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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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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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action for the applicable Acquisition Parcel exceeds the <br />balance remaining in the Letter of Credit (or Cash Deposit), <br />or the Developer, in its reasonable good faith opinion, <br />forecasts that the price awarded for any such Acquisition <br />Parcel will cause the balance remaining in the Letter of <br />Credit (or Cash Deposit) to become insufficient to complete <br />the acquisition of all other Acquisition Parcels, the parties <br />shall meet and confer in good faith to determine the <br />appropriate action with respect to such individual Acquisition <br />Parcel, provided that in no event shall Developer be obligated <br />to acquire or pay for such Acquisition Parcel at the awarded <br />price, and provided further that if no agreement can be <br />reached, either party may elect to remove such Acquisition <br />Parcel from the definition of the Project Site. Developer <br />shall remain obligated to acquire all Acquisition Parcels, <br />including without limitation the Contaminated Parcels (except <br />any Terminated Parcel), and the Agency shall remain obligated <br />to obtain title thereto for Developer's benefit, but only if <br />such acquisition can be accomplished consistent with the <br />approved budget for such parcel and the Project as a whole, <br />and pending such acquisition the Agency shall use its best <br />efforts in good faith to create with the Developer an <br />acceptable plan to construct and operate the remainder of the <br />Project. During any period when an Acquisition Parcel can not <br />be acquired as a result of (ii) or (iv) above, this Agreement <br />shall not terminate, and the Letter of Credit (or Cash <br />Deposit) shall be used to pay for any abandonment costs as <br />defined in Section 303." <br />(g) Section 304. Section 304 of the DDA is hereby <br />amended to add the following paragraph to the end thereof: <br />"In the event the total cost of toxic waste cleanup <br />of the Project Site exceeds or is reasonably forecast, in <br />Developer's good faith judgment, to exceed $1,309,599, the <br />parties shall meet and confer in good faith prior to <br />Developer's exercising its right of termination pursuant to <br />Section 1007F. If Developer elects not to terminate this DDA, <br />each of the Agency and the Developer shall be responsible for <br />and obligated to pay one-half (1/2) of such excess costs, and <br />the costs for which the Agency is responsible shall not be <br />deemed to be Acquisition Costs hereunder." <br />(h) Seri-ion_305. Section 305 of the DDA is hereby <br />amended to add the following paragraphs at the end thereof: <br />"Notwithstanding anything <br />herein, in the event Developer <br />of its obligations pursuant to <br />of or in connection with toxic <br />6407L <br />to the contrary contained <br />incurs any expenses arising out <br />Section 506 hereof arising out <br />or hazardous materials on the <br />19 <br />
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