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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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acquisition of such parcel or the relocation of an owner or tenant therefrom, without the <br />prior express written consent of Agency; or <br /> <br /> 6. Following its Election to Fund, ifShea notifies Agency that it will <br />use mortgage financing to finance the Shea Project and Shea fails to rescind such notice <br />or submit evidence that it has the necessary mortgage financing for development of the <br />Shea Project Site, in reasonably satisfactory form and in the manner and by the dates <br />provided in this Agreement and the Schedule of Performance therefor; or <br /> <br /> 7. Agency is unable to tender title to or possession of the Acquisition <br />Parcels in the manner and condition and by the date provided in the Schedule of <br />Performance as a result of delays caused by Shea's failure to perform its obligations <br />hereunder within the time provided in the Schedule of Performance (as the same may be <br />extended pursuant to Section 1004), and such failure of Shea to perform is not the result <br />of delays caused by Agency's failure to pe.r~'orm its obligations hereunder within the time <br />provided in the Schedule of Performance (as the same may be extended pursuant to <br />Section 1004). <br /> B. Remedies. Where Agency has terminated this Agreement because <br />Shea is in Default under Section 808(A) immediately above, the following provisions <br />shall apply: <br /> <br /> 1. Agency may elect to terminate all acquisition activities forthwith. <br />Shea shall be responsible for Agency's Abandonment Costs of any eminent domain <br />proceeding then in process as the same are described in Section 308. Agency may <br />continue to hold and draw against the Due Diligence Budget or Letters of Credit or Cash <br />Deposit for such purpose. Any balance in the Due Diligence Budget, the Letters of <br />Credit or Cash Deposit, together with interest, if any, remaining after payment of such <br />Abandonment Costs, shall be returned to Shea. <br /> <br /> 2. The Basic Concept Drawings and all other drawings and work <br />product of the architect and engineer in connection with work on the Shea Project <br />(collectively, the "Project Drawings"), shall be made available to Agency and subject to <br />the terms of the agreements with the architect and engineer, become and remain the <br />property of Agency for any and all purposes. Notwithstanding the foregoing sentence, <br />Shea shall not be liable for any matter whatsoever that results fi.om the use by any person <br />or entity of the Basic Concept Drawings or the Project Drawings. <br /> <br /> 3. Agency shall have the right but not the duty, in Agency's sole <br />discretion, as an alternative to Section 808(B)(1 ) to proceed with the acquisition process <br />and to retain title to, any and all interests and rights in any Acquisition Parcel Agency <br />may then hold; provided, however, that in such event Agency shall reimburse Shea for <br />the portion of any Total Acquisition Costs Shea may have paid for such title, interest or <br />fights without interest. <br /> <br /> C. Cure of Defaults. Notwithstanding Section 808(B), if an event occurs <br />pursuant to Section 808(A), then Shea shall have forty-five (45) days after receipt of <br />notice with respect to such Default, to commence with due diligence, to cure, correct or <br />remedy such Default, and thereafter pursue such cure, correction or remedy to <br />completion. If Shea corranences to cure within such period and completes such cure with <br /> <br /> 37 <br />wc-21875 <br /> <br /> <br />
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