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2020-090 -Approving a Disposition and Development Agreement
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2020-090 -Approving a Disposition and Development Agreement
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11/23/2020 8:42:01 AM
Creation date
11/23/2020 8:34:16 AM
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City Clerk
Doc Type
Resolution
Agency
Clerk of the Council
Doc #
2020-090
Date
11/17/2020
Destruction Year
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(10%), in any quarter, the Developer shall reimburse the City any underpayment of Fees owed to <br />City within ten (10) days written demand therefor, computed from the date that such <br />underpayment was otherwise due, together shall accrue interest at the lesser of: (i) the rate of ten <br />percent (10%) per annum or (ii) the Usury Limit, until paid in full. <br />ARTICLE 5 <br />DEFAULTS AND TERMINATION <br />5.1 Event of Default. Each of the following shall constitute an "Event of Default" <br />under this Parking Agreement: <br />5.1.1 Failure by a Party to comply with and observe any of the conditions, <br />terms, or covenants set forth in this Parking Agreement, if such failure remains uncured within <br />sixty (60) days after written notice of such failure from the other Party in the manner provided <br />herein or, with respect to a default that cannot be cured within thirty (30) days, if the Party in <br />default fails to commence such cure within such sixty (60) day period or thereafter fails to <br />diligently and continuously proceed with such cure to completion. However, if a different period, <br />notice requirement, or remedy is specified under any other section of this Parking Agreement, <br />then the specific provision shall control. <br />5.1.2 At City's sole discretion, City can request developer Terminate the Third <br />Party Operator. Developer shall replace the Third Party Operator within ninety (90) calendar <br />days of City's request. <br />5.1.3 At City's sole discretion if Developer fails to cure the default, City shall <br />have the right but not the obligation to become the operator of the Parking Structure. If City <br />becomes the Operator, all City incurred expenses including staff time for the operation of the <br />Parking Structure shall be paid by the Parking Revenue received by the Parking Structure, should <br />the Parking Revenue be insufficient to cover City incurred expenses, then Developer shall <br />reimburse the City for the City's incurred expenses that were not covered by the Parking <br />Revenue. Developer shall pay City within thirty (30) calendar days after written demand for <br />payment from the City. Any amount expended by the City pursuant to this Section 5.3.1 that is <br />not reimbursed to the City by the Developer within thirty (30) calendar days after written <br />demand to the Developer for such reimbursement, shall accrue interest at the lesser of: (i) the <br />rate of ten percent (10%) per annum or (ii) the Usury Limit, until paid in full. <br />5.1.4 Should Developer purchase Public Parking Parcel from City and Record <br />of a covenant to retain and maintain the 211 Public Parking Spaces in perpetuity the benefit of <br />the City, then the terms of this Parking Agreement shall expire, excepting however, that the <br />Indemnity Provisions and all granted Easements, for access and parking shall survive the <br />termination of this Parking Agreement. <br />5.2 Legal Actions. Either party may institute legal action to cure, correct or remedy <br />any default, and recover damages for any such default, or to obtain any other remedy available <br />to that party, in law or in equity, consistent with the provisions of this Parking Agreement. Such <br />legal actions must be instituted in the Superior Court of the County of Orange County, State of <br />California. <br />Page 10 of 14 <br />553 94.00049\3 3221248.8 <br />
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