Agmt20 HCP, Met Life, SCOA - Laserfiche WebLink

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obligations, and the actual out-of-pocket costs and charges which City incurs in enforcing the improvement security and/or completing the Levee Improvements project and which are not covered by SCOA's surety, together with a ten percent (10%) overhead charge; iii. Demand the assignment of any or all of SCOA's Design and Construction Agreements, including without limitation bid bonds, the Construction Contract and construction contractor bonds, in which case SCOA, within 10 days following such demand, will assign such Design and Construction Agreements and/or bonds in whole or in part to City at no cost to City; and/or iv. Receive from Owners, within 10 business days of City's demand therefor, conveyance to City of any portion of the Levee Improvements which SCOA has completed. Upon completion of the Levee Improvements, no Acquisition Price shall be paid but City, from the proceeds of Special Taxes collected by City, shall pay to SCOA, in the manner and within the time specified in the Purchase Contract, SCOA's reasonable hard and soft costs (including overhead costs), derived from the Final Design and Construction Budget, of any portion of the Levee Improvements which SCOA has completed and Owners have conveyed to City less any costs City has accrued that have not already been reimbursed, and Owners and their successors in interest shall remain obligated to pay all Special Taxes and Assessments imposed in connection with the construction and acquisition of the Levee Improvements and the maintenance of the New Levee and Seaport Centre Wet Utilities, maintenance of which is currently funded by the Maintenance District. Only if and to the extent that proceeding pursuant to (i) through (iv) could not reasonably approximate substantial performance of the Agreement, City may proceed as follows: V. Initiate legal or equitable action to recover damages or obtain specific performance with respect to the Levee Improvements project; and/or vi. Restore the Seaport Centre Levee to the same or better condition than existed prior to work commencing at no cost to the City. (c) Common Remedies Followin -any Default. In the event that SCOA Defaults under this Agreement either prior to or following commencement of the Levee Improvements, then City may proceed as follows: i. Without liability for doing so, City (or any surety under a performance or other bond which authorizes such action) may take possession of and utilize in completing the work such building and construction materials belonging to SCOA or Owners as may be on or about the Property and necessary for completion of the Levee Improvements or, alternatively, restoration of the Seaport Centre Levee to the same or better condition than existed prior to SCOA's commencement of the work; ii. Demand that Owners grant to City, at no cost to City within 10 business days following City's demand therefor, easements over and across the applicable portions of the Property, including access and temporary construction easements, as necessary for City to OAK 44819-4834-1908 v20 28