RDA Reso 2000-006 - Laserfiche WebLink

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sum of Twenty Five Thousand Dollars ($25,000)(the "Letter of Intent Amount") has been previously paid by or on behalf of the Developer, and such amount shall be credited as if paid by the Developer at closing as part of the Cash Amount. Payment of the Conforming Restaurant Amount shall be accomplished by: (i) payment of the Conforming Restaurant Amount in cash prior to closing in escrow for delivery to the Agency concurrent with the Agency Conveyance, or (ii) delivery of the Restaurant Security prior to closing in escrow for delivery to the Agency concurrent with the Agency Conveyance. Notwithstanding the foregoing provision of this Section 3.01 that the Developer provide the Restaurant Security prior to the Agency Conveyance, in the event the Developer has entered into a lease with a third party for operation of a Conforming Restaurant Facility and such lease is on commercially reasonable terms (including without limitation the term thereof) deemed acceptable to the Agency Director, the Agency Director will meet and consult with the Developer concerning whether the Developer may provide, or cause the lessee (or a parent company) to provide the Restaurant Security or such substitute therefor as may deemed to be satisfactory by the Agency Director in his sole discretion. The Agency further agrees that, upon receipt of a request therefor by the Developer, the Agency Director will consider in good faith the submittal by Developer of an irrevocable letter of credit as the form of the Restaurant Security, provided that such letter of credit: (i) is an irrevocable letter of credit, (ii) has an expiry date of not earlier than the Restaurant Opening Deadline (or is subject to renewal, with provision that it shall be drawn against by Agency if a replacement letter of credit with an expiry date of not earlier than the Restaurant Opening Deadline is not provided on or before the thirtieth [30th] day before the expiry date), (iii) is payable upon presentment of the Agency Director's signature, (iv) is otherwise in form acceptable to the Agency Director, and (v) is issued by a bank acceptable to the Agency Director and having a branch in Alameda County. 3.02 Escrow. To accomplish the purchase and transfer of the Property, the Parties shall upon execution of this Agreement establish an escrow with the Escrow Agent. The Parties shall execute and deliver all written instructions to the Escrow Agent to accomplish the terms hereof, so long as such instructions are consistent with this Agreement. (a) Escrow shall close on or before the thirtieth (30th) day after the Outside Date. 3.03 Costs of Escrow and Closing. Real property taxes, if any, shall be paid by Developer on a pro -rated basis. Assessments payable thereon and approved by Developer shall be paid by Developer. Developer shall bear the cost of the title policy and Developer shall bear the cost of a survey of the Property. The escrow fee, conveyance and transfer taxes and recording fees shall be borne equally by Agency and Developer. ARTICLE FOUR: CONSTRUCTION OF IMPROVEMENTS 4.01 Construction Pursuant to Plans. Unless modified by operation of Section 4.02 of this Part, all works of construction and development on the Property shall be done in accordance with the Construction Plans approved pursuant to Section 1.04 above. 10 DOC S OC17 Q j7 0M\242 5 8.0001