Agmt00 Irvine Apartment Communi - Laserfiche WebLink

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1. The Agency does not tender title to or possession of the Acquisition � Parcels in the manner and condition and by the date provided in the Schedule of Performance (as the same may be extended pursuant to Section 1004), and such failure is not the result of delays caused by IAC's failure to perform its obligations hereunder within the time provided in the Schedule of Performance (as the same may be extended pursuant to Section 1004); or 2. IAC's conditions precedent to Close of Escrow set forth in Sections 402(C) and�have not timely been satisfied or waived; or 3. There is a material change in the land use regulations of the City prior to the issuance of a Certificate of Completion, adversely affecting the IAC Project; or 4. By the date set forth on the Schedule of Performance, the Agency does not adopt a Resolution of Necessity (pursuant to Article 2 [commencing with Section 1245.210] of Chapter 4 of Title 7 of the California Code of Civil Procedure)to acquire any of the Acquisition Parcels. B. Remedies. Where IAC has terminated this Agreement because the Agency is in Default pursuant to Sections 807(A)(1)-(3) immediately above, or because the Agency fails to adopt Resolutions of Necessity pursuant to Section 807(A)(4), IAC shall be entitled to the following remedies: 1. The Agency shall not draw further funds from Pre-Acquisition Budget funds (except for funds previously obligated for pre-acquisition activities contemplated by this Agreement) or from the Letters of Credit or Cash Deposit. 2. IAC shall be entitled to an immediate return of the balance of Pre- Acquisition Budget funds (except for funds previously obligated for pre-acquisition activities contemplated by this Agreement) and the Letters of Credit(or Cash Deposit), with interest thereon, if any, and any amounts which were deposited into court in connection with an action in eminent domain shall h�repaid as rapidly as the release of said amounts from the court can reasonably be effected. 3. IAC shall not be responsible for the payment of any sums needed by the Agency to pay Abandonment Costs. 4. The Agency shall be solely responsible for the Abandonment Costs. 5. IAC shall have all rights and remedies available at law or in equity, including, without limitation, and where that remedy lies, specific performance, which remedies shall be cumulative. C. Cure of Defaults, Failure to Adopt Resolution of Necessity. Notwithstanding Section 807(B), if an event occurs pursuant to Section 807(A), then the Agency shall have forty-five (45) days after receipt of notice with respect to such event, with due diligence, to commence to cure, correct or remedy such Default or failure to adopt a Resolution 33 � 9627:839'76.25 , ,