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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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shall be held in abeyance, and the Agency and the Developer <br />shall confer in good faith in an effort to achieve the <br />purposes of this Agreement in another manner, <br />(j) Section 405,. Section 405 of the DDA is hereby <br />amended to add the following paragraph at the end thereof: <br />"In the event one or more Acquisition Parcels are not <br />immediately acquired, pursuant to the provisions of Section <br />304, the Developer shall not be 'obligated to reconvey or <br />cancel those portions of the Deed of Trust and the Promissory <br />Note which relate to such Acquisition Parcels, and the parties <br />shall execute such documents as are necessary to evidence the <br />remaining balance of the Promissory Note, provided that such <br />remaining balance shall be payable solely out of any proceeds <br />received by the Agency from the sale of such Acquisition <br />Parcel (if the Agency first obtains title), or from Sales and <br />Use Taxes and Tax Increment received by the Agency from such <br />parcel." <br />(k) Section 501. The second paragraph of Section <br />501 of the DDA is hereby deleted in its entirety and replaced <br />by the following paragraph: <br />"At the time Developer claims to have complied with the <br />conditions established by this Agreement for the issuance of <br />the Certificate of Completion pursuant to section 520 of this <br />Agreement (the "Compliance Date"), Developer shall have <br />developed the commercial component of the Project as a mixed <br />use retail center in which a Safeway store is an anchor <br />tenant, and shall hold executed leases for at least two <br />quality restaurants, with a combined area of not less than <br />10,000 square feet and with combined tenant improvements for <br />both such restaurants estimated to be not less than $850,000; <br />and within one (1) year of the Compliance Date, the Developer <br />shall hold an executed lease for a bookstore of not less than <br />2,500 square feet, consistent in nature and operation with the <br />rest of the Project. By agreeing to the foregoing provisions, <br />Developer makes no warranty or representation that the three <br />tenants described herein, or any of them, will remain open for <br />business and viable for any specific time period, but rather <br />Developer agrees only to use its best efforts to cause said <br />three tenants to be part of the Project tenant mix as of the <br />dates described above. In the event any one of said three <br />tenants has not executed a lease that is operative on the <br />applicable date as described above, the parties agree that the <br />fifteen (15) year period set forth in the first paragraph of <br />Sections 804 and 804.5 shall be reduced to twelve (12) years, <br />and the above requirement of two restaurants and a bookstore <br />shall be deemed terminated." <br />8 <br />6407L <br />
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