Laserfiche WebLink
<br />process until and unless Owner has deposited the estimated costs of acquisition with City (the <br /> <br />"Deposit"). The Deposit may be made in the form of cash, bond or letter of credit acceptable to <br /> <br />the City Attorney. Upon receipt and approval of the Deposit, City shall issue a notice to proceed <br /> <br />to Owner. The parties expressly acknowledge that no :>ccupancy permit shall be issued until <br /> <br />and unless all costs of acquisition, as defined above, have been paid in full by Owner. <br /> <br />The parties acknowledge and agree that the public necessity for acquisition of certain property <br /> <br />interests for the construction of the Improvements is in addition to, and supersedes, any private <br /> <br />interests of Owner in the development of Pacific Shores Center, <br /> <br />City acknowledges that it shall use its best efforts to acquire certain property interests as may <br /> <br />be necessary to construct the Improvements. Notwithstanding the foregoing, Owner <br /> <br />acknowledges and agrees that acquisition of the property interests is subject to uncertainties, <br /> <br />including, but not limited to, those attendant upon litigation. <br /> <br />Accordingly, Owner hereby <br /> <br />releases City, its Council, boards, commissions, officers, employees, agents, and consultants <br /> <br />from any and all claims, actions, or liabilities, which have accrued, or may accrue to Owner from <br /> <br />City's obligations hereunder to acquire property interests pursuant hereto including, without <br /> <br />limitation, entering into contracts with third parties necessary or appropriate for said acquisition, <br /> <br />acquisition thereof by negotiation, or attempts at negotiation, and through eminent domain. <br /> <br />Owner hereby waives and relinquishes any rights it may have under Civil Code Section 1542 <br /> <br />which provides as follows: <br /> <br />"A general release does not extend to claims which the creditor does not know or <br /> <br />suspect to exist in his favor at the time of executing the release, which if known by him must <br /> <br />have materially affected his settlement with the debtor." <br /> <br />-9- <br /> <br />SH/R WC/Council <br />Agmt-36o <br />06/05/00 <br />06/o9/ooR <br />FXS/fs <br /> <br />1111111111111111111111111111111111111111111111111111111 <br /> <br />2000-089117 <br />07/21/2000 08:55~ <br />~G Page 100' 13 <br />