AgdaPkt 2002-12-09 - Laserfiche WebLink

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�1.� � 2� Any amendment to the escrow inshuctions shall ba in writing and signed by both the Agcncy and Developer. At the time of any amendment, the Escrow Agent sha11 ag�e to cazry out its duties as Escrow Agent uader such amendment. All communications from the Escrow Agent to the Age�cy or Developer shall be directed � to the addresses and in the manner established in Section 1002 of tlus Ageement for notices, demands and communications between the Agency and Developer. Neither Developer nor the Agency shall be liable for any real estate commissions or brokerage fees that may, .be claitned under_this Agcement. Developer and the Agency each represents that it has not engaged any broker, agent or 5nder in connection with the transactions contemplated in ttris Agreement, except for A. Bemard McCarthy ("McCarth�� who has been engaged by Developer pursuant to a separate agreement between Developer and McCarthy and for which Developer shall be solely responsible. The liability of the Escmw Agent under ttris Agreement is limited to performance of the obligarions imposed upon it under this article. §406 Recordation of Grant Deed or Grant Deeds Upon the close of Escrow, the Escrow Agent shall file the Grant Deeds for recordation among the land records in the Office of the County Recorder for San Mateo County, shall deliver the applicable purchase price for the Acquisirion Parcels, less the applicable portion of the Letter of Credit or Cash Deposit, pursuant to Section 305 of this Agreement, and other required sums to the Agency, and shall deliver to Developer a title insurance policy or policies insuring title in conformity with Section 312 of this Agreement. Article 5. DEVELOPMENT OF THE PROJECT §501 Scone of Develoument The Project shall be designed and developed as an integrated retail-cinema complex on the Project Site as shown in Attachment 3. The buildings shall be designed with azchitectural excellence substantially consistent with the Pmject Guidelines. The space azound the buildings shall be designed, landscaped and developed to the same level of azchitectural excellence. All development shall conform to the applicabie City codes and standazds, as set forth in the Project Approvals. With respect to the cinema facility to be developed on the Project Site, the Developer shall enter into a lease with a theater operator (the "Operaior") approved by the Agency, which lease shall have a term of not less than fifteen (15) yeazs and shall provide for the operation of a 20-screen, 4,200 seat theater with stadium seating and a Dolby-registered THX or compazable state-of-the-art sound system, which shall be open for business seven days per week and shall primarily show first-run film releases in the theater facilibj (the "Cinema Lease"). The Agency's and the City's objective preference is for the Project Site to be the City's multi-screen entertainment center and for the existing theater complex, ;ocated at 555 East Bayshore in Redwood City and operated by Century T'heatres ("Cenhuy Pazk Twelve"), to be discontinued as a movie theater operation. 20 DOCSSFL648942.4 9975-5 C I 4 120502