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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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Template:
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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Parcels but has obtained a judicial order authorizing Agency to take possession thereof <br /> ("Order for Possession") and: <br /> A. Agency delivers a copy of the Order for Possession to the Escrow <br /> Agent; <br /> <br /> B. Agency delivers exclusive possession o f the property involved to Shea <br /> pursuant to a written lease or other document reasonably approved by Agency and Shea <br /> as a means of effectuating this Agreement, on or prior to the time set for conveyance <br /> thereof; <br /> <br /> C. AIl occupants have been relocated from the portions of the Acquisition <br /> Parcels involved; <br /> <br /> D. The right of possession which Shea acquires from Agency is such that <br /> the Title Company will issue a policy or pg.licies of title insurance which will enable Shea <br /> to obtain financing for the development of the Shea Project Site; and <br /> <br /> E. Agency diligently proceeds with the eminent domain action until a <br />final judgment is rendered, and Agency forthwith deposits the Grant Deed or Grant <br />Deeds to such property in the escrow provided in Article 4. hereof; <br /> <br /> then Agency shall not be in Default and, provided Shea has given Agency its prior <br />written approval, which approval shall not be unreasonably withheld, of the Order of <br />Possession, Shea shall accept such right of possession and shall proceed with <br />development of the Shea Project Site in accordance with the Schedule of Performance or <br />as otherwise set forth in this Agreement. The escrow provided in Article 4 with respect <br />to the Acquisition Parcels, or portions thereof, shall remain open until the Grant Deed or <br />Grant Deeds to such property can be recorded therein in accordance with this section. <br /> <br /> The parties agree that, where the reason the Title Company will not issue a policy <br />or policies of title insurance under Section 311 (D) or Agency cannot secure a final <br />judgment in an eminent domain action under Section 31 I(E) is (1) the insufficiency of <br />the Letters of Credit (or Cash Deposit), or (2) the failure of Shea and/or Agency to <br />supplement the same as allowed in Section 307 or (3) the failure of Shea to provide <br />Agency Shea's monetary commitment in an amount sufficient to enable Agency to <br />furnish the Title Company appropriate indemnification, then Agency will not be in <br />Default, for failing to secure a final judgment in an eminent domain action under this <br />Agreement and any termination of this Agreement by reason thereof shall fall under <br />Sections 807, 808 or 809, as the case may be. <br /> <br /> If the requisite title or legal interest and possession of the Participating Parcels are <br />not held by Shea on or before the date specified therefor in the Schedule of Performance, <br />then the duty of Agency to convey the Acquisition Parcels to-Shea on the date shown in <br />the Schedule of Performance shall be held in abeyance, and Agency and Shea shall <br />confer in good faith in an effort to achieve the purposes of this Agreement in another <br />manner. <br /> <br /> §312 Form of Grant Deed or Grant Deeds <br /> <br /> Agency shall convey title to thc Acquisition Parcels to Shea in the condition <br />provided in Section 313 of this Agreement by Grant Deed or Grant Deeds in the form <br /> <br /> 16 <br />wc-21875 <br /> <br /> <br />
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