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RecDoc2025-003096 Lane 1900 Broadway Owner LLC
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RecDoc2025-003096 Lane 1900 Broadway Owner LLC
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Last modified
2/13/2025 4:01:36 PM
Creation date
1/23/2025 3:17:46 PM
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Recorded Docs
Recorded Docs - Type
Agreement
Subject
Development Agreement
Doc Num
2025-003096
Rec Date
1/23/2025
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Term"), if the Developer has paid Five Hundred Thousand Dollars ($500,000) to the City at the <br />time of the Second Extension Term request is made. <br />Additional Second Extension Term Ontion: Criteria. if the <br />City Manager has granted the Second Extension Term, and if the Developer is in compliance with <br />all of the terms and conditions of this Agreement and the Project Approvals at the time the <br />extension request is made, the City Manager shall grant an additional two (2) -year extension to the <br />Second Extension Term, for a total term of ten (10) years ("Additional Second Extension <br />Term"), if the Developer has made a second payment of five hundred thousand dollars ($500,000) <br />to the City at the time of the Additional Second Extension Term request. <br />4. The Parties agree that the above extension options are not <br />cumulative; in other words, Developer may choose to request either the First Extension Term <br />option or the Second Extension Term option (which includes the Additional Second Extension <br />Term option) but may not request both the First Extension or Second Extension options. <br />S. The City Manager has the authority and discretion to <br />determine if the Developer has satisfied the respective extension criteria and upon making a <br />determination in the affirmative, shall grant the extension options offered under this Section 3.2.13. <br />C. Extension Request Procedure. If the Developer desires to request <br />any of the extension options under Section 3.2.13, the Developer must submit a request in writing <br />to the City Manager requesting the extension at least sixty (60) days prior to the date that the initial <br />Term or Extended Term would expire ("Extension Request"). The Extension Request shall <br />include documentation demonstrating that relevant extension criteria as set forth in Section 3.2.13 <br />have been satisfied or will be satisfied prior to the date that the Initial or Extended Term otherwise <br />would expire. <br />D. Force Majeure Delay. Subject to the limitations and notice <br />requirements set forth below in Section 3.2.A.1, the Term of this Agreement and the time within <br />which either Party shall be required to perform any act under this Agreement may also be extended <br />by a period of time equal to the number of days during which performance of such act is delayed <br />unavoidably and beyond the reasonable control of the Party seeking the delay by Force Majeure, <br />and as unforeseen at the time this Agreement was executed by the parties. For purposes of this <br />Agreement, "Force Majeure" is defined as strikes, lock outs, and other similar labor difficulties; <br />Acts of God; unusually severe weather, but only to the extent that such weather or its effects <br />(including, without limitation, dry out time) result in delays that cumulatively exceed twenty (20) <br />days for any winter season occurring after commencement of construction of the Project; changes <br />in local, state, or federal laws or regulations; any development moratorium or any action of other <br />public agencies that regulate land use, development, or the provision of services that prevents, <br />prohibits, or delays construction of the Project, including without limitation any extension <br />authorized by Government Code Section 66463.5(d); or enemy action; civil disturbances; wars; <br />terrorist acts; epidemic; pandemic; quarantine; fire; unavoidable casualties; unforeseen <br />environmental conditions of the Property that trigger statutory obligations to cease construction <br />(such as the discovery of a leaking underground storage tank); or mediation, arbitration, litigation, <br />15 <br />ATTY/AGR/2024.193-GATEKEEPER DA -1900 BROADWAY <br />REV: 10-22-24 VR <br />
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