Res99 RD-99-30 - Laserfiche WebLink

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abandon the acquisition in compliance with the terms of Code of Civil Procedure Section ' 1268.510. If the Cash Deposit or Letter of Credit designated for such pazcel or the amount deposited into court in connection with an action in eminent domain exceeds the condemnation awazd, then the monies remaining in such Letter of Credit or Cash Deposit shall be returned to IAC and the monies deposited with the court in excess of the condemnation awazd shall be repaid as rapidly as the release of said amounts from the court can reasonably be effected. IAC acknowledges that discretion is vested in the Agency to determine whether or not the statutory conditions set forth in Code of Civil Procedure Section 1245.230 aze met in order to entitle a govemmental agency to adopt a Resolution of Necessity. If the Agency fails to commence all eminent domain proceedings for all of the Acquisition Pazcels prior to January 18, 2002 or by such date as otherwise extended by the Agency pursuant to an amendment of the Redevelopment Plan, or if the Agency otherwise fails to adopt all Resolutions of Necessity for all of the Acquisition Pazcels within the time set forth in the Schedule of Performance, IAC shall have the right to terminate this Agreement pursuant to Section 807 hereof. For purposes of this Section 309(B), and norivithstanding Code of Civil Procedure Section 1250.110, "commencement of all eminent domain proceedings" shall mean adoption of Resolutions of Necessity for the Acquisition Pazcels to be acquired by eminent domain. The Agency and IAC shail consult with each other as to the timing of each such acquisition as contemplated by this Agreement. C. Agency Diligence. In prepazation for the acquisition of the Acquisition Pazcels as contemglated in Sections 309(A) and 309(B) above, the Agency shall proceed diligently to obtain with respect to the Acquisition Pazcels, as soon as reasonably possible, rights of entry, Orders for Possession, actual possession and acquisition of title. §310 Relocation The Agency acknowledges that the IAC Project is an important element of the Agency's efforts to implement the Redevelopment Plan, and that to further the goals and objectives of the Redevelopment Plan, the Agency may need to acquire the Acquisition Pazcels by gift, devise, exchange, purchase, eminent domain, or any other fawful method. In furtherance of the Redevelopment Plan, the Agency has determined that the exercise of its eminent domain authority to acquire the Acquisition Pazcels will not cause a substantial number of low and moderate income families to be displaced by the IAC Project. The Agency shall relocate, at IAC's expense, as soon as reasonably possible, all persons and property on the Acquisition Pazcels in accordance with all legal requirements. Such relocation shall be accomplished in order to allow the Agency to convey the Acquisition Pazcels to IAC by the date set forth in the Schedule of Performance. §311 Conveyance of Title and Delivery of Possession Conveyance to IAC of title to the Acquisition Pazcels, or delivery of possession thereof in accordance with Sections 311(A) through � hereof, shall be completed after the delivery by IAC of the Election to Proceed, and as set forth more specifically in the Schedule of Performance. The Schedule of Performance shall be subject to revision from time to time as 13 9627:8397625