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Agmt90 DDA Sequoia Station
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Agmt90 DDA Sequoia Station
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Last modified
10/19/2017 12:13:32 PM
Creation date
9/13/2017 4:36:22 PM
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Template:
Agreement
Contractor Name
Sequoia Station Developers, Inc
PROJECT NAME
Sequoia Station
RMP File Number
405
Date
4/10/1990
Amendment
Yes
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JAH:djm 03/06/90R (REDEV) <br />JAH:djm 03/19/90R <br />JAH:djm 04/04/90R <br />of the Promissory Note shall be a special obligation of the <br />Agency, payable only from and limited by the availability of <br />funds to the Agency from the proceeds of the sale of the <br />Acquisition Parcels or proceeds from any amount of Tax Increment <br />and Sales and Use Taxes provided under Section 1009, and to that <br />end the Developer shall have a lien on such proceeds to the <br />extent of its interest therein. Nothing herein shall preclude <br />the Agency from repaying the amount of the Promissory Note, or <br />any part thereof, from any funds lawfully available to the Agency <br />from time to time, provided that the Agency shall not be <br />obligated to do so. <br />Nothing herein shall be deemed to prevent the Agency from <br />incurring future indebtedness with respect to the Project and <br />from pledging Tax Increment from the Project Area, including the <br />Project Site, to the payment of that indebtedness, provided that <br />the documents creating any such indebtedness shall set forth the <br />first priority of the Developer's claim to, and lien upon, such <br />Tax Increment under this Agreement. <br />§308 Conveyance of Title and Delivery of Possession <br />Conveyance to the Developer of title to the Acquisition <br />Parcels or delivery of possession thereof in accordance with <br />subsections A through E of this section, shall be completed on or <br />prior to the date specified in the Schedule of Performance, <br />provided that such schedule shall be subject to revision from <br />time to time as mutually agreed upon in writing between the <br />Developer and the Agency. The Agency and the Developer agree to <br />perform all acts necessary for the timely conveyance of title and <br />delivery of possession under this Agreement. <br />Possession shall be delivered to the Developer not later <br />than the conveyance of title. Limited access will be permitted <br />before conveyance of title as permitted in Section 315 of this <br />Agreement. The Developer shall accept title and possession on or <br />before the date established in the Schedule of Performance. <br />Notwithstanding the provisions of this Agreement requiring <br />the Agency to acquire title prior to the time set for conveyance <br />in the Schedule of Performance and to deposit the Grant Deed or <br />Grant Deeds in escrow prior to such time, if, at or prior to the <br />time set forth in the Schedule of Performance for conveyance of <br />the Acquisition Parcels, the Agency has not obtained title to one <br />or more Acquisition Parcels but has obtained a judicial order <br />authorizing the Agency to take possession thereof and: <br />A. The Agency delivers a copy of the order to the Escrow <br />Agent; <br />B. The Agency delivers exclusive possession of the <br />property involved to the Developer by a written lease or other <br />document reasonably approved by the Agency and the Developer as a <br />means of effectuating this Agreement, on or prior to the time set <br />for conveyance thereof; <br />10 <br />
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