Contracts & Agreements_DDA-4-87 - Laserfiche WebLink

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3 t i contains good and clear funds in the amount of the required deposit, and the passbook is delivered to the Agency, and further provided that the assignment recites that i.t is given as security for the performance by the Redeveloper of the obligations to be secured by said passbook account . The Agency agrees to accept the assignment of such passbook account in lieu of a letter of credit or other security provided for in Section 3 . 6 . 4. The last paragraph of Section 3 . 6 of the DDA is hereby amended and restated and shall be signed by the Agency and RFS: THE AGENCY AND THE REDEVELOPER, BY THIS AGREEMENT, MUTUALLY AGREE THAT IF THE REDEVELOPER SHOULD DEFAULT UPON ITS OBLIGATIONS MAKING IT NECESSARY FOR THE AGENCY TO TERMINATE THIS AGREEMENT, THE DAMAGES SUFFERED BY THE AGENCY, WOULD BE UNCERTAIN. SUCH DAMAGES WOULD INVOLVE SUCH VARIABLE FACTORS AS THE POSTPONEMENT OF TAX REVENUES FROM THE SALES PROPERTY TO THE COMMUNITY AND THE FAILURE OF THE AGENCY TO EFFECT ITS PURPOSES AND OBJECTIVES WITHIN A REASONABLE TIME RESULTING IN ADDITIONAL, IMMEASURABLE DAMAGE AND LOSS TO THE AGENCY AND THE COMMUNITY. IT IS IMPRACTICAL AND EXTREMELY DIFFICULT TO FIX THE AMOUNT OF SUCH DAMAGES TO THE AGENCY, BUT THE PARTIES ARE OF THE OPINION, UPON THE BASIS OF ALL INFORMATION AVAILABLE TO THEM, THAT SUCH DAMAGES WOULD APPROXIMATELY EQUAL THE AMOUNT OF THE GOOD FAITH DEPOSIT HELD BY THE AGENCY AT THE TIME OF THE DEFAULT OF THE REDEVELOPER, AND THE AMOUNT OF SUCH GOOD FAITH DEPOSIT SHALL BE RETAINED BY THE AGENCY UPON ANY SUCH OCCURRENCE AS THE TOTAL OF ALL LIQUIDATED DAMAGES FOR ANY AND ALL SUCH DEFAULTS AND NOT AS A PENALTY. IN THE EVENT THAT THIS PARAGRAPH SHALL BE VOID FOR ANY REASON, THE AGENCY SHALL BE ENTITLED TO THE FULL EXTENT OF DAMAGES OTHERWISE PROVIDED BY LAW. The Redeveloper and the Agency specifically acknowledge and agree to this liquidated damages provision by their signatures here: REDEVELOPER By: ,�614 AtZ/�X' -2-