AgdaPkt 2002-12-09 - Laserfiche WebLink

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�.�-i�2 Cash Deposit, Developer shall follov�r the�.prflcedures set forth more particulatly in Secdon 305(A)(1) and (2) i�erwf. ., . _ -�. _ , _ Notwithstanding anything to the contrary contained in this Agreement, in the event the . Agency draws on the Developer's Share of the AcquisitiosBndget prior to the date on wlrich eighty percent (80%) of the construction of the Pazlang Facility is completed (the "Substantial Complerion Date'�, then the Agency shall pay interest on such funds, from the date on which they are drawn down by the Agency to the Substantial Completion Date, at a rate equal to the rate of interest or other carrying cost that Developer is required to pay on such funds. §306 Reserved §307 Acauisition bv-�¢encv � � � � ,r r ^ro� A. AQencv's Acquisition bv Neeotiarion. In accordance with the Schedule of Performance, the Agency shall sel�t an appraiser, obtain Appraisals of the Acquisition Parcels and submit written of�'ers accompanied by a statement of the basis for the amount that the Agency has established as just compensation to acquire the Acquisition Pazcels.. At the time the Agency's written offers aze accepted by the property owners of the Acquisition Pazcels,-the Agency shall detemune, in its discretion, how to make the required deposit. If the Agency does not elect to advance the deposit from its own funds, the Agency may draw upon funds to be advanced by Developer for the Developer's shaze of the Acquisition Budget, pursuant to Section 305. If the Agency elects to draw upon the Developer's 5haze of the Acquisition Budget, the Executive Director shall accompany his calis upon the Letters of Credit (or Cash Deposit or other form of credit instrument or guarantee, as provided in Section 305) with his certification to the issuer(s) of the Letters of Credit (or to the depository of the Cash Deposit or other form of credit instrument or guarantee, as provided in Section 305), with a copy to Developer, to the effect that the Executive D'uector has complied with the requirements of this Section 307(A). The issuer(s) of the Letters of Credit (or depository of the Cash Deposit or other form of credit instrument or guarantee, as provided in Section 305) shall honor all calls upon the Letters of Credit (or Cash Deposits or other form of credit instrument or guazantee, as provided in Section 305 within five (5) business days ofpresentment by the Execurive Director. B. Revolvinc Fund. Developer shall, at Agency's request, deposit in an interest- bearing bank account or trust company mutually acceptable to Developer and Agency, held in the name of Agency, a Cash Deposit in the amount of Twenty Thousand Dollars ($20,000) which shall be available to the Agency to fund Acquisition Budget expenses not exceeding Twenty Thousand Dollars each ($20,000) (the "Revolving Fund"). In lieu of calling upon the Letters of Credit or using the Cash Substitution, Agency may withdraw amounts from the Revolving Fund up to Twenty Thousand Dollazs ($20,000) each, solely for payment of expenses related to activities undertaken in accordance with the Acquisition Budget as authorized by Developer pursuant to Section 304 (but not including the land acquisition costs of Acquisition Pazcels or to satisfy written offers for the Acquisition Pazcels). Agency shall notify Developer, in writing, within three (3) business days after any such withdrawal of all amounts paid by Agency from the Revolving Fund, and shall provide Developer with appropriate backup information upon request. Agency shall further notify Developer when Yhe Revolving Fund requires 10 DOCSSFI :648942.4 9975-5 C 14 120502