Agmt01 Western Innisfree Ventures LLC

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1 the monies deposited with the court in excess of the condemnation award shall be repaid as rapidly as the release of said amounts fzom the court can reasonably be effected. If any Agency motion to abandon an eminent domain proceeding is set aside and the final judgment in such proceeding exceeds the amount remaining in the Cash Deposit or Letter of Credit designated for such parcel, Developer shall fund such costs as an Excess Acquisition Cost within fifteen (15) days of such judgment. Developer 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 are met in order to entitle a governmental agency to adopt a Resolution of Necessity. If the Agency fails to commence all eminent domain proceedings for all of the Acquisition Parcels 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 Parcels within the time set forth in the Schedule of Performance, Developer shall have the fight to terminate this Agreement pursuant to Section 807 hereof. For purposes of this Section 307(C), and notwithstanding Code of Civil Procedure Section 1250.110, "commencement of all eminent domain proceedings" shall mean adoption of Resolutions of Necessity for the Acquisition Parcels to be acquired by eminent domain. The Agency and Developer shall consult with each other as to the timing of each such acquisition as contemplated by this Agreement. D. ~llr, g.[~g~. In preparation for the acquisition of the Acquisition Parcels as contemplated in Sections 307(A) and 307(B) above, the Agency shall proceed diligently to obtain with respect to the Acquisition Parcels, as soon as reasonably possible, fights of entry, Orders for Possession, actual possession and acquisition of title. §308 Relocation The Agency acknowledges that the 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 Parcels by gift, devise, exchange, purchase, eminent domain, or any other lawful method. In furtherance of the Redevelopment Plan, the Agency has determined that the exercise of its eminent domain authority to acquire the Acquisition Parcels will not cause a substantial number of residential households, whether low or moderate income families or otherwise, to be displaced. In the event relocation of persons or property becomes necessary in connection with the Project, the Agency shall relocate, at Developer's expense, as soon as reasonably possible, all persons and property on the Acquisition Parcels and on the Agency Parcel in accordance with all legal requirements. Such relocation shall be accomplished in order to allow the Agency to convey the Agency, City-Transfer and Acquisition Parcels to Developer by the date set forth in the Schedule of Performance. §309 Conveyance of Title and Delivery_ of Possessioll Conveyance to Developer of title to the Agency, City-Transfer and Acquisition Parcels, or delivery of possession thereof in accordance with Sections 309(A) through (E) hereof, shall be completed contemporaneously (through the Escrow as provided in Article 4) with Developer's timely advance of Total Acquisition Costs, as required pursuant to Section 305, and the Parking Structure Contribution, as required pursuant to Section 518. The Agency and Developer agree to perform all acts necessary for the timely conveyance of title and delivery of possession under this Agreement in accordance with the Schedule of Performance. Possession shall be delivered to Developer not later than the conveyance of title. If this Agreement has not been terminated pursuant to Article 8, then Developer shall accept title and possession in accordance with the Schedule of Perfomxance. 13 DOCSSFl:495065.9 9975-5 NWN