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ONE BROADWAY PLAZA DEV. AGMT
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07/06/2004
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ONE BROADWAY PLAZA DEV. AGMT
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Last modified
1/3/2012 5:02:12 PM
Creation date
7/2/2004 3:05:55 PM
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City Clerk
Doc Type
Agenda Packet
Item #
75E-1
Date
7/6/2004
Destruction Year
2009
Notes
One Broadway Plaza Development Agreement
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<br />8 <br /> <br />8 <br /> <br />8 <br /> <br />6.3 Failure of Periodic Review. City's failure to review at least annually <br />Owner's compliance with the terms and conditions of this Agreement shall not constitute or be <br />asserted by any party as a breach of the Agreement by Owner or City. <br /> <br />7. <br /> <br />DEFAULT. <br /> <br />7.1 Events of Default. Property Owner is in default under this Agreement <br />upon the happening of one or more of the following events or conditions: <br /> <br />(1) If a warranty, representation, or statement made or furnished by <br />Property Owner to the City is false or proves to have been false in any material respect when it <br />was made; <br /> <br />(2) A finding and determination made by the City following a periodic <br />review under the procedure provided for in Government Code Section 65865.1 that upon the <br />basis of substantial evidencc the Property Owner has not complied in good faith with one or <br />more of the terms or conditions ofthis Agreement; <br /> <br />(3) <br /> <br />Failure to comply in good faith with Governmental Requirements; <br /> <br />(4) Any other event, condition, act, or omission which materially <br />interferes with the intent and objectives ofthis Agreement. <br /> <br />7.2 <br /> <br />Procedure upon Default. <br /> <br />(1) Upon the occurrence of default, City shall give Property Owner <br />(the "defaulting party") ninety (90) days written notice specifYing the nature of the alleged <br />default and, when appropriate, the manner in which said default may be satisfactorily cured. <br />After proper notice and expiration of said ninety (90) day cure period without cure, City may <br />terminate or amend this Agreement in accordance with the procedure adopted by the City as to <br />all defaults that may be cured within said ninety (90) day cure period. For defaults that cannot <br />be cured within said ninety (90) day cure period, City may terminate or amend this Agreement in <br />accordance with the procedure adopted by the City should at any time following said ninety (90) <br />day period Owner fail to diligently proceed in curing the default. Failure or delay in giving <br />notice of default shall not constitute a waiver of any default, nor shall it change the time of <br />default. <br /> <br />(2) City does not waive any claim of defect in performance by <br />Property Owner, if on periodic review the City does not propose to modify or terminate this <br />Agreement. <br /> <br />(3) <br /> <br />Non-performance shall not be excused because of a failure of a <br /> <br />third person. <br /> <br />12 <br />
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