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Agmt99 Shea Homes
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Agmt99 Shea Homes
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Last modified
6/21/2016 9:43:00 AM
Creation date
9/8/2003 1:16:13 PM
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Agreement
Contractor Name
Shea Homes Limited Partnership
PROJECT NAME
DDA - Disposition and Development Franklin Street Project
RMP File Number
100
Date
10/28/1999
Reso Ref
RD-99-31
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activities undertaken in accordance with the Acquisition Budget as authorized by Shea <br />pursuant to Section 304 (but not including the land acquisition costs of Acquisition <br />Parcels or to satisfy written offers for the Acquisition Pamels). Agency shall notify Shea, <br />in writing, of all amounts paid by Agency from the Revolving Fund, and shall provide <br />Shea with appropriate backup information upon request. Agency shall further notify <br />Shea when the Revolving Fund requires replenishment, to enable Agency to make the <br />payments authorized hereunder. In such event, Shea shall deposit the required additional <br />funds within seven (7) days after receipt of such request. At not time shall the amount in <br />the Revolving Fund exceed a total of Twenty Thousand Dollars ($20,000). <br /> <br /> B. Agency's Acquisition by Eminent Domain Following Adoption of <br />Resolutions of Necessity. Agency agrees that if it is unable to acquire the Acquisition <br />Parcels or any portion thereof by negotiation within the time set forth in the Schedule of <br />Performance, it shall consider adopting one or more Resolutions of Necessity for <br />acquisition of the Acquisition Parcels or applicable portions thereof by eminent domain. <br />Agency shall be the sole and exclusive authority to determine whether or not to adopt a <br />Resolution of Necessity, and such authority shall be executed only in accordance with the <br />provisions of the eminent domain laws of the State of California and afier due notice and <br />heating. If Agency elects to adopt one or more Resolutions of Necessity for acquisition <br />of the Acquisition Parcels after due notice and hearing, Agency shall proceed promptly to <br />acquire the Acquisition Parcels by eminent domain. In accordance with the Schedule of <br />Performance, the Executive Director shall call upon the Letters of Credit, use the Cash <br />Deposit or use the Cash Substitution to fund the acquisition of the remaining Acquisition <br />Parcels by eminent domain, to the extent such Letters of Credit or Cash Deposit remain <br />or Shea elects to use the Cash Substitution after Agency's acquisition process set forth in <br />Section 309(A). <br /> <br /> Funds for the Total Acquisition Costs, including, but not limited to Excess <br />Acquisition Costs, shall be advanced to Agency no later than fifteen (15) days after an <br />eminent domain judgment is entered as to any particular Acquisition Parcel in order to <br />allow Agency, should it become necessary, to abandon the acquisition in accordance with <br />the abandonment procedures set forth in the California Code of Civil Procedure <br />Section 1268.510. <br /> <br /> If the Cash Deposit or Letter of Credit designated for such parcel or the amount <br />deposited into court in c,:mnection with an action in eminent domain exceeds the <br />condemnation award, then the monies remaining in such Letter of Credit or Cash Deposit <br />shall be retumed to Shea and the monies deposited with the court in excess of the <br />condemnation award shall be repaid as rapidly as the release of said amounts from the <br />court can reasonably be effected. <br /> <br /> If any Agency motion to abandon an eminent domain proceeding is set aside and <br /> the final judgment in such proceeding exceeds the amount remaining in the Cash Deposit <br /> or Letter of Credit designated for such parcel, Shea shall fund such costs as an Excess <br /> Acquisition Cost within fifteen (15) days of such judgment. <br /> <br /> Shea acknowledges that discretion is vested in Agency to determine whether or <br /> not the statutory conditions set forth in Code of Civil Procedure Section 1245.230 are met <br /> in order to entitle a governmental agency to adopt a Resolution of Necessity. If Agency <br /> <br /> 14 <br />wc-21875 <br /> <br /> <br />
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