Res99 RD-99-30 - Laserfiche WebLink

Browse Search

4. [AC determines that the Acquisition Budget exceeds IAC's projected acquisition costs in accordance with Section 305; or 5. IAC chooses not to advance Excess Acquisition Costs to the Agency or supplement the Letter of Credit (or Cash Deposit) in accordance with Section 307(B); or 6. Either party, in its reasonable good faith opinion, forecasts that there will be insufficient funds to complete the acquisition of the Acquisition Pazcels with the balance remaining in the Letters of Credit (or Cash Deposits) and neither party is willing to fund such excess in accordance with Section 307(B); or 7. IAC deteanines in its sole and abselute discretion that it will not proceed with the development of the IAC Project Site due to the presence of hazardous materials on or in the vicinity of the IAC Project Site, or IAC determines that development of the IAC Project Site by IAC is not economically feasible; or 8. IAC elects not to fund within fifteen (15) days any court ordered final judgment in any eminent domain proceeding involving an Acquisition Pazcel; or 9. The Agency does not tender title to or possession of the Acquisition Pazcels in the manner and condition and by the date provided in the Schedule of Performance for reasons not within the scope of Section 807(A)(1) or Section 808(A)(7); or 10. IAC is precluded from development of the IAC Project by the action of a governmental agency with jurisdiction ovet any portion of the IAC Project; or I 1. Any other event shall occur which gives rise to a power of termination in accordance with the provisions of this Agreement, but which is not an event set forth in Sections 807 or 808. B. Remedies This Section 809(B) sets forth the rights and duties of the parties where this Agreement shall have been terminated pursuant to Section 809(A): I. All acquisition activities, if any, shall cease forthwith. 2. IAC shall be responsib(e for Abandonment Costs and the Agency shall be entitled to chazge Abandonment Costs against the Letters of Credit (or Cash Deposit) or Pre- Acquisition Budget funds. Any balance remaining after the payment of the Abandonment Costs together with interest thereon shall be returned to IAC. 3. The Agency shall have an unrestricted right to use, sell, lease or otherwise dispose of the Acquisition Pucels acquired by the Agency, if any; provided, however, that in such event the Agency shall reimburse IAC for the amount of the Total Acquisition Costs IAC may have paid for the Acquisition Pazcels, together with interest thereon. _ ' 36 -- 9627:8397625