Agmt98 Redwood City Elementary School District Bradford St Properties exchange

Browse Search

years, with the first payment due on May 19, 1999, and each succeeding payment due on May 19 of each succeeding year, (4) a commitment in writing by City to District that the District will be considered to have met on-site parking requirements for the building to be constructed on the Bradford Street Property (the 'Building"), by providing the lesser of the number of spaces required by City's code provisions or the number of spaces that can be physically accommodated on the Bradford Street Property, (5) a commitment by the City and District work cooperatively and in good faith to ascertain the District's additional parking needs and a commitment by City to endeavor to provide for such needs at no cost to the District, (6) a commitment in writing by City to District, for the life of the Building, to provide for a loading and unloading zone along the frontage of the Bradford Street Property sufficient in size to accommodate a 23 foot -long truck, and (7) a commitment in writing by the City that the on-site parking on the Bradford Street Property will be deemed adequate to meet the on-site parking requirements for the Building in the event the District conveys the Bradford Street Property to a third party at any time in the future. No interest shall accrue, or become due or payable, on the Note. d. Upon close of escrow, District shall receive a fee simple interest in the Bradford Street Property, subject only to easements of record, taxes, and existing obligations created through the redevelopment agency, and specifically excepting those encumbrances required to be removed pursuant to section 7. e. The parties acknowledge that certain public entities traverse the Bradford Street Property, as generally shown in Exhibit C, attached hereto and incorporated herein by this reference. District shall, within a reasonable time from the date of this agreement not to exceed sixty (60) days, grant a Public Services Easement ("PUE") to the appropriate governmental agencies owning such utilities, with all costs of preparation and perfecting of the PUE to be borne by Agency.