CCP 04-08-2002 - Laserfiche WebLink

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MAR-19-2002 13:36 COMMUN I TY DEU 61292~2663 P.13 . engineering for ParkCorrunons East. For the purposes of this paragraph, Authority a Costs are considered to be incurred if they have been paid, relate to services _ performed, or are payable under a contract entered into, on or before August I, 2001. At Developer's request, but no more often than monthly, the Authority will provide Developer with a written report on current and anticipated expenditures for Authority Costs, including invoices or other comparable evidence of costs incurred . for Park Commons East. (e) If Developer fails to commence belowground excavation by August I, 2001 in accordance with Section 3(b )(9), the entire deposit is nonrefundable (except to the extent that any amounts are refundable under Section 4(f) hereof), provided that the parties agree and understand that they may negotiate terms for refund of the deposit to be specified in the Contract. (f) Upon termination of this Agreement in accordance with its terms prior to August I, 2001, the Authority will return to the Developer the balance of any funds and letters of credit deposited under this section, less any amounts that are nonrefundable under the terms of this section as of the date of receipt of the notice of temtination, and less any Authority Costs incurred through the date of receipt of the notice of termination. For the purposes of this paragraph, Authority Costs are considered to be incurred if they have been paid, relate to services performed, or are payable under a contract entered into, on or before the date of receipt of the notice of termination. The Authority agrees that it will promptly terminate any contract for Authori ty Costs (except as provided below) upon receipt of the notice of termination, and Authority Costs include amounts payable under the terms of such terminated contract, including without limitation costs payable prior to termination and any damages or other amounts payable in connection with the tennination. If the Authority elects not to terminate the contract, Authority Costs will include only amounts that would be payable to the contracting party if the contract were terminated. e (g) The Authority may draw on any letter of credit provided under this section: (1) as needed to pay Authority Costs, (2) upon Developer's failure to provide a renewed or substitute letter of credit as required under this section; and (3) upon the circumstance described in Section 4(e). Section 5. Exclusive Develooment Ri2hts. During the term of this Agreement, the Authority agrees that it will not negotiate or contract with any other party concerning the redevelopment of Park Commons East. The Developer shall not assign or transfer its rights under this Agreement in full or in part without the prior written consent of the Authority, which consent will not be unreasonably withheld. Section 6. Effect of Aoprovals, No approval given by the Authority hereunder or in connection herewith shall be deemed to constitute an approval of the development of Park Commons East for any purpose other than as stated herein and the process outlined in this Agreement shall not be deemed to supersede any concept review, conditional use permit, SJ8.\52172v, SA28S-4Q e 6