Laserfiche WebLink
6. Developer elects not to fund within fifteen (15) days any court ordered final <br />judgment in any eminent domain proceeding involving an Acquisition Parcel; or <br /> <br /> 7. The Agency does not tender title to or possession of the Agency, City- <br />Transfer or Acquisition Parcels in the manner and condition and by the date provided in the <br />Schedule of Performance for masons not within the scope of Section 807(A)(1) or Section <br />808(A) (8); or <br /> <br /> 8. Developer is precluded from development of the Project by the action of a <br />governmental agency with jurisdiction over any portion of the Project; or <br /> <br /> 9. Any other event shall occur which gives rise to a power of termination in <br />accordance with the provisions of this Agreement, but which is not an event set forth in Sections <br />807 or 808. <br /> <br /> 10. Developer, despite good faith efforts, is unable to obtain permits or <br />approvals from the City to develop and construct the Project and operate its business in <br />accordance with the Project Guidelines and in the manner contemplated by this Agreement on <br />the Project Site; or <br /> <br /> 11. Conditions imposed subsequent to execution of this Agreement by the City's <br />discretionary approvals makes development of the Project in the manner contemplated by this <br />Agreement infeasible or substantially more expensive for Developer. <br /> <br /> B. Remedies. This Section 809(B) sets forth the rights and duties of the parties <br />where this Agreement shall have been terminated pursuant to Section 809 (A): <br /> <br /> 1. All acquisition activities, if any, shall cease forthwith. <br /> <br /> 2. Developer shall be responsible for Abandonment Costs and the Agency shall <br />be entitled to charge Abandonment Costs against the Letters of Cmdit (or Cash Deposit) or Pm- <br />Acquisition Budget funds. Any balance of the Pre-Acquisition Budget Funds, Letters of Credit <br />or Cash Deposits remaining after the payment of the Abandonment Costs, together with interest <br />thereon, shall be returned to Developer. <br /> <br /> 3. If the Office Building Parcel on Block Two has not been conveyed to <br />Developer prior to the close of Escrow for any of the parcels located on Block One, the Parking <br />Structure Security, together with any interest that has accrued on any Cash Deposit thereunder, <br />shall be returned to Developer, provided that Developer shall be responsible for payment of any <br />expenses incurred (prior to the termination of this Agreement) for preliminary design work <br />pursuant to the Pre-Construction Design Budget; if the Office Building Parcel on Block Two has <br />been conveyed to Developer prior to the close of Escrow for any of the parcels located on Block <br />One pursuant to the terms of Sections 401 and 501 herein, the City shall have the fight in <br />accordance with Section 518 to draw on the Parking Structure Security until the Parking <br />Structure has been satisfactorily completed and accepted by the City and, thereafter, receive <br />payment of any balance remaining from the Parking Structure Contribution. <br /> <br /> 4. The Agency shall have an unrestricted right to hold, use, sell, lease or <br />otherwise dispose of the Agency, Acquisition and City-Transfer Parcels acquired by the Agency, <br />if any; provided, however, that in any event the Agency shall reimburse Developer for the <br />amount of the Total Acquisition Costs Developer may have paid for the Acquisition Parcels, <br />together with interest thereon from the date on which funds for the purchase of the Acquisition <br />Parcels were so advanced by Developer. <br /> <br /> 40 <br />DOCSSFl:495065.9 <br />9975-5 NWN <br /> <br /> <br />