RDA Agmt 2002 Lavery California Dealership Properties No. 1 LLC

Home

A) If this Amendment is not approved by the Agency on or before April 2, 2002. B) Developer is unable to obtain commercially reasonable financing solely because of the environmental condition of the Property. C) The Agency has not obtained a closure letter (without conditions or obligations on Developer other than deed restrictions) for the environmental condition of the Property from the Regional Water Quality Control Board. Developer shall accept the Property remediated to a commercial standard, rather than a residential standard. In consideration for that Agreement, Agency shall reimburse Developer for one -half of any additional construction or site work costs directly attributable to the environmental condition of the Property up to FIFTY THOUSAND DOLLARS ($50,000) (i.e. up to 50 percent of $100,000 of additional costs). Such costs may include, but are not limited to, the incremental difference between disposing of entirely clean soil at a landfill site and disposing of the soil from the Property at a landfill site, if any. Such costs may also include, but are not limited to, the cost of construction protocols that are solely attributable to the environmental condition of the Property. Developer shall submit such additional costs to the Agency for reimbursement and Agency shall review such costs and reimburse Developer for any qualifying costs within sixty (60) days. If Developer exercises Developer's right to terminate this Agreement pursuant to this Section, Agency shall re- purchase the Property from Developer by grant deed no later than April 5, 2002, at the same cost Developer paid for the Property to be paid in cash on date of re- purchase. Real property taxes, if any, shall be paid by Agency on a pro- rated basis. Developer shall pay the escrow fee, conveyance and transfer taxes and recording fees. Section 2. New Section 2.05 is hereby added to Part Two, entitled "The Development and Disposition," of the Agreement to read as follows: 2.05 Lot Line Adiustment • The Parties acknowledge that Developer and Adjacent Developer have agreed on the lot line adjustment (the "Lot Line Adjustment ") depicted and described in Attachment A to this Agreement. Agency shall reimburse Developer, within ten (10) days of the approval of this Agreement, for a portion of the Purchase Price equal to that certain amount of square footage in the Property transferred to Adjacent Developer as a result of the Lot Line Adjustment at a rate of $25.30 per square foot (the "Reimbursement "). The Reimbursement shall be calculated independently of any