Agmt00 Irvine Apartment ... (2) - Laserfiche WebLink

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establishment of the public right-of-way over Franklin Street, in order to complete the assemblage of Franklin Street and to allow Owner to complete the Improvements required by this Agreement. Owner agrees to pay the full costs, including legal costs, expert and attorney fees, including severance damages, if any, of such acquisition. To assure such payment, Owner has deposited with City Sixteen Thousand and No/100 Dollars ($16,000.00) to cover City's estimated acquisition costs for the Triangle Property. Owner understands and agrees that the amount of said deposit is an estimate and agrees to pay any additional amount for the aforesaid services provided by City within ten (10) days after billing by the City. Any part of the deposit not utilized by City for costs of acquisition shall be returned to Owner. Owner further agrees that if the Triangle Property is acquired pursuant to the terms of that certain Disposition and Development Agreement for Franklin Street Project ("DDA") dated as of August 9, 1999, by and between Owner and the Redevelopment Agency of the City of Redwood City, Owner shall conveyor agree to the conveyance to City of fee title to the Triangle Property. Owner agrees that City shall not be required to issue a Certificate of Occupancy for the project which is the subject of the Final Map unless and until fee title is acquired and conveyed to City and the improvements required under this Agreement (other than the portion of the work relatinQ to Monroe Street that Owner is unable to complete because of the riQhts of third parties as contemplated by the last paraQraph of ParaQraph 11 hereof) have been satisfactorily completed. 15. TERM. This AQreement shall continue in effect until the date that is one (1) year after final acceptance of all work to be done hereunder (includinQ the portion of the work relatinQ to Monroe Street that may be deferred Agmt-357 AK/djk F:/Shared/Redwood/Cou nci I 5/22/00 5/31/00R 9 111111111111111111111111111111111111111111111111111111I 2000-075923 06/21/2000 02:54P AG Page: 10 of 14 "'~.. "'_C_"'d'~-'--_- , ,cd' -.... ..