Terms & Conditions

Notice of Award Memorandum

 

__________________________________________ [PROPERTY OWNER] (the “Recipient”) is the owner of a certain piece or parcel of land located in CITY OF HINTON DISTRICT, SUMMERS COUNTY, WEST VIRGINIA more particularly described in the deed of conveyance from The Hinton Land Reuse Agency (the “HLRA”) to the Recipient (the “Property”).

 

The Recipient received the Property as a condition of a grant and conveyance of title pursuant to an application submitted to the HLRA (the “Award”) and further described in the Deed from The HLRA and recorded in the Office of the County Clerk of Summers County, West Virginia.   

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1.  PURPOSE:  The purpose of the Award is to develop or redevelop certain real property located in the City of Hinton.  The Recipient received the Award based on an application submitted and criteria identified as priorities for development or redevelopment in the City of Hinton.  As an express condition of the Award, the Recipient has agreed to develop or redevelop the Property in compliance with the terms set forth in the application, which shall be maintained on file in the City of Hinton, City Hall, 322 Summers Street, Hinton, West Virginia or such other office as the Hinton Land Reuse Agency shall from time to time designate.  The HLRA has the right to monitor and enforce compliance with the Award based on the representations made by the Recipient in the Award application and the activity and use restrictions contained herein and for the rights, including the right to enforce.
    

2. RESTRICTIONS:  The Recipient shall develop or redevelop the Property in conformity with the plans set forth in the application.
    

3. COMPLIANCE REPORTING:  The Recipient agrees to cooperate fully with representatives of HLRA and provide any information requested to monitor the progress of the Recipient’s Project, including on-site visits to the Property.
    

4. TERM: This restrictions and covenants included herein shall remain in full force and effect for a period of eighteen months, unless otherwise agreed upon by HRLA and the Recipient.  If, at any time during the Term and until this Award is released, any future purchaser may obtain a certificate of estoppel from the HLRA if the Property is in compliance with this Award.
    

5. RIGHT OF ACCESS:  The Recipient and its successors or assigns hereby grants to the HLRA a right of access to the Property in order to monitor compliance with and otherwise enforce the restrictions specified in this Agreement.
    

6. DEFAULT CLAUSE:  Should the Recipient default in its performance of any of the terms and conditions contained therein, and fails to correct such default within the time frame established for cure in a written notice of default issued by HLRA,  then HLRA shall elect, in its sole discretion, to require the Recipient to either:
    

a.  Pay to HLRA a portion of the then current appraised value of the Property, in an amount that is equal to the same proportion by which the original Award bears to the fair market value of the Property at the time the Recipient received the award; or
 

b. Replace the Property with property of equal monetary value at current market prices and equal development or redevelopment opportunities.  Replacement shall be subject to the HLRA’s approval.
 

c. Reconvey the property to the HLRA for which the HLRA shall repay the Recipient ONLY the amount equal to the monetary bid when the Property was awarded.
 

In the event the Recipient fails to remedy the default as described above the HLRA may:

a. Institute a suit to enjoin any breach or enforce any term of this Agreement by temporary, and/or permanent injunction either prohibitive or mandatory, including a temporary restraining order; and require that the Property be restored promptly to the conditions which existed prior to the breach.

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b. Institute a suit for monetary damages.

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c. Pursue any or all remedies granted unto it in the Deed, including the right of reverter or right of first refusal.

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d. Pursue any other remedies available at law or in equity.

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HLRA’s remedies shall be cumulative.  If the Recipient is found to be in default, the Recipient shall reimburse HLRA for any costs incurred by HLRA, including court costs and reasonable attorney's fees.  No failure on the part of HLRA to enforce any term hereof shall discharge or invalidate such term or any other term hereof or affect the right of HLRA to enforce the same in the event of a subsequent breach or default.

 

The terms of this Notice shall be binding upon the Recipient and its designees and successors.