Res99 RD-99-30 - Laserfiche WebLink

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§308 Abandonment Costs The term "Abandonment Costs" is defined as any sums needed by the Agency to pay its obligations incurred in connection with this Agreement, or reasonably incurred in abandoning its obligations under this Agreement or in any action or proceeding initiated by a party other than the Agency seeking to set aside its abandonment of such obligations, which costs shall include, without limitation, any fees, penalties or damages which aze awarded against the Agency, but excluding Fees, penalties and damages awazded which may be attributable to the fault of the Agency. §309 Acquisition by A�ency A. Agency's Acquisition by Negotiation. In accordance with the Schedule of Performance and Section 304(B), the Agency shall select an appraiser, obtain Appraisals of the Acquisition Pazcels and submit written offers accompanied by a statement of the basis for the amount that the Agency has established as just compensation to acquire the Acquisition Pazcels. The proposed price contained in any Agency offer or counter-offer to purchase shall be subject to IAC's reasonable approval, but in no event shail the offer be less than the appraised fair mazket value for such property. At the time the Agency's written offers aze accepted by the property owners of the Acquisition Pazcels, the Executive Director shall accompany his calls upon the Letters of Credit (or Cash Deposit) with his certification to the issuer(s) of the Letters of Credit (or to the depository of the Cash Deposit), with a copy to IAC, to the effect that the Executive Director has complied with the requirements of this Section 309(A). The issuer(s) of the Letters of Credit (or depository of the Cash Deposit) shall honor all calis upon the Letters of Credit (or Cash Deposits within five (5) business days of presentment by the Executive Director. B. Agency's Acquisition by Eminent Domain Following Adoption of Resolutions of Necessiry. The Agency agrees that if it is unable to acquire the Acquisition Pazcels or any portion thereof by negotiation within the time set forth in the Schedule of Performance, it shall consider adopting one or more Resolutions of Necessity for acquisition of the Acquisition Pazcels or applicable portions thereof by eminent domain. The Agency shall be the sole and exclusive authority to determine whether or not to adopt a Resolution of Necessiry, and such authority shall be executed only in accordance with the provisions of the eminent domain laws of the State of California and after due notice and hearing. If the Agency elects to adopt one or more Resolutions of Necessity for acquisition of the Acquisition Pazcels after due notice and hearing, the Agency shall proceed promptly to acquire the Acquisition Pazcels by eminent domain. In accordance with the Schedule of Performance, the Executive Director shall call upon the Letters of Credit or use the Cash Deposit to fund the acquisition of the remaining Acquisition Pazcels by eminent domain, to the extent such Letters of Credit or Cash Deposit remain afrer the Agency's acquisition process set forth in Section 309(A). Funds for any acquisition costs, including, but not limited to, Excess Acquisition Costs, shall be advanced to the Agency no later than fifreen (15) days after a judgment is entered as to any particulaz Acquisition Pazcel in order to allow the Agency, should it become necessary, to 12 9627:83976.25