Res99 RD-99-30 - Laserfiche WebLink

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Code Section 7260 et seq. and applicable administrative regulations, and any applicable Federal laws and regulations. D. Reasonable fees and expenses of the Agency attomeys and financial consultants, the employment of which is reasonably necessazy to effect the acquisition and assembly of the IAC Project Site, including but not limited to the prepazation and implementation of agreements, prepazation and adoption of environmental documents, the review of design plans and construction drawings and the relocation of the occupants of the Acquisition Pazcels. §306 IAC's Advance of Acquisition Costs The term "Total Acquisition Costs" is defined as the actual amounts expended or required to be expended in respect of the items that comprise the Acquisition Budget. Subject to Section 307 hereof, IAC shall fund the Total Acquisition Costs related to the IAC Project Site. In accordance with the Schedule of Performance, within seven (7) days following (i) the Election to Proceed, and (ii) the Agency's receipt of the advance of the Total Acquisition Costs in accordance with Section 307 hereof and the other provisions of this Agreement, the Agency shall commence acquisition of the Acquisition Pazcels, whether by negotiation or eminent do�ain. §307 Method of IAC's Advance of Agency's Total Acquisition Costs A. IAC's Letter of Credit or Cash Deposit. In accordance with the Schedule of Performance, IAC shall deliver to the Agency one (1) or more unconditional, iaevocable letters of credit in the aggregate amount of the Acquisition Budget (the "Letters of Credit"). The Letters of Credit shall be issued by financial institutions acceptable to the Agency, shall beaz an expiration date of not less than one (1) yeaz from issuance, and shall be in a form reasonably approved by the Agency. The Letters of Credit shall, if necessary, be renewed or new Letters of Credit delivered to the Agency at least thirty (30) days prior to their expiration. If a required renewal or substitution has not occurted, the Agency shall have the right to draw the entire balance of the Letters of Credit and hold and use the funds for the purposes specified herein. In lieu of Letters of Credit and provided that the total amount reflected in the Acquisition Budget is delivered to the Agency, IAC, in its sole discretion, may deposit cash or a cashier's check payable to the Agency or wire transfer funds in whichever proportion IAC deems appropriate, in the same amount as required for the Letters of Credit (the "Cash DeposiP'). Such Cash Deposit shall be deposited in the account of the Agency in an interest-bearing bank account or trust company mutually acceptable to IAC and the Agency and upon terms and conditions consistent with the provisions of Uus section and mutually acceptable to IAC and the Agency. Any amounts of the Letters of Credit or Cash Deposit remaining after payment of the Total Acquisition Costs, including any interest eamed on the applicable Cash Deposit, shall be retumed to IAC. B. IAC's Advance of Excess Acquisition Costs If the Total Acquisition Costs for the entire IAC Project exceed the amount of the Letters of Credit (or Cash Deposit) (i.e., the Acquisition Budget for the entire IAC Project), IAC may at its option and subject to Section 307(C) below advance to the Agency the funds for such excess . - -- 10 9627:839'7625