Agmt01 Western Innisfree Ventures LLC

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replenishment, to enable Agency to make the payments authorized hereunder. In such event, Developer shall deposit the required additional funds within seven (7) days after receipt of such request. At no time shall the amount in the Revolving Fund exceed a total of Twenty Thousand Dollars ($20,000). C. Agency's Acquisition by Eminent Domain Following Adoption of Resolutions of Necessity. The Agency agrees that if it is unable to acquire the Acquisition Parcels or any portion thereof by negotiation within the time set forth in the Schedule of Performance, it shall consider adopting one or more Resolutions of Necessity for acquisition of the Acquisition Parcels or applicable portions thereof by eminent domain. The Agency shall be the sole and exclusive authority to determine whether or not to adopt a Resolution of Necessity, and such authority shall be executed only in accordance with the provisions of the eminent domain laws of the State of California and after due notice and heating. If the Agency elects to adopt one or more Resolutions of Necessity for acquisition of the Acquisition Parcels after due notice and hearing, the Agency shall proceed promptly to acquire the Acquisition Parcels by eminent domain. Agency or City shall use their own funds or, at Agency's discretion, Agency may draw down on Developer's Share of the Acquisition Budget as set forth in Section 307(A) above. 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 not acquired by negotiations prior to January 30, 2004 or by such date as otherwise extended by the Agency Executive Director, 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 right 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. Agency Diligence. 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, such costs shall be included in the Acquisition Budget. Such relocation shall be 11 DOCSSF1:648942.4 9975-5 C14 120502