2020-090 -Approving a Disposition and Development Agreement

Home Browse Search

2.1.22 "Coup " means the County of Orange, California. 2.1.23 "Covenant Period' means the thirty (30) years commencing on the date of issuance of last Certificate of Completion for the Project. 2.1.24 "CPI" means the United States Department of Labor, Bureau of Labor Statistics "Consumer Price Index" for Urban Wage Earners and Clerical Workers (CPI-W) published for the Anaheim -Santa Ana -Irvine Metropolitan Statistical Area, with a base of 1982- 1984 = 100. If the CPI ceases to be published, with no successor index, then the Parties shall reasonably agree upon a reasonable substitute index. The CPI for any date means the CPI last published before the calendar month that includes such date. 2.1.25 " CPI Adjustment Factor" means, as of any date, the greater of (a) 1.00 or (b) the CPI for such date divided by the CPI for the Commencement Date. 2.1.26 "Default" means any Monetary Default or Non -Monetary Default. 2.1.27 "Developer Official Action" means the official action of the Developer authorizing the Developer's entry into and performance of this Agreement, in substantially the form attached to this Agreement as Exhibit "B," executed by the authorized representative(s) of the Developer. 2.1.28 "Developer Parties" means, collectively, the directors, officers, employees and agents of the Developer. 2.1.29 "Developer Party I means, individually, the directors, officers, employees or agents of the Developer. 2.1.30 "Developer's Title Notice" means a written Notice from the Developer to both the City and the Escrow Agent indicating the Developer's acceptance of the state of the title to the Property, as described in the Preliminary Report, or the Developer's disapproval of specific matters shown in Schedule B of the Preliminary Report, as exceptions to coverage under the proposed Title Policy, describing in suitable detail the actions that the Developer reasonably believes are indicated to obtain the Developer's approval of the state of the title to the Property. 2.1.31 "Developer's Title Notice Waiver" means a written Notice from the Developer to both the City and the Escrow Agent waiving the Developer's previous disapproval in the Developer's Title Notice of specific matters shown in Schedule B of the Preliminary Report, as exceptions to coverage under the proposed Title Policy. 2.1.32 "Due Diligence Completion Notice" means a written Notice of the Developer delivered to both the City and the Escrow Agent, prior to the end of the Due Diligence Period, indicating the Developer's unconditional acceptance of the condition of the Property or indicating the Developer's rejection or conditional acceptance of the condition of the Property and refusal to accept a conveyance of fee title to the Property, describing in reasonable detail the actions that the Developer reasonably believes are indicated to allow the Developer to unconditionally accept the condition of the Property. 6 553 94.00049\3323 9203.12