2016-079 - Excess Tax Allocation Bond Proceeds

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Plan as the City deems reasonably necessary in its sole discretion, Any amendments to the adopted Bond Spending Plan will consider uses that advance the City's comummity development goals while maximizing fiscal and social benefits flowing to the affected taxing entities ftorn successful development Notwithstanding arty contrary provision hereof, unless the City cxpres.sly agrees otherwise, the City shall not be obligated to provide funding for any program or project in an amount exceeding the Excess Bond Proceeds provided to the City pursuant to this Agreement. 5. (ENTIRE AGREEMENT; WAIVERS; AND AMENDMENTS 5,1 This Agreement couatihrtes tlxe entire uudcrstand.ing and agreement of the parties with respect to the transfer and use of Excess Bond Proceeds. This Agreement integrates all of the terms and conditions mentioned herein or htcidental hereto, and supersedes all negotiations or previous agreements between the parties w ith respect to the subject mattcr of this Agreement. 52 This Agreement is intondect solely for the benefit of the City and the Successor Agency, Notwithstanding any rotbronco in this Agreement to persons or entities other titan the City and rho Successor Agency, there shall be no thinl party bmufici.aries under this AgrCcracro, 53 All waivers of the provisions of this Agreement and all amendments to this Agreement must be in writlnq and signed by the authorized representatives of the parties. 6. SEVERABILITY Tf any term, provision, covenant or condition of this Agreement is.held by a court of competent jutisdk�Lion to be invalid, void or unenforceable, therornainder of the Provisions shall continue in fall force and offect unless the rights and obligations of the parties havo boor, materially altered or abridged by such invaUtlatiora, voisi rxg ox am nforceability. In addition, the parties shall Cooperate in good faith in an effort to anroad or modify this Agreement in a manner such that the purpose of any invalidated tn' voided provision, covenant, or condition can be accomplished to the maximum extent legally permissible. 7. DEFAULT If oitber party fails to adequately perform an obligation required by this Agreement within ehlaty (30) calendar days of receiving written notice Pfom the non - defaulting party, the party fhiUng to porrorm slrra.11 be in dofaull. hereundor. In the event of default, the non - defaulting party will have all the rights and remedies available to it at law or in equity to enforce the provisions of this comraot, including without limitation the tight to sue For damages for breach of contract or to sack specific performance. The rights and remedies of the non - defaulting party entunerated in this pa ragrapb are cunt €lative and shall nrot limit the non-defiud.trug party's tights under any other prevision of this Agreement, or otherwise waive or deny any right or remedy, at law or in equity, existing as of the date of the Agreement or heteinatler enacted or established, that may be available to the non - defaulting party against the defaulting party. B. BINDING ON SUCCESSORS This Agreement shall be binding oil and shall inure to the benefit al' all successors and assigns of the parties, whether by agreement or operation of law. Resolution No. 2016 -079 Page 10 of 13