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03 - JOINT PH - DDA RSI Development LLC
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03 - JOINT PH - DDA RSI Development LLC
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Last modified
1/3/2012 3:33:44 PM
Creation date
6/23/2011 4:19:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
03
Date
1/5/2009
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Notwithstanding the foregoing, if Developer, based upon Developer's <br />Environmental Site Assessment, Agency's Environmental Site Assessment and the RAP, <br />reasonably estimates that the Remedial Work cannot be completed within ten (10) weeks, then <br />Developer may terminate the Escrow and this Agreement by written notice to Agency. <br />As an alternative to Agency performing the Remedial Work pursuant to this <br />Section, Developer may propose ("Developer's Remediation Proposal") that Developer perform, <br />or have performed, the Remedial Worlc by written notice to Agency accompanied by an estimate <br />of the cost of performing the Remedial Work ("Developer's Remedial Work Estimate"). In the <br />event that Developer's Remedial Work Estimate is less than Remedial Work Expenditure Cap, <br />Agency shall elect to either (i) accept Developer's Remediation Proposal, in which event <br />Developer shall perform the Remedial Work in accordance with this Section and Agency shall <br />reimburse Developer in an amount not to exceed Developer's Remedial Work Estimate within <br />thirty (30) days following receipt by Agency of written request therefor by Developer, together <br />with copies of invoices and/or other such evidence as reasonably necessary to substantiate such <br />costs and expenses, or (ii) reject Developer's Remediation Proposal, in which event Agency shall <br />perform the Remedial Work in accordance with this Section. In the event that Developer's <br />Remedial Worlc Estimate is greater than the Remedial Work Expenditure Cap, Agency may elect <br />to terminate the Escrow and this Agreement, provided such termination shall be ineffective if <br />Developer then elects to perform the Remedial Work in accordance with this Section and bear <br />any costs and expenses in excess of the Remedial Work Expenditure Cap. <br />208.4 No Further Warranties As to Sites. Except as otherwise provided <br />herein, and upon remediation of the Sites pursuant to Section 208.3 (if applicable) the physical <br />condition, possession or title of the Sites shall be delivered from Agency to Developer in an "as- <br />is" condition, with no warranty expressed or implied by Agency, including without limitation, <br />the presence of Hazardous Materials or the condition of the soil, its geology, the presence of <br />known or unknown seismic faults, or the suitability of the Sites for the development purposes <br />intended hereunder. <br />208.5 Developer Precautions After Closing. Upon the Closing, the Developer <br />shall take all necessary precautions to prevent the release into the environment of any Hazardous <br />Materials which are located in, on or under the Sites. Such precautions shall include compliance <br />with all Governmental Requirements with respect to Hazardous materials. In addition, the <br />Developer shall install and utilize such equipment and implement and adhere to such procedures <br />as are consistent with commercially reasonable standards as respects the disclosure, storage, use, <br />removal and disposal of Hazardous Materials. <br />208.6 Required Disclosures After Closing. After the Closing, the Developer <br />shall notify the Agency, and provide to the Agency a copy or copies, of all environmental <br />permits, disclosures, applications, entitlements or inquiries relating to the Sites which have been <br />conveyed to the Developer, including notices of violation, notices to comply, citations, inquiries, <br />clean-up or abatement orders, cease and desist order, reports filed pursuant to self-reporting <br />requirements and reports filed or applications made pursuant to any Governmental Requirement <br />600457905v2 ~ 1 `+ <br />
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