Upon selection by the Lower South Valley Land Bank (the Land Bank), I/we agree to enter into negotiations with the Land Bank to conclude in a Redeveloper’s Contract (“Contract”) in form and content satisfactory to the Land Bank. Such Contract, among other terms and conditions, shall provide for revestment of title to the land and any improvements thereon to the Land Bank in case of failure of developer to satisfy any condition in said Contract with the Land Bank.
I/we understand that after selection of the developer, the Land Bank reserves the right to cancel its relationship with the proposed developer and not issue a Redeveloper’s Contract regardless of the amount of time, money, or energy the proposed developer has expended pursuant to this project.
I/we have examined the existing conditions at the project site and are fully informed as to the conditions and limitations of the project site. I/we may not at any time after the execution of the Redeveloper’s Contract make any claim against the Land Bank based upon insufficient data or any incorrect assumptions on my/our part. I/we fully understand that the property is being sold “as-is” and “where-is.”
I/we understand that the Land Bank reserves the right to utilize a multitude of evaluation techniques, so that, although the offered price will be a consideration, the selected developer may not necessarily be the “highest bidder.”
I/we agree to pay any and all real estate transfer taxes, reasonable attorney fees, costs of title insurance and recording fees that may be required pursuant to the transfer of this property from the Land Bank to me/us.