Contracts & Agreements_166-2016 - Laserfiche WebLink

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Agreement. The City shall provide written notice to the Buyer which specifies the failure of the Buyer to perform and the steps necessary for the Buyer to cure such failure. The City shall not terminate this Agreement if the Buyer cures the deficiencies specified by the City within ten (10) business days after such notice is given, if the deficiency is not commercially reasonable to be cured within ten(10)business days and the Buyer has commenced curing and is diligently working towards curing the time period shall be extended to allow the deficiency to be cured; however, in no event shall such cure period extend beyond the expiration of the ENA Period. 3. The Buyer may terminate this Agreement at any time, in its sole discretion, by providing not less than fourteen (14) calendar days advance written notice to the City. In the event of such a termination, Buyer shall be responsible for all costs incurred by the City, subject to Section 7 of this Agreement, prior to the date the City receives Buyer's written notice of tennination. This provision shall survive any termination of this Agreement. 4. During the ENA Period: (i) the City shall not negotiate with any person or entity other than the Buyer for the sale, acquisition, lease or development of the Property; (ii) the City shall deliver any and all pertinent documents for the development and entitlement of the Property,including,but not limited to: engineering studies,environmental documents,preliminary title reports, easements, historic information, leases in its possession upon execution of this Agreement; (iii) the Buyer, shall not negotiate with any person or entity other than the authorized representative of the City for the purchase, lease or sublease of the Property from the City; (iv) Buyer shall prepare a design of a mixed-use (commercial retail residential and public parking) project (the "Project") on the Property; and (v) Buyer shall secure funding for the acquisition and development of the Property from a credible lending institution or private funding entity as approved by the City. Written documentation of funding shall be submitted to the reasonable satisfaction of the City. During the ENA period, the City and the Buyer shall work cooperatively to negotiate a purchase and sale agreement and the Project Agreements, 5. Throughout the ENA period, the Buyer shall supply to the City periodic updates regarding its progress in the design of the Property and securing funding. Throughout the ENA Period, the Buyer and the City shall use good faith efforts to make its staff reasonably available to meet to discuss the Project and the Project Agreements. 6. As an accommodation to the Buyer, and at the Buyer's specific request, the City shall expedite its environmental and planning review of the Project on a schedule to be negotiated between the Parties. 7. The Buyer shall also bear its own costs and expenses of any and all title, appraisal, environmental, physical, engineering, financial, and feasibility investigations, reports and analyses and other analyses or activities it or its consultants perforin for the Project. 8. The Buyer and the City understand and agree that no Party is under any obligation whatsoever to enter into the Project Agreements. Additionally,the Buyer acknowledges that the City must in good faith review and consider any envirornmental impacts of the Project before deciding whether to approve the Project and the Project Agreements. In the event of the expiration or earlier termination of this Agreement, the City shall be free at the City's optioVto negotiate with any persons or entities with respect to the sale,lease and/or development of th J:ICity Council Reports\Develop�ment Services12016 Reports108-16-161ENAlE lu Negotiating Agreement ALN 8.3.16.docx