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Agmt 2005 Mercy Housing California (2)
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Agmt 2005 Mercy Housing California (2)
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Last modified
5/10/2007 12:28:21 PM
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5/10/2007 12:28:19 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
9/6/2005
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PERM
Document Relationships
Agmt 2005 Mercy Housing California (3)
(Amended by)
Path:
\City Clerk\City Council\Agreements\2005
Agmt 2006 Mercy Housing California
(Amended by)
Path:
\City Clerk\City Council\Agreements\2006
Agmt 2006 Mercy Housing California (2)
(Amended by)
Path:
\City Clerk\City Council\Agreements\2006
RDA Reso 2005-018
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2005
RDA Reso 2005-019
(Reference)
Path:
\City Clerk\City Council\Resolutions\2005
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<br />Developer, nor does it obligate Agency to grant any approvals or authorizations required for the <br />Proj ect. <br /> <br />2. Developer's Exclusive Right to Negotiate with Agency. Agency agrees that it will not, <br />during the term of this Agreement, directly or indirectly, through any officer, employee, agent, or <br />otherwise, solicit, initiate or encourage the submission of bids, offers or proposals by any person or <br />entity with respect to the acquisition of any interest in the Property or the rehabilitation or <br />management of the Project, and Agency shall not engage any broker, financial adviser or <br />consultant to initiate or encourage proposals or offers from other parties with respect to the <br />disposition, rehabilitation or management of the Property. <br /> <br />Furthermore, Agency shall not, directly or indirectly, through any officer, employee, agent <br />or otherwise, engage in negotiations concerning any such transaction with, or provide information <br />to, any person other than Developer and its representatives with a view to engaging, or preparing <br />to engage, that person with respect to the disposition, rehabilitation or management of the <br />Property. <br /> <br />3. Term. The term of this Agreement ("Term") shall commence on the Effective Date, and <br />shall terminate one hundred and eighty (180) days thereafter, unless extended or earlier terminated <br />as provided herein. The Term may be extended for up to a maximum of six (6) additional months <br />upon the mutual written agreement of Developer and Agency acting through and in the discretion <br />of its Executive Director. <br /> <br />4. Description of the Proiect; Compliance with Laws. The Parties agree that the Project will <br />be further detailed in the DDA and will be a permanent affordable rental housing project. The <br />Parties acknowledge there may be land use entitlements required for the Project, and that the <br />Project will be subject to the City's normal development approval process, which process shall be <br />further detailed in the DDA. The Project and the work undertaken pursuant to this Agreement <br />must comply with all applicable state, local and federal laws and regulations, including without <br />limitation, CEQA, California Community Redevelopment Law, and applicable requirements of the <br />California Labor Code (including any applicable provisions thereof pertaining to competitive <br />bidding and payment of prevailing wages). <br /> <br />5. Developer Work and Timeline. Exhibit A details the tasks to be undertaken by <br />Developer during the Term. The Parties agree that should the Term be extended pursuant to <br />Section 3 of this Agreement, Exhibit A shall be revised accordingly and initialed by both Parties at <br />the time of extension. <br /> <br />6. Relationship of the Parties. The Parties agree that nothing in this Agreement shall be <br />deemed or interpreted to create between them the relationship oflessor and lessee, of buyer and <br />seller, or of partners or joint venturers. <br /> <br />7. Developer's Predevelopment Work; Right of Entry. <br />(a) During the Term, Developer shall use its best efforts to prepare three (3) architectural and <br />financing scenarios ("Developer's Predevelopment Work") to determine the most feasible <br /> <br />768633_6 <br /> <br />3 <br />
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