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010306 RESO Approving AA Mutual Release-Jt Exrow Inst Vinci Invest_
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Successor Agency (Formerly the Community Redevelopment Agency) (1974-Present)
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COMMUNITY REDEVLOPMENT AGENCY(1974-2012)
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2000-2009
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2006
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01/03/06
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010306 RESO Approving AA Mutual Release-Jt Exrow Inst Vinci Invest_
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(viii) Not take any other action which may have an adverse effect upon the <br />Vinci Property or upon the Agency if the Agency acquires the Vinci Property; <br />(ix) Not commence any action with respect to the Vinci Property or the <br />Erickson Property, without first obtaining the prior written consent of the Agency, which consent <br />may be withheld in the Agency's sole and absolute discretion; <br />(x) Not use, produce, process, manufacture, generate, treat, handle, store <br />(except for gasoline in the tanks of automobiles and trucks) or dispose of any Hazardous <br />Substances in, on or under the Leased Premises, or use the Leased Premises for any such <br />purposes, or release any Hazardous Substances into any air, soil, surface water or groundwater <br />comprising the Leased Premises; and <br />(xi) Comply with all Environmental Laws applicable to the Leased Premises, <br />or the use or occupancy thereof, or any operations or activities therein or thereon. <br />H. Brokera eg Fees. Vinci hereby represents and warrants to the Agency, and the <br />Agency hereby represents and warrants to Vinci, that no broker or finder has been engaged by it, <br />respectively, in connection with any of the transactions contemplated by this Agreement or to its <br />knowledge is in any way connected with any such transactions. In the event of any claims for <br />brokers' or finders' fees or commissions in connection with the negotiation, execution or <br />consummation of this Agreement, then Vinci shall indemnify, save harmless and defend the <br />Agency from and against such claims if they shall be based upon any statement, representation or <br />agreement by Vinci, and the Agency shall indemnify, save harmless and defend Vinci from and <br />against such claims if they shall be based upon any statement, representation or agreement by the <br />Agency. <br />I. Costs. The Agency shall pay the Escrow fees, the cost of obtaining the Title <br />Policy, all documentary or other transfer taxes, sales taxes, deed preparation and recordation <br />charges. <br />2. Vinci Improvements Payment. Upon the Close of Escrow, the Agency shall pay to Vinci <br />the sum of Three Hundred Sixty -Seven Thousand Dollars ($367,000) (the "Vinci Improvements <br />Payment ") to help offset Vinci's anticipated costs of making the Vinci Improvements, including <br />consultant fees incurred in connection therewith. <br />3. Erickson Lease Subsidy. Upon the Close of Escrow, the Agency shall pay to Vinci Three <br />Hundred Eighty -Five Thousand One Hundred Three Dollars ($385,103) (the "Erickson Lease <br />Subsidy Advance ") as an advance against the "Net Present Value" of the rent differential <br />between the monthly rent owing to Erickson under the Erickson Lease and Twelve Thousand <br />Two Hundred Dollars ($12,200) per month (with said amount escalated every five (5) years at a <br />rate tied to the compound growth rate in the Consumer Price Index (CPI) between each <br />escalation period up to a maximum cap of three percent (3 %) per annum) for the period from the <br />expiration of the License Period (as hereinafter defined) until the expiration of the Erickson <br />Lease, including all Option rights thereunder (the "Erickson Lease Subsidy "). The parties agree <br />that the Erickson Lease Subsidy Advance is subject to increase by the Agency or partial refund <br />to the Agency. The parties agree that the final calculation of the Erickson Lease Subsidy shall be <br />-8- <br />600090435v6 <br />8 -122 <br />
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