D.C. Code § 10-836: Disposition of properties.

(a)

Within 90 days after a winning proposal is selected, the Mayor and the selected person shall enter into a disposition agreement governing the sale of the bundle of property. Each disposition agreement shall provide for, and the Mayor and the selected person shall consummate, the sale of the bundle of property within 270 days after the effective date of the disposition agreement; provided, that if the selected person must obtain regulatory approval for zoning or historic preservation purposes prior to the demolition, construction, or rehabilitation of a property to be disposed of, including a rezoning, special exception, or variance, the disposition agreement shall provide for, and the Mayor and the selected person shall consummate, the sale of the property within 360 days after the effective date of the disposition agreement.

(b)

The Mayor may establish pre-conditions for closing, including the following:

(1)

Construction financing shall be in place;

(2)

All relevant entities shall be registered to do business in the District;

(3)

All relevant entities shall be current in all taxes owed to the District; and

(4)

No relevant entity shall be in default on any obligation to the District.