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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 />development alternative for the Property. Exhibit B describes the itemized costs of Developer's <br />Predevelopment Work for which the Agency will payor reimburse the Developer. The Agency <br />has approved the scope, cost and vendor for all Developer's Predevelopment Work. The Agency <br />reserves the right to approve any amendments or modifications to Exhibit B, including the total <br />budget and any component thereof. If Developer incurs costs for Developer's Predevelopment <br />Work not listed in Exhibit B or exceeding the total budget set forth in Exhibit B without approval <br />of the Agency, Developer will be responsible for the excess costs. Developer shall perform the <br />Developer's Predevelopment Work on behalf, and for the benefit, of both Developer and Agency <br />and shall provide Agency with copies of the architectural and financing scenarios and any <br />engineering or other studies, reports or evaluations produced in connection therewith or otherwise <br />pursuant to this Agreement promptly following their completion. Without limiting the generality <br />of the foregoing, it is the express intent of the parties that Agency shall have the right to use all <br />architectural and financing scenarios and other studies, reports and evaluations produced pursuant <br />to this Agreement without further cost or expense regardless of whether or not this Agreement is <br />terminated, whether or not the Parties agree upon and execute a DDA, and whether or not the <br />Property is conveyed to Developer. To effectuate the foregoing, Developer agrees that Agency <br />shall be named as il third-party beneficiary in all written contracts for Developer's Predevelopment <br />Work, that Agency shall have the right to review and approve all such contracts prior to execution, <br />and that in Agency's discretion, Agency shall be a party to all such contracts or shall require <br />Developer and the vendor to execute an assignment of each such contract for the benefit of Agency <br />as assignee. The Parties acknowledge and agree that Agency shall only be obligated to pay for <br />documented costs that Developer incurs for Agency-approved Predevelopment Work prepared <br />pursuant to this Agreement, and shall have no obligation to pay for Developer's administration, <br />overhead or staff costs. <br /> <br />(b) Agency hereby grants permission to the Developer, its agents, employees, and assigns, to <br />enter upon the Property, with such personnel, equipment, machinery, vehicles, and material <br />as may be necessary for the purpose of 1) surveying/mapping, 2) environmental <br />inspection/testing, 3) geotechnical inspection/testing, and 4) such other tests and inspections <br />of the Property that Agency may deem necessary or advisable. This permission shall become <br />effective September 23, 2005 and will remain effective until this Agreement is terminated. <br /> <br />8. Agency's Reports and Studies. Within 15 days following the Effective Date, Agency shall <br />make available to Developer for review or copying at Agency's expense all nonprivileged studies, <br />surveys, plans, specifications, reports, and other documents with respect to the Property that <br />Agency has in its possession or control. Studies or documents prepared by Agency and its agents <br />solely for the purpose of negotiating the terms of a DDA or which are otherwise privileged or <br />confidential are excluded from this requirement. <br /> <br />9. Developer's Evidence of Financing. The DDA shall provide that prior to conveyance of <br />the Property, Developer shall provide Agency with development, rehabilitation and operating pro <br />formas for the Project that confirm the financial feasibility ofthe Project, and shall provide <br />evidence satisfactory to Agency that Developer has secured binding commitments, subject only to <br />commercially reasonable conditions, for all financing necessary for the successful completion of <br />the Proj ect. <br /> <br />768633_6 <br /> <br />4 <br />
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