AgdaPkt 2002-12-09 - Laserfiche WebLink

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_ _ q�A-Ii� _ 5. Cost of the Agency's Sxture, equipmeat and goodwill appraisals. 6. Cost of the Agency's acquisition agent. . F. Remediation Costs The Parties will act to prepare and approve an Acquisition Budget and a method of monitoring the Acquisition Budget within One Hundred Eighty (180) days from the Effective Date of this Agreement. ff the Acquisitioa Budget is approved by the Parties, the Developer agees that it shall fund the initial Seven Million Five Hundred Thousand Dollars ($7,500,000) (the "Developer's Shaze of the Acquisition BudgeY� and the Agency agrees fl�at it shall fund the remaining amount (the "Agency's Share of the Acquisition BudgeY� up to Eleven Million Dollars ($11,000,000). If the Acquisition Budget developed by the parties exceeds the total sum of Eleven Million Dollazs ($11,000,000), the Parties shall �4eeU and��onf� to dis�cuss and agree on mutual methods to cover, if feasible, any excess costs. If the Parties aze unable to agree upon a method to cover any excess costs, the Parties may elect, in writing, to terminate this Ageement pursuant to Section 809 of ttris Agreement. Developer has submitted evidence, satisfactory to the City and Agency, that all of the Developer's Skaze of the Acquisition Budget will be provided to Developer pursuant to an agreement between Developer and Buchanan Urban Investors. §305 Developer's Advance of Its Share of Total Acquisition Costs - In accordance with the Schedule of Performance, Developer shall deliver to Agency the Developer's Shaze of the Acquisition Budget in one of the following forms: (1) one or more unconditional, irrevocable letters of credit (the "Letters of CrediY'), (2) cash or a casluer's check payable to Agency or wire transfer funds (the "Cash Deposit'�, or (3) a combination of the Letters of Credit or Cash Deposit as more pazticulazly set forth below or (4) a similaz credit instrucnent or corporate guarantee in a form acceptable to the City and the Agency. 1. Develoner's Letters of Credit. The Letters of Credit or a similaz credit instrument or guazantee as approved by the City and the Agency, shall be issued by financial institutions acceptable to Agency, shall beaz an expiration date of not less than one (1) yeaz &om issuance, and shall be in a form reasonably approved by Agency. The Letters of Credit shall, if necessary, be renewed or new Letters of Credit delivered to Agency at least thirty (30) days prior to their expiration. If a required renewal or substitution has not occurred, Agency shall have the right to draw the entire balance of the Letters of Credit and hold and use the funds for the purposes specified herein. 2. Develoner's Cash Deposit. In lieu of Letters of Credit and provided that the total amount of the Acquisition Budget is delivered to Agency, Developer, in its sole discretion, may make the Cash Deposit. Such Cash Deposit shall be deposited in the account of Agency in an interest-bearing bank account or trust company mutually acceptable to Developer and Agency and upon terms and conditions consistent with the provisions of this section and mutually acceptable to Developer and Agency. 3. Combination of Letters of Credit and Cash Deposit. In the event Developer elects to fund the Acquisition Budget with a combina6on of the Letters of Credit and 9 DOCSSFI :b18942.4 9975-5 Cl4 120502