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AgdaPkt 2006-11-13
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AgdaPkt 2006-11-13
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Last modified
11/14/2006 11:50:15 AM
Creation date
11/9/2006 1:07:21 PM
Metadata
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Template:
CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Joint
Agency Type
City Council & Redevelopment
Date
11/13/2006
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<br />6.1F <br />Page 10 <br /> <br />condition of this Agreement, or for the interpretation of this Agreement, or with respect to any <br />other claim arising in any manner whatsoever out of this Agreement, the prevailing party in such <br />an action or proceeding shall be entitled to recover its reasonable attorneys' fees (including <br />attorneys' fees on appeal, and costs and expenses incurred in out~of-court negotiations, <br />workouts, and/or settlements or in seeking relief from stay or otherwise seeking to protect its <br />rights in any bankruptcy proceeding) and all reasonable costs (including costs of consultants and <br />experts) incurred. The court shall determine the prevailing party. The term "expenses" as used <br />herein means any expenses incurred in connection with any of the out of court or state, federal or <br />bankruptcy proceedings referenced above, including but not limited to the fees and expenses of <br />any appraisers, consultants and expert witnesses retained or consulted by such party. <br /> <br />24. Execution of Agreement. Only a fully execute.d and delivered Agreement shall be <br />binding on Buyer or Seller. This Agreement shall be signed in duplicate and a fully executed <br />copy delivered to Seller not later than November 15, 2006. <br /> <br />25. Exhibits. The following Exhibit is attached hereto and made a part hereof; <br /> <br />Exhibit "A" Legal Description. <br /> <br />26. Enforced Delays: Extension of Times of Performance. Performance by either <br />party hereunder shall not be deemed to be in Default and all performance and other dates <br />specified in this Agreement shall be extended, where delays or Default are due to events beyond <br />the reasonable control of the parties, which may include the following: war; insurrection; <br />strikes; lockouts; riots; floods; earthquakes; fires; casualties; acts of God; acts of the public <br />enemy; epidemics; quarantine restrictions; freight embargoes; lack of transportation; <br />governmental restrictions or priority; unusually severe weather; acts or omissions of the other <br />party. Notwithstanding anything to the contrary in this Agreement, an extension of time for any <br />such cause shall be for the period of the enforced delay and shall commence to run from the time <br />of the commencement of the cause, if notice by the party claiming such extension is sent to the <br />other party within ten (10) days of the commencement of the cause. Times for performance <br />under this Agreement may also be extended in writing by the mutual agreement of Seller and <br />Buyer. <br /> <br />27. Default. Subject to the extensions of time set forth in paragraph 26 above, failure <br />or delay by either party to perfonn any action or covenant required by this Agreement within the <br />time periods provided herein following notice and failure to cure as described hereafter, <br />constitutes a "Default" under this Agreement. A party claiming a Default shall give written notice <br />of Default to the other party as provided in paragraph 18 specifying the Default complained of. <br />The claimant shall not institute any proceeding against any other party or exercise any Default <br />Remedies as provided in paragraph 28, and the other party shall not be in Default if such party, <br />within three (3) business days from receipt of such notice, with due diligence, commences to <br />cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy <br />with diligence. <br /> <br />28. Default Remedies. In the event of Default by either party, the non~defaulting <br />party shall institute an action at law or equity to seek specific performance of this Agreement, or <br />to cure, correct or remedy any Default, to recover damages for Default, or to obtain any other <br />remedy consistent with the purpose of this Agreement. Such legal actions must be instituted in <br />the Superior Court of the County of Riverside, State of California, in an appropriate municipal <br /> <br />REDWIOOOI\DOC\OI6-3 <br /> <br />7 <br />
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