EXEMPTED FROM RECORDATION TAXES
UNDER SECTIONS 58.1-811(a)(3)
AND 58.1-811(c)(5) REIMBURSEMENT
AUTHORIZED UNDER SECTION 25.1-418
RESERVATION AGREEMENT
THIS AGREEMENT, made this day of , 20 , by and between , herein called, Grantor and the CITY OF VIRGINIA BEACH, VIRGINIA, a municipal corporation of the Commonwealth of Virginia, herein called City, Grantee.
W I T N E S S E T H:
WHEREAS, the Developer is seized of certain real estate in the City of Virginia Beach, more particularly described as: All that certain lot, piece or parcel of land conveyed unto the Developer by deed recorded in the Office of the Clerk of Circuit Court, City of Virginia Beach, in Deed Book at Page or by Instrument Number ; and
WHEREAS, the Developerdesires to as shown on site plan entitled: @. Said site plan being on file in the Department of Planning/Development Services Center; and
WHEREAS, the Developer, for self, successors, assigns, grantees and heirs, voluntarily and without any elements of compulsion or quid pro quo for site plan approval,
acknowledges and agrees, that a part of the lots upon which the proposed structure is to be built falls within the area for the future widening of as per the ; and
Prepared by: ______
GPIN # ______
WHEREAS, the Developerrequests that be allowed to proceed with development and the “City” is agreeable to granting the request under certain conditions;
NOW, THEREFORE, the “Developer” voluntarily warrants, guarantees, covenants, offers and agrees for self, successors, assigns, grantees, heirs, and lessees the conditions herein as follows:
CLAUSE NO. 1
The “Developer” agrees to reserve for future purchase by the “City” the following described property, to-wit:
All that certain lot, tract or parcel of land together with improvements thereon belonging, lying, situate and being in the City of Virginia Beach, Virginia, designated and described as: A “as shown on site plan entitled: A “, to which reference is made for a more particular description.
The purchase value of said area is to be based on the fair market value as of the date the “City” exercises its right to purchase the above described property. Fair market value shall be determined by a qualified independent appraiser selected by the “City.”
CLAUSE NO. 2
The “Developer” agrees that at such time as the “City” exercises its right to purchase the above described property, that shall convey same to the “City” by deed containing GENERAL WARRANTY and ENGLISH COVENANTS OF TITLE.
CLAUSE NO. 3
The “Developer” agrees that at such time as the said area is purchased by the “City”, there will be no compensation for any improvements shown on the aforementioned site plan or for any future improvements placed within the area and that any relocation costs for signs or other improvements will be at the “Developer’s” expense.
CLAUSE NO. 4
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Revised: June 22, 2007
The “Developer” agrees that shall not make or have any claims or claims for damage to the said improvements or damages to the residue of the “Developer’s” property by reason of the said purchase.
It is expressly understood and agreed that this agreement is to be recorded in the Clerk’s Office of the Circuit Court of the City of Virginia Beach, Virginia same to be indexed in the Index to Deeds under the Developer’s name as Grantor and the City’s name as Grantee.
IN WITNESS WHEREOF, the Grantor has caused this agreement to be executed, and the City of Virginia Beach has caused this agreement to be executed by its City Manager and attested by its City Clerk, duly authorized.
______
(Owner/Company)
______
(Name)
STATE OF ______
CITY OF ______, to-wit:
I, , a Notary Public in and for the City and State aforesaid, do hereby certify that , for , whose name is signed to the foregoing Instrument, has acknowledged the same before me in my City and State aforesaid. He/She/They is/are personally known to me or has/have produced identification.
GIVEN under my hand this day of , 20 .
Notary Public: ______My Commission Expires: ______
Notary Registration Number: ______
CITY OF VIRGINIA BEACH
By: .
(Seal)City Manager/Authorized Designee
Attest:
By: .
STATE OF VIRGINIA
CITY OF VIRGINIA BEACH, to wit:
I, , a Notary Public in and for the City and State aforesaid, do
hereby certify that , CITY MANAGER/
AUTHORIZED DESIGNEE OF THE CITY MANAGER PURSUANT TO ' 2-154 OF THE
CITY CODE, whose name is signed to the foregoing agreement, bearing date the day of
, 20 , has acknowledged the same before me in my City and State aforesaid.
He/She is personally known to me.
GIVEN under my hand this day of , 20 .
______My commission Expires: ______
Notary Public
Notary Registration Number: ______
STATE OF VIRGINIA
CITY OF VIRGINIA BEACH, to wit:
I, , a Notary Public in and for the City and State aforesaid, do
hereby certify that , City Clerk for the City of Virginia Beach,
Virginia, whose name is signed to the foregoing agreement, bearing date on the day
of , 20 , has acknowledged the same before me in my City and State
aforesaid. She is personally known to me.
GIVEN under my hand this day of , 20 .
______My commission expires:______
Notary Public
Notary Registration Number: ______
APPROVED AS TO CONTENT:APPROVED AS TO FORM:
______
Signature - DevelopmentServicesCenterSignature - City Attorney
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Revised: June 22, 2007