RDA Agmt 2009 SLAMDA - Laserfiche WebLink

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TERMINATION OF THE MEMORANDUM OF UNDERSTANDING AND TRANSFER OF OWNERSHIP OF PERSONAL PROPERTY BETWEEN THE SAN LEANDRO AUTO MALL DEALERS ASSOCIATION AND THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO THIS TERMINATION of the Memorandum of Understanding dated May 17, 2004 and Transfer of Interests in Personal Property agreement ("Agreement") is made and entered into by and between the San Leandro Auto Mall Dealers Association (SLAMDA), a California non- profit mutual benefit corporation, and the Redevelopment Agency of the City of San Leandro, ("Agency") (collectively, the "Parties. ") RECITALS WHEREAS, the Parties memorialized in a memorandum of understanding (MOU) dated May 17, 2004 that SLAMDA would install, construct and maintain Signs A and B for a term certain, which SLAMDA performed to the satisfaction of the Agency; and WHEREAS, to further the goals and Implementation Plan of the Joint Redevelopment Project Area (JPA) and to market the dealerships within the JPA, intending to improve their sales, thereby benefiting the Agency and the City of San Leandro, the Parties agree that the Agency will take over the ownership and maintenance of Signs A and B, as depicted in Exhibits 1 and 2 of the MOU and that SLAMDA shall have no other obligations to the Agency such that the MOU should be terminated; and WHEREAS, whatever ownership interest SLAMDA has in the Signs is hereby transferred to the Agency for consideration the receipt of which is hereby acknowledged. NOW THEREFORE, the Parties hereto agree that SLAMDA's ownership interest in its personal property, namely the Signs, is hereby transferred to the Agency as follows: A. Upon execution of this Agreement, SLAMDA transfers any and all ownership interest it has or may have in the Signs free and clear of any liens, debts or restrictions to the Agency and Agency shall own and maintain Signs A and B for as long as they are necessary to further the goals of the JPA. Sign A shall consist of a 14-foot high, 8-foot wide aluminum non-illuminated monument sign, with 16 panels for dealerships, in accordance with the design attached as Exhibit 1 to this Agreement, which is made a part hereof and incorporated herein. Sign B shall consist of a 10-foot high, 8-inch wide square installed on the existing Auto Mall Reader Board on Agency property located adjacent to the I-880 freeway as shown on the attached Exhibit 2, which is made a part hereof and incorporated herein. Agency shall have control over design, fabrication, installation, maintenance, and what content may be displayed on the Signs, with the express understanding that the Signs should be maintained to further the goals and Implementation Plan of the JPA, and to market the auto dealerships within the JPA to improve their sales. B. The MOU entered into by the Parties May 17, 2004 is hereby terminated and of no further force or effect. 1