Agmt91 Cytoculture International, Inc and Sequoia Station Developers, Inc.

Browse Search

JAH:dit 1/15/91 (006/45) '19/91R utilize the remediated soil on designated portions of the Site incident to construction of the Project; and WHEREAS, such program requires a variance from the Regional Water Quality Control Board, and it is necessary that the application for the variance be supported with a remedial action plan for each of the contaminated portions of the Site; and WHEREAS, the Consultant has begun work on the remedial action plans under an agreement with the Developer, the latter acting pursuant to the DDA with the Agency, but the Developer is unable to make further payments to the Consultant because of an inability to secure funding for the DDA because of the chaotic condition of financial markets; and WHEREAS, the Developer delivered to the Agency under the DDA a sum called the Good Faith Deposit in the amount of $100,000 which sum, under the DDA and events that have occurred subsequent to the execution of the DDA, the Agency is empowered to hold and to charge against Acquisition Costs, as such costs are defined in the DDA; and WHEREAS, the Agency and the Developer believe the securing of the variance from the Regional Water Quality Control Board would facilitate the Developer's obtaining private funding of the DDA, and therefore the Agency is willing to release a portion of the Good Faith Deposit so that the preparation of the remedial action plans described hereinabove can proceed, subject to all of the terms and conditions of this agreement; NOW, THEREFORE, the parties agree as follows: 91