Reso 1996-166 to 170 - Laserfiche WebLink

Home

' �� • l •l • i• •t. Prior to the commencement of construction of the Improvements, the Developer shall deliver to the Agency copies of any labor and material bonds, and performance bonds which may be required by Developer's lenders, which bonds shall be issued by a reputable insurance company licensed to do business in California. Such bonds shall name the Agency as co -obligee. 4.10 Implementation of Mitigation Measures. In carrying out the construction of the Improvements, it shall be the sole responsibility of the Developer to implement all reasonable mitigation and monitoring measures required by the Agency or the City of San Leandro pursuant to the California Environmental Quality Act. 4.11 Demolition of Buildings on 1066-1072 Marina Boulevard. Developer shall demolish, or cause to be demolished, the buildings located on 1066-1072 Marina Boulevard subsequent to the close of escrow, unless Agency permits prior demolition. Article Five: TAXABLE SALES AGREEMENT 5.01 Annual Sales Defined. "Annual Sales" shall be defined as taxable sales of new and used automobiles, leases, and service on the Property and on Developer's other automobile dealerships on Marina Boulevard in San Leandro (exclusive of sales related to brokered and manufacturer -direct vehicle leases, but including vehicle lease sales written and maintained in the City of San Leandro which shall be counted toward the minimum annual sales threshold) each calendar year. 5.02 Covenant To Generate Twenty Million Dollars In Annual Sales. Subject only to the limitation set forth in Section 5.03 of this Part relating to the generation of sales by Developer, Developer agrees for Agency's benefit, commencing upon its occupancy and use of the Property (estimated as on or about January 1, 1997) to generate on the Property and on Developer's other automobile Disposition and Development Page 15 of 39 Agreement (Automall) 10/2/96