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ARTICLE 2 <br />OBLIGATIONS AND RIGHTS OF THE CITY <br />2.1 The City shall contribute up to five hundred thousand dollars ($500,000.00 USD) toward <br />the County's acquisition of the Property from TPL. Said amount is based upon a price of <br />$15,000.00 per acre for 33.33 acres. Payment from the City shall be due upon closing under the <br />Purchase Contract and the simultaneous conveyance to the City of a portion of the Property as <br />provided under section 3.3. <br />2.2 The City will assist the County in seeking out and procuring grants or other funding from <br />third parties for the purchase of the property from TPL. The County will retain the first two <br />hundred twenty three thousand five hundred dollars ($223,500.00 USD) of such grant proceeds <br />or other funds. If the parties are successful in securing grant or other funds from third parties in <br />excess of two hundred twenty three thousand five hundred dollars ($223,500.00 USD), the <br />parties agree that one -half of any such excess amount shall be credited against the City's <br />contribution amount under Section 2.1. For example, if the parties secure two hundred thirty <br />thousand dollars ($230,000.00 USD) in grant or other funds from third parties, the County would <br />retain two hundred twenty three thousand five hundred dollars ($223,500.00 USD) of the grant <br />proceeds and the amount that the City would pay toward the acquisition of the Property would be <br />reduced by three thousand two hundred fifty dollars ($3,250.00 USD) for a total payment due <br />under Section 2.1 of four hundred ninety six thousand seven hundred fifty dollars ($496,750.00 <br />USD). <br />2.3 The City will coordinate with the County to identify an approximately 33.33 acre <br />mutually agreed portion out of the western section of the Property to be conveyed to the City. <br />Such total acreage for conveyance to the City may be adjusted based upon physical constraints <br />requiring adjustments in the boundary and a survey of the agreed upon portion to be conveyed to <br />the City, in which event the payment from the City under Section 2.1 will be adjusted based on <br />the actual acreage at rate of fifteen thousand ($15,000.00 USD) per acre. <br />ARTICLE 3 <br />OBLIGATIONS OF THE COUNTY <br />3.1 During the pendency of the Purchase Contract, the County, with the assistance of the <br />City, shall endeavor to secure additional third -party grants or funding for acquisition of the <br />Property, the total purchase price of which is one million, five hundred and ninety -five thousand, <br />twenty -nine dollars ($1,595,029.00 USD)(the "Purchase Price "). Should the efforts to secure <br />contributions from third parties result in grant or other funds from third parties in excess of two <br />hundred twenty three thousand five hundred dollars ($223,500.00 USD), the parties agree that <br />one -half of any such excess amount shall be credited against the City's contribution amount <br />under Section 2.1 as provided in Section 2.2. <br />3.2 If the County, with the assistance of the City, is unable to secure additional third -party <br />funding for acquisition of the Property, then the County shall be obligated to pay the difference <br />between the City's contribution and the Purchase Price. Unless the City otherwise agrees in <br />writing, the City shall not be obligated to pay more than the amount of funds cited in Section 2. 1, <br />MOU - Wildenthal - Phase 1 Page 2 <br />