2020-090 -Approving a Disposition and Development Agreement

Home Browse Search

spaces which are accomplished by tandem as well as the use of mechanical lifts, as more particularly described in Exhibit "F" attached hereto and incorporated herein by reference. 2.1.69 "PCO Report' means a preliminary change of ownership report required under California Revenue and Taxation Code Section 480.3. 2.1.70 "Performance Schedule" means the schedule for the performance of certain actions by the City or the Developer, pursuant to the terns and conditions of this Agreement, attached to this Agreement as Exhibit `B." 2.1.71 "Permitted Encumbrance" means (i) any deed of trust or financing instrument in connection with Developer's construction financing or permanent financing of the Project, (ii) the Project approvals and all other entitlements, permits with respect to the Project obtained in accordance with this Agreement or otherwise with the approval of the City, (iii) all easements, encumbrances, licenses, and other use agreements in connection with the development of the Project and covenants, conditions, restrictions necessary or desirable in connection with the development, operation and use of the Project, and (iv) any other third party agreement contemplated in this Agreement or as reasonably necessary or desirable in connection with the development, use or occupancy of the Project. 2.1.72 "Permitted Exceptions" means: (i) any and all items shown in Schedule B of the Preliminary Report as exceptions to coverage under the proposed Title Policy that the Developer does not disapprove or conditionally approve or that are otherwise accepted or consented to by the Developer; (ii) any exceptions from coverage under the proposed Title Policy resulting from the Developer's activities on the Property; (iii) any lien for non -delinquent property taxes or assessments; (iv) any Laws applicable to the Property; (v) this Agreement; (vi) the City Deed; (vii) any other matter provided for in this Agreement. 2.1.73 "Person" means any association, corporation, governmental entity or City, individual, joint venture, joint-stock company, limited liability company, partnership, trust, unincorporated organization, or other entity of any kind. 2.1.74 "Pre -Closing Liquidated Damages Amount" means the amount of Twenty Five Thousand Dollars ($25,000). 2.1.75 "Preliminary Report" means a preliminary report issued by the Title Company in contemplation of the issuance of the Title Policy, accompanied by copies of all documents listed in Schedule B of the report, as exceptions to coverage under the proposed Title Policy. 2.1.76 "Prevailing Wage Action" means: (i) any determination by the State Department of Industrial Relations that prevailing wage rates should have been paid, but were not, (ii) any determination by the State Department of Industrial Relations that higher prevailing wage rates than those paid should have been paid, (iii) any administrative or legal action or proceeding arising from any failure to comply with the California Labor Code provisions regarding prevailing wage payments, including maintaining certified payroll records pursuant to California Labor Code 1776, or (iv) any administrative or legal action or proceeding to recover wage amounts pursuant to California Labor Code Section 1781. 12 5 5394.00049\3323 9203.12