Agmt04 El Camino & Vera Street - Laserfiche WebLink

Browse Search

Section 1. Incorporation of Recitals. The Agency and the Developer agree that the recitals set forth above are true and correct and the same are hereby incorporated by this reference into the body of this Agreement. Section 2. Exclusive NeGotiation. a. The Agency and the Developer hereby agree during the Term (as defined hereinafter) of this Agreement, and subject to the terms and conditions hereof, to negotiate in good faith a Disposition and Development Agreement ("DDA") for the development by the Developer of the Project on the First Community Parcel. The Agency agrees that it will not negotiate with any other developer for development of the First Community Parcel during the Term. The Agency will not solicit proposals from other developers with respect to the First Community Parcel during the Term. b. The exclusivity granted by the Agency in this Agreement is as to the First Community Parcel, and the Agency reserves the right to engage in discussions or negotiations, or to finalize agreements, with other parties for projects, including similar or competing projects, on other sites. Section 3. NeGotiations. The Agency and the Developer agree to negotiate during the Term in order to determine the feasibility of the Project, and if the Project is initially determined to be feasible, to negotiate the terms of a DDA concerning the development of the Project on the First Community Parcel, subject to the approval of the Board of the Agency and to the rules, regulations and laws governing the activities of the Agency. The parties to this Agreement acknowledge and agree that (i) the Agency will be negotiating with Habitat for the development of the Habitat Parcel, which negotiations shall not be deemed to be prohibited by this Agreement, (ii) the Agency will not enter into a DDA with either the Developer or Habitat unless it reaches DDA's acceptable to the Agency with both, and (iii) both DDAs will provide that the close of escrow for the transfer of either parcel of the Property is conditioned on the simultaneous close of escrow for both parcels. A determination that either the Project or the Habitat Project is not feasible shall constitute a determination that both the Project and the Habitat Project are not feasible. 2 .