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<br />Owner has depoSited the estimated costs of acquisition with City (the "Deposit"). The <br /> <br />Deposit may be made in the form of cash, bond or letter of credit acceptable to the City <br /> <br />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 occupancy permit shall be issued <br /> <br />until and unless all costs of acquisition, as defined above, have been paid in full by <br /> <br />Owner. <br /> <br />The parties acknowledge and agree that the public necessity for acquisition of certain <br /> <br />property interests for the construction of the Improvements is in addition to, and <br /> <br />supersedes, any private 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 <br /> <br />as may be necessary to construct the Improvements. Notwithstanding the foregoing, <br /> <br />Owner acknowledges and agrees that acquisition of the property interests is subject to <br /> <br />uncertainties, including, but not limited to, those attendant upon litigation. Accordingly, <br /> <br />Owner hereby releases City, its Council, boards, commissions, officers, employees, <br /> <br />agents, and consultants from any and all claims, actions, or liabilities, which have <br /> <br />accrued, or may accrue to Owner from City's obligations hereunder to acquire property <br /> <br />interests pursuant hereto including, without limitation, entering into contracts with third <br /> <br />parties necessary or appropriate for said acquisition, acquisition thereof by negotiation, <br /> <br />or attempts at negotiation, and through eminent domain. Owner hereby waives and <br /> <br />relinquishes any rights it may have under Civil Code Section 1542 which provides as <br /> <br />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 <br /> <br />must have materially affected his settlement with the debtor." <br /> <br />SH/RWC/Council <br />Agmt-361 <br />06/05/00 <br />06/09/00R <br />FXS/fs <br /> <br />1111111111111111111111111111111111111111111111111111111 <br /> <br />2000-125056 <br />10/05/2000 11 :29A <br />AG Page: 10 of 17 <br />