of the party <br />requesting such items; <br />f) Other closing documents reasonably required by either parry; <br />g) Compliance by the County with section 125.37, Florida Statutes, and by the City <br />with section 2-372 of the Code of Ordinances of the City of Vero Beach; <br />h) All of the above shall be in form and substance acceptable to the City Council and <br />the County Commission, and their respective staffs. <br />11. Closing. Each party agrees to proceed with due diligence to close the transaction <br />as soon as reasonably possible. Each party shall pay its own closing costs and recording ees. <br />
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