Reso 2020-039 - Laserfiche WebLink

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7 incorporated herein by this reference (the “Single Family Parcel”). The City shall use good faith efforts to enter into an amendment to the Lease between the City and American Golf Corporation, dated November 15, 1997, as amended, as soon as practicable, but no later than April 20, 2020, which would allow the City to terminate the Lease upon notice to American Golf Corporation, and would provide for the City and American Golf Corporation to enter into a mutually acceptable golf course management agreement upon the termination, in order to permit the development of the Single Family Element upon the Single Family Parcel and the construction of the Golf Course Element on the remaining portion of the Golf Course property. The Developer and City shall enter into a purchase and sales agreement for the Single-Family Parcel, which purchase and sale agreement shall be in substantially the form of Exhibit L attached hereto (the “Single-Family Parcel PSA”), concurrently with the Effective Date of this Agreement. The Developer shall be responsible for the submission and approval of any necessary tentative and final subdivision and/or parcel maps. The Single-Family Parcel shall be delivered in an “as is” condition. Developer acknowledges and accepts the current condition of any existing or buried utilities that serve the Single Family Parcel with no express or implied warranty by City of their suitability for the Single Family Element; provided, however, that City shall promptly disclose to Developer all information actually known to the City and all documentation available in a reasonably diligent search of City’s files and records with regard to any such existing or buried utilities that serve the Single Family Parcel. The purchase price for the Single Family Parcel to be paid by Buyer to Seller (the “Purchase Price”) is the sum of the following: (a) the number of approved Townhome Lots multiplied by One Hundred Sixteen Thousand Six Hundred Ninety-Seven Dollars ($116,697), plus (b) the number of approved Detached Lots multiplied by One Hundred Fifty-Seven Thousand Two Hundred Seventy-Six Dollars ($157,276); provided, however, that the Purchase Price shall not be less than Twenty-Nine Million Three Hundred Forty-Five Thousand and Ninety-Two Dollars ($29,345,092) unless the total number of approved Lots is less than Two Hundred (200) or the number of approved Detached Lots is less than One Hundred Forty-Eight (148). The number of approved Lots shall be determined pursuant to the Governmental Entitlements (as defined in the Single-Family PSA) in effect as of the date of close of escrow. For purposes of this Agreement, a single condominium lot which will accommodate multiple attached townhomes and detached single family homes will be counted as multiple Lots equal to the number of attached townhomes and detached single family homes which are approved, rather than counted as a single Lot. The full amount of the Purchase Price, less applicable deposit, shall be paid in full prior to the close of escrow for the conveyance of the Single Family Parcel to the Developer. Developer shall not close escrow for the initial sale of more than one hundred thirty-two (132) new residential units created on the Single-Family Parcel until the Golf Course Element is substantially complete. Substantial completion will be achieved when all major construction is complete and only minor work and/or maturation of landscaping remaining, as determined by the acceptance of the work as substantially complete by the Directors of Engineering and Transportation and Public Works, respectively. The City shall record a lien or covenants on the Property prohibiting sale of more than one hundred thirty-two (132) new residential units until the Golf Course Element is substantially complete, and shall remove the lien or covenant after the Golf Course Element is substantially complete and accepted by the City Council.