|
• •
<br /> disbursed in the manner specified in Section 307.2 of this Agreement. The Agency Assistance
<br /> is necessary to ensure that the existing Ford dealership in the City remains in the City and
<br /> becomes a part of the Marina Square Auto Center.
<br /> [Section 307.2] Disbursement of Agency Assistance. The Agency shall
<br /> make an annual payment of tax increment funds to Ford (hereinafter"Annual Payment") until
<br /> Ford receives the entire amount of Agency Assistance or until twenty years from the effective
<br /> date of the Owner Participation Agreement ("Expiration Date"), whichever comes sooner. The
<br /> Annual Payment shall be calculated as the amount equal to 50% of the net sales tax generated
<br /> and received by the City of San Leandro, attributable to the Dealership, on an annual basis
<br /> above the base amount of$277,000 per year. The payment shall be calculated and made on
<br /> July 1 of each year. The payments shall not begin until the first July 1 after the Dealership
<br /> generates at least $277,000 in sales tax in the previous fiscal year at the 1111 Marina Boulevard
<br /> location.
<br /> G. [Section 308] Excuse for Non-Performance
<br /> Participant shall be excused from performing any obligation or undertaking provided in
<br /> this Agreement, except any obligation to pay any sums of money under the applicable
<br /> provisions hereof, in the event and so long as the performance of any such obligation is
<br /> prevented or delayed, retarded or hindered by act of God, fire, earthquake, floods, explosion,
<br /> actions of the elements, war, invasion, insurrection, riot, mob violence, sabotage, inability to
<br /> procure or general shortage of labor, equipment, facilities, materials or supplies in the open
<br /> market, failure of transportation, strikes, lockouts, action of labor unions, condemnation,
<br /> requisition, laws, orders of governmental or civil or military or naval authorities, or any other
<br /> cause, whether similar or dissimilar to the foregoing, not within the respective control of the
<br /> Participant.
<br /> H. [Section 309] Hold Harmless
<br /> Participant hereby shall hold Agency, its elective and appointive boards, commissions,
<br /> officers, agents and employees harmless from and against any or all loss, liability, expense,
<br /> claim, costs, suits, damages of every kind, nature and description directly or indirectly arising
<br /> from the performance of the obligations or undertakings of the Development by Participant.
<br /> Participant shall defend Agency and its elective and appointive boards, commissions, officers,
<br /> agents and employees from any suits or actions at law or in equity for damages caused or
<br /> alleged to have been caused, by reason of any of the obligations or undertakings of the
<br /> Development by the Participant. It is further provided:
<br /> 1. That Agency does not, and shall not, waive any rights against Participant
<br /> which it may have by reason of this hold harmless agreement because of the acceptance by
<br /> Agency, or the deposit with Agency by Participant, of any of the insurance policies described
<br /> herein.
<br /> 2. That this hold harmless agreement shall apply to all damages and claims
<br /> for damages of every kind suffered, or alleged to have been suffered, by reason of any of the
<br /> obligations or undertakings of the Development by the Participant, whether or not such
<br /> Owner Participation Agreement Page 6 of 9
<br />
|