Res99 RD-99-30 - Laserfiche WebLink

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E. Securitv for Shazed Infrastructure In order to assure the Agency that the portion of the Shazed Infrastructure required for the IAC Project will be satisfactorily completed, within the time set forth in the schedule of performance set forth on Attachment 8 attached hereto (the "Schedule of Performance"), IAC shall deliver to the Agency security, in form satisfactory to the Agency which may include a corporate security bond, or a Letter of Credit or Cash Deposit as described in Section 305, in the amount estimated to pay for the portion of the Shazed Infrastructure tequired for the IAC Project shown on Attachment 6(bl attached hereto (the "IAC Shazed Infrastruchue"), as detetmined by IAC and the Agency (the "Shazed Infrastructure Security"). The Shazed Infrastructure Security shall be irrevocable unless IAC completes the IAC Shazed Infrastructure or this Agreement terminates because the Agency Defaults hereunder pursuan: to Section 807, the Agency fails to adopt a Resolution of Necessity for any Acquisition Pazcel, or IAC is precluded from development of the entire IAC Project by any government agency. Upon the occurrence of any event set forth in the immediately preceding sentence, the Shazed Infrastructure Security shall be immediately retumed to IAC and exonerated and shall be unavailable to fund any portion of the Shazed Infrastructure. Additionally, upon the completion of an element of the IAC Shazed Infrastructure designated by a roman numeral in Attachment 6(bl, the Agency shall reduce and retum to IAC, or exonerate, as the case may be, the Shazed Infrastructure Security by the amount equivalent to the portion of the Shazed Infrastructure Security that corresponds with such completed element. _ §109 The Aeencv The Agency is a public body, corporate and politic, exercising govemmental functions and powers and organized and existing under the CRL. The principal office of the Agency is located at 1017 Middlefield Road, Redwood City, Califomia 94063. "Agency", as used in this Agreement, includes the Redevelopment Agency of the City of Redwood City, California, and any assignee of or successor to its rights, powers and responsibilities. §110 IAC _ IAC is a Delawaze limited partnership located at the following address for the purposes of this Agreement: Irvine Apartment Communities, L.P. 33 Reed Blvd., Suite B Mill Valley, CA 94941 Attention: Bruce Dorfinan Whenever the term "IAC" is used herein, such term shall include any permitted nominee, assignee or successor in interest as herein provided. §lll Term The term (the "Term") of this Agreement shall commence on the Effective Date and continue until the issuance of the last Certificate of Completion for the IAC Project, or upon the earlier termination of this Agreement. , � 9627:8397625 � . � �