Certain Exclusive Remedies. The exclusive remedy: (a) for the failure to submit any Complete Major Phase Application or any Complete Sub-Phase Application, or to obtain any Major Phase Approval or Sub-Phase Approval, shall be the remedies of the Agency set forth in Sections 3.6.1 andSection 3.6.2; (b) for the failure to Commence Infrastructure or to provide Adequate Security upon such Commencementif required pursuant to Section 26.4, shall be the remedy of the Agency set forth in Section 16.4 or Section 16.5; (c) for the failure to Complete Infrastructure that has been Commenced, shall be (1) first, an action on the improvement security provided to the City pursuant to the CP/HPS Subdivision Code. If no improvement security has been provided to the City, then the Agency’s remedy shall be an action on the Adequate Security for that Infrastructure to the extent still available, and (2) thereafter, if the Agency is unable to recover upon such Adequate Security within. If no improvement security has been provided to the City and no Adequate Security has been provided to the Agency, the Agency may notify Developer that Developer has failed to Complete Infrastructure by the applicable Outside Date and Developer shall have thirty (30) days to respond to such notice with a detailed workplan that addresses the delay in the Completion of the Infrastructure and proposes changes to the DDA, including proposed extensions to the applicable Outside Dates. If the Agency staff and Developer are able to agree to changes following a period of negotiation of not less than nine (9) months, then they shall promptly prepare a proposed amendment to this DDA, including an extension of the Schedule of Performance permitting Developer a reasonable time (including by causing the obligor under any Adequate Security to Commence and Substantiallyto Complete such infrastructure),Infrastructure. If the Agency staff and Developer are unable to agree on the changes to this DDA within the time period set forth above, then the Agency may exercise the remedies of the Agency set forth in Section 16.4 and Section 16.5. The Agency shall release any unused portion of the Adequate Security following the Agency’s termination under Section 16.4 and the Agency’s recordation of a Reversionary Quitclaim Deed under Section 16.5;
Appears in 2 contracts
Samples: Disposition and Development Agreement, Disposition and Development Agreement
Certain Exclusive Remedies. The exclusive remedy:
(a) for the failure to submit any Complete Major Phase Application or any Complete Sub-Phase Application, or to obtain any Major Phase Approval or Sub-Phase Approval, shall be the remedies of the Agency set forth in Sections 3.6.1 andSection Section 3.6.2;
(b) for the failure to Commence Infrastructure or to provide Adequate Security upon such Commencementif if required pursuant to Section 26.4, shall be the remedy of the Agency set forth in Section 16.4 or Section 16.5;
(c) for the failure to Complete Infrastructure that has been Commenced, shall be (1) first, an action on the improvement security provided to the City pursuant to the CP/HPS Subdivision Code. If no improvement security has been provided to the City, then the Agency’s remedy shall be an action on the Adequate Security for that Infrastructure to the extent still available, and (2) thereafter, if the Agency is unable to recover upon such Adequate Security within. If no improvement security has been provided to the City and no Adequate Security has been provided to the Agency, the Agency may notify Developer that Developer has failed to Complete Infrastructure by the applicable Outside Date and Developer shall have thirty (30) days to respond to such notice with a detailed workplan that addresses the delay in the Completion of the Infrastructure and proposes changes to the DDA, including proposed extensions to the applicable Outside Dates. If the Agency staff and Developer are able to agree to changes following a period of negotiation of not less than nine (9) months, then they shall promptly prepare a proposed amendment to this DDA, including an extension of the Schedule of Performance permitting Developer a reasonable time (including by causing the obligor under any Adequate Security to Commence and Substantiallyto Complete such infrastructure),InfrastructureInfrastructure. If the Agency staff and Developer are unable to agree on the changes to this DDA within the time period set forth above, then the Agency may exercise the remedies of the Agency set forth in Section 16.4 and Section 16.5. The Agency shall release any unused portion of the Adequate Security following the Agency’s termination under Section 16.4 and the Agency’s recordation of a Reversionary Quitclaim Deed under Section 16.5;
Appears in 2 contracts
Samples: Disposition and Development Agreement, Disposition and Development Agreement
Certain Exclusive Remedies. The exclusive remedy:
(a) for the failure to submit any Complete Major Phase Application or any Complete Sub-Phase Application, or to obtain any Major Phase Approval or Sub-Phase Approval, shall be the remedies of the Agency set forth in Sections 3.6.1 andSection and 3.6.2;
(b) for the failure to Commence Infrastructure or to provide Adequate Security upon such Commencementif required pursuant to Section 26.4Commencement, shall be the remedy of the Agency set forth in Section 16.4 or Section 16.5;
(c) for the failure to Complete Infrastructure that has been Commenced, shall be (1) first, an action on the improvement security provided to the City pursuant to the CP/HPS Subdivision Code. If no improvement security has been provided to the City, then the Agency’s remedy shall be an action on the Adequate Security for that Infrastructure to the extent still available, and (2) thereafter, if the Agency is unable to recover upon such Adequate Security within. If no improvement security has been provided to the City and no Adequate Security has been provided to the Agency, the Agency may notify Developer that Developer has failed to Complete Infrastructure by the applicable Outside Date and Developer shall have thirty (30) days to respond to such notice with a detailed workplan that addresses the delay in the Completion of the Infrastructure and proposes changes to the DDA, including proposed extensions to the applicable Outside Dates. If the Agency staff and Developer are able to agree to changes following a period of negotiation of not less than nine (9) months, then they shall promptly prepare a proposed amendment to this DDA, including an extension of the Schedule of Performance permitting Developer within a reasonable time (including by causing the obligor under any Adequate Security to Commence and Substantiallyto Substantially Complete such infrastructure),Infrastructure. If the Agency staff and Developer are unable to agree on the changes to this DDA within the time period set forth aboveinfrastructure), then the Agency may exercise the remedies of the Agency set forth in Section 16.4 and Section 16.5. The Agency shall release any unused portion of the Adequate Security following the Agency’s termination under Section 16.4 and the Agency’s recordation of a Reversionary Quitclaim Deed under Section 16.5;
