RecDoc 2012-112938 - Laserfiche WebLink

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1 . Payment of Fees. Developer agrees to pay to the City the fuli amount of One Million One Hundred Thirty Seven Thousand and Thirty Two Dollars ($1,137,032.00), which Developer and the City acknowledge and agree is the Fee due and payable to the City for the Development prior to (and as a condition precedent to) the earlier of the following: (a) City approval of the final utility inspection and release of utilities, (b) City issuance of the first certificate of occupancy (whether temporary or final), and (c) City approval of the final building inspection of the Development. 2. Default. In the event Developer fails to pay any amount owing hereunder, on or before the due date, which failure continues for three business days after notice from the City to Developer, the City has the right to exercise all rights and remedies and to maintain any action in law or equity to enforce the terms and covenants of this Agreement. Without limiting the foregoing, the City shall have the right to proceed with the notice of default and sale of the property as provided in the Deed of Trust securing this Agreement in accordance with the terms of the Deed of trust, in which event Developer shall be liable to City for all costs of collectson and enforcement, including, but not limited to interest, costs, and attorneys' fees. 3. Covenants Run with the Land. The covenants made in this Agreement are covenants which run with the land until the City releases Developer of all obligations pursuant to Section 13 below and shall bind all successors in interest to Developer. If there is more than one successor in interest, all successors will be jointly and severally liable for all obligations under this Agreement. This Section does not limit the effect of Section 6 below. 4. Security. This Agreemen� is sec�red by the Deed of Trust executed on even date, by the Parties and referencing this Agreemer��. 5. Assiqnment. This Agreement may not be �ssigned nor the Property sold without the express written consent of the City, which conser�t shall not be unreasonably withheld. 6. No Third Partv Beneficiaries. There are no third party beneficiaries to this Agreement. 7. Attorneys' Fees. If any action or procee�ing is instituted by either party to interpret, challenge, enforce or which relates ir� ar�y oth,er way to this Agreement, the prevailing party is entitled to reasonable attorneys' fees and costs in addition to any other relief adjudged by the court. 8. Venue; Jurisdiction. In the event that an action or proceeding is brought by either party hereunder, the parties agree that venue of such action is exclusively in a state court in San Mateo County, California. This Agreement must be interpreted in accordance with, and governed by, ihe laws of the Stare of California. ATTY/AGW2012.086/PARK IMPACT FEE DEFERRAL AGREEMENT 2C1 MARHSALL REV:07-11-12 VR Page 2 of 5