AgdaPkt 2002-12-09 - Laserfiche WebLink

Browse Search

9:�- i�-� §809 Neither Partv is ia Defaul� Riehts and Dutles Followina Termination A. No Default The following occurrences give either party the right to terminate this Agreement, but shall not be Ilefaults hereunder: . 1. The Parties detetmine that the Acquisitioa Budget exceeds eleven million dollazs in accordance with Sxtion 304(A) and neither Pazty is willing to fund the eaccess; or 2. The Agency does not tender title W or possession of the Agency or Acquisition Parcels in the manner and condition and by the date provided in the Schedule of Performance for reasons not within the scope of Section 807(A)(1) or Section 808(A) (8); or 3. Developer is precluded from development of the Project by the action of a govemmental agency with jurisdiction over any portion of the Project; or 4. Any other event shall occur which gives. rise to a power of termination in accordance with the provisions of tlus Agreement, but which is not an event set forth in Sections 807 oi 808. 5. Developer, despite good faith efforts, is unable to obtain pemvts or approvals from the City to develop and construct the Project and operate its business in accordance with the Project Guidelines and in the manner contemplated by this Agreement on the Project Site; or 6. Conditions imposed subsequent to execurion of Uris Agreement by the City's discretionary approvals makes development of the Project in the manner contemplated by this Agreement infeasible or substanrially more expensive for Developer; or 7. If the Public Pazking Facility Costs exceed the estimate contained in Section 518; or 8. If the City/Agency is unable to finance the costs of the estimate for the Pazking Facility Costs deternuned pursuant to Section 518. B. Remedies. This Section 809(B) sets forth the rights and duties of the parties where this Agreement shall have been terminated pursuant to Secrion 809 (A): 1. All acquisition activities, if any, shall cease forthwith. 2. The Agency shall be responsible for any Abandonment Costs and iF the Agency has drawn from the Developer's Shaze of the Acquisition Budget to pay any Abandonment Costs, the Agency shall promptly reimburse Developer for such amounts. Any balance of the Developer's Share of the Acquisition Budget shall be promptly paid to Developer together with any interest or carrying costs that Developer was required to pay on such funds from the date on which funds for the purchase of the Acquisirion Parcels were so advanced by Developer. 39 DOCSSFL646942.4 99755 C14 120502