(d) for the failure to pay money, shall be a judgment (in arbitration or a competent court) to pay such money (with interest as provided by law), together with such costs of collection as are awarded by the judge or arbitrator, subject to Sections 16.2.3(d) and 16.3.3(f) and (g);
(e) for a breach under an Assignment and Assumption Agreement by a Vertical Developer, the available equitable remedies to enforce the Redevelopment Requirements, including but not limited to the recovery of monies due, subject to Section 16.2.3(d);
(f) notwithstanding paragraphs (a) – (d) above, for the failure to perform the Developer Stadium Obligations shall be (1) first, an action on the Adequate Security, Stadium Assurance or other financial assurances provided to the 49ers, the Agency or the City for the Developer Stadium Obligations, if applicable, (2) second, the remedy in paragraph (c) above for the failure to Complete Infrastructure, if applicable, and (3) finally, if (A) neither of the remedies in clause (1) or (2) above is applicable, or neither causes such failure to be cured within a reasonable time, or (B) Developer fails to (i) obtain Approval of the Stadium Major Phase or Stadium Sub-Phases, (ii) Commence Infrastructure or (iii) provide the Stadium Assurance, each as and when required under Article 5, the remedy of the Agency set forth in Section 16.4; and
(g) notwithstanding paragraph (d) above, for the failure to make an Xxxxx Xxxxxxxx Liquidation Payment, (1) first, an action on any Adequate Security provided under Section 6.2.3(b)(iv) and (2) if Adequate Security is not provided when due or if the Adequate Security fails to produce the required Xxxxx Xxxxxxxx Liquidation Payment within a reasonable time, the remedy of the Agency set forth in Section 16.4.
Appears in 1 contract
Samples: Disposition and Development Agreement (Five Point Holdings, LLC)
Certain Exclusive Remedies. The exclusive remedy:
(a) for the failure to submit any Complete Major Phase Application or any Complete Sub-Phase Application, or to obtain any Major Phase Approval or Sub-Phase Approval, shall be the remedies of the Agency set forth in Sections 3.6.1 andSection and 3.6.2;
(b) for the failure to Commence Infrastructure or to provide Adequate Security upon such Commencementif required pursuant to Section 26.4Commencement, shall be the remedy of the Agency set forth in Section 16.4 or Section 16.5;
(c) for the failure to Complete Infrastructure that has been Commenced, shall be (1) first, an action on the improvement security provided to the City pursuant to the CP/HPS Subdivision Code. If no improvement security has been provided to the City, then the Agency’s remedy shall be an action on the Adequate Security for that Infrastructure to the extent still available, and (2) thereafter, if the Agency is unable to recover upon such Adequate Security within. If no improvement security has been provided to the City and no Adequate Security has been provided to the Agency, the Agency may notify Developer that Developer has failed to Complete Infrastructure by the applicable Outside Date and Developer shall have thirty (30) days to respond to such notice with a detailed workplan that addresses the delay in the Completion of the Infrastructure and proposes changes to the DDA, including proposed extensions to the applicable Outside Dates. If the Agency staff and Developer are able to agree to changes following a period of negotiation of not less than nine (9) months, then they shall promptly prepare a proposed amendment to this DDA, including an extension of the Schedule of Performance permitting Developer within a reasonable time (including by causing the obligor under any Adequate Security to Commence and Substantiallyto Substantially Complete such infrastructure),Infrastructure. If the Agency staff and Developer are unable to agree on the changes to this DDA within the time period set forth aboveinfrastructure), then the Agency may exercise the remedies of the Agency set forth in Section 16.4 and Section 16.5. The Agency shall release any unused portion of the Adequate Security following the Agency’s termination under Section 16.4 and the Agency’s recordation of a Reversionary Quitclaim Deed under Section 16.5;
(d) for the failure to pay money, shall be a judgment (in arbitration or a competent court) to pay such money (with interest as provided by law), together with such costs of collection as are awarded by the judge or arbitrator, subject to Sections 16.2.3(d) and 16.3.3(f) and (g);
(e) for a breach under an Assignment and Assumption Agreement by a Vertical Developer, the available equitable remedies to enforce the Redevelopment Requirements, including but not limited to the recovery of monies due, subject to Section 16.2.3(d);
(f) notwithstanding paragraphs (a) – (d) above, for the failure to perform the Developer Stadium Obligations shall be (1) first, an action on the Adequate Security, Stadium Assurance or other financial assurances provided to the 49ers, the Agency or the City for the Developer Stadium Obligations, if applicable, (2) second, the remedy in paragraph (c) above for the failure to Complete Infrastructure, if applicable, and (3) finally, if
(A) neither of the remedies in clause (1) or (2) above is applicable, or neither causes such failure to be cured within a reasonable time, or (B) Developer fails to (i) obtain Approval of the Stadium Major Phase or Stadium Sub-Phases, (ii) Commence Infrastructure or (iii) provide the Stadium Assurance, each as and when required under Article 5, the remedy of the Agency set forth in Section 16.4; and
(g) notwithstanding paragraph (d) above, for the failure to make an Xxxxx Xxxxxxxx Liquidation Payment, (1) first, an action on any Adequate Security provided under Section 6.2.3(b)(iv) and (2) if Adequate Security is not provided when due or if the Adequate Security fails to produce the required Xxxxx Xxxxxxxx Liquidation Payment within a reasonable time, the remedy of the Agency set forth in Section 16.4.
Appears in 1 contract
