Laserfiche WebLink
• Vinci shall develop specific expansion/redevelopment plans and a development <br />schedule for the Honda Dealership facility acceptable to the Agency in its sole <br />and absolute discretion; <br />• The parties will voluntarily attempt to acquire the fee interest in the Erickson <br />Property, and, if unsuccessful, will consider acquiring the Erickson Property by <br />eminent domain by the Agency. The Agency and Vinci shall share all costs of the <br />Erickson Property fee acquisition as follows: <br />o The Agency shall pay the cost of the appraisers, consultants and outside <br />counsel (if necessary), plus all purchase price /compensation in excess of <br />the Developer Contribution (defined below). <br />o Vinci shall pay the Developer Contribution, defined as the amount <br />determined in accordance with the Community Redevelopment Law to <br />represent the fair reuse value of the Erickson Property (the "Fair Reuse <br />Value ") plus the amount of the Erickson Lease Subsidy. <br />o Each party shall reserve the absolute right not to proceed with the <br />purchase of the Erickson Property if it finds, in its sole and absolute <br />discretion, that its share of the contribution to the cost of fee acquisition is <br />more than it is willing to pay. <br />The parties will acknowledge that the non - binding letter of intent constitutes only <br />a mutual statement of interest to be used solely for discussion purposes. It shall <br />not impose any contractual obligations whatsoever unless and until a DDA is <br />executed, if ever, and is not to be construed in conjunction with this Agreement. <br />Each party will agree that its approval or acknowledgement of the non - binding <br />letter of intent shall not impose upon the other any duty whatsoever to continue <br />negotiations in good faith or otherwise, and that each party shall continue to have <br />the absolute right to propose different terms or to unilaterally terminate <br />negotiations altogether. Neither party shall have any expectation that a DDA <br />shall be executed. <br />11. Escrow Instructions. <br />A. Opening of Escrow. As soon as reasonably practicable following the mutual <br />execution of this Agreement, the parties shall open an escrow (the "Escrow ") at First American <br />Title Company located at 2 First American Way, Santa Ana, California 92707, attention: Mr. <br />Robert Benavente (the "Escrow Holder "), in order to consummate the transactions described in <br />this Agreement in accordance with the terms and provisions hereof. This Agreement shall be <br />deposited in the Escrow and the provisions hereof shall constitute joint primary escrow <br />instructions to the Escrow Holder; provided, however, that the parties shall execute such <br />additional instructions as requested by the Escrow Holder not inconsistent with the provisions <br />hereof. <br />-12- <br />600090435v6 <br />8 -126 <br />