Agmt03 BHV Innisfree Ven... (4) - Laserfiche WebLink

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current conditions and circumstances and the further planning and decisions of the parties following execution of the DDA. Section 2. Developer's Advance The last paragraph of Section 305 of the DDA is hereby amended in full to read as follows: "Notwithstanding anything to the contrary contained in this Agreement, in the event the Agency draws on the Developer's Share of the Acquisition Budget prior to the Close of Escrow for conveyance of the first Agency or Acquisition Parcel to Developer, then the Agency shall pay interest on such funds, from the date on which they are drawn down by the Agency to the date of such Close of Escrow, at a rate equal to the rate of interest or other carrying cost that Developer is required to pay on such funds." Section 3. Site Clearinq Aqreement Pursuant to the DDA, the parties have entered into the Site Clearing Agreement pursuant to which Developer shall be responsible for, among other things, the abatement of asbestos and other hazardous materials on the Project Site (the "Abatement") and for the demolition of the existing structures and facilities on the Site (the "Demolition"). The City and/or Agency have agreed to loan to Developer approximately Four Hundred Twenty-Five Thousand Five Hundred Dollars ($425,500) (the "Abatement/Demolition Loan") for the actual costs of Abatement and Demolition on the Site. Developer is required to repay the Abatement/Demolition Loan prior to the close of escrow for the conveyance of any property or air rights parcel to Developer under the DDA. The parties hereto hereby agree that Section 402A. of the DDA is amended to add as conditions to the close of escrow, the following condition: "8. Developer shall have repaid City or Agency, whichever is applicable, in full, the amount of the Abatement/Demolition Costs, as defined in the Site Clearing Agreement, loaned to Developer. 9. Developer shall have provided to City and Agency evidence that it has obtained firm commitments for financing or other evidence of sufficient funding to construct the Project and all infrastructure improvements therefor." Section 4. Aoencv's Riqht to Terminate Section 808A. is hereby amended to add as an event of Developer Default, the following: F:Atty/Agr/Agr.158 091703 Yang: ROW/2nd ImpAgt 091103 2