Agmt00 Pacific Shores Dev - Laserfiche WebLink

Browse Search

Owner has deposed the estimated costs of acquisition With City (the "Deposit"). The Deposit may be made in the form of cash, bond or letter of credit acceptable to the City Attorney. Upon receipt and approval of the Deposit, City shall issue a notice to proceed to Owner. The parties expressly acknowledge that no occupancy permit shall be issued until and unless all costs of acquisition, as defined above, have been paid in full by Owner. The parties acknowledge and agree that the public necessity for acquisition of certain property interests for the construction of the improvements is in addition to, and supersedes, any private interests of Owner in the development of Pacific Shores Center. City acknowledges that it shall use its best efforts to acquire certain property interests as may be necessary to construct the Improvements. Notwithstanding the foregoing, Owner acknowledges and agrees that acquisition of the property interests is subject to uncertainties, including, but not limited to, those attendant upon litigation. Accordingly, Owner hereby releases City, its Council, boards, commissions, officers, employees, agents, and consultants from any and all claims, actions, or liabilities, which have accrued, er may accrue to Owner from City's obligations hereunder to acquire property interests pursuant hereto including, without limitation, entering into contracts with third parties necessary or appropriate for said acquisition, acquisition thereof by negotiation, or attempts at negotiation, and through eminent domain. Owner hereby waives and relinquishes any rights it may have under Civil Code Section 1542 which provides as follows: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor." SH/RWC/Council Re Page: 10 of 17 Agmt-361 06~05~00 06/09/00R FXS/fs