2020-090 -Approving a Disposition and Development Agreement

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Any future amendments of the Parking Agreement shall be incorporated into the CC&R's without further action of the Parties. 6.2.6 Shall grant the authority, but not the obligation, to the City to enforce, in its discretion, the provisions the CC&R's, and the Parking Agreement, and shall contain provisions that the Association shall reimburse the City for any and all costs associated with the enforcement. 6.2.7 City shall have no obligation to provide security or safety for the Property and shall not be liable for (i) any unauthorized or criminal entry by third parties into the Property, or any Unit in the Property or any Improvements within the Property, (ii) any damage or injury to Persons, or (iii) any loss of property in and about the Property, any Unit within the Property or any Improvements within the Property, by or from any unauthorized or criminal acts of third parties, regardless of any action, inaction, failure, breakdown, malfunction or insufficiency of security services and improvements provided by the Developer. 6.2.8 No Common Area on floors within the Parking Structure containing Public Parking Parcels be used for parking without the express written consent of the City, nor shall any Common Area necessary to access the Public Parking Area be used for parking without the express written consent of the City. 6.2.9 The CC&R's shall provide that the CC&R's shall not be amended or terminated without the prior written approval of the City Manager and approved as to form by the City Attorney. ARTICLE 7 CITY PARTICIPATION IN THE PROFITS UPON SALE OF PROPERTY BY DEVELOPER 7.1 Should Developer sell any portion of the Project, City shall participate in the profits subject to the terms of this ARTICLE 7. 7.1.1 City Participation Formula. If the net sale of any portion of the Project exceeds the Developer Costs, including reasonable unreimbursed hard and soft costs, over the period of time the Developer has owned the project, then the City shall share in the net profits pursuant to the following calculation: (a) City Costs shall equal City actual costs of City Funded Improvements plus the Parties have agreed that that City shall also receive a three million dollars ($3,000,000) additional allocation to be included in the City Costs which is in consideration that the City provided the land for the Project. ("City Costs"). (b) "Developer Costs" equals the reasonable unreimbursed hard and soft costs over the period of time Developer has owned the Project. ("Developer Costs") (c) Total Costs shall equal Developer Costs plus City Costs. ("Total Cost) 9M 55394, 00049\3323 9203.12