Resolution of Disputes Regarding Terms of Development Lease and Disposition Agreement Sample Clauses

Resolution of Disputes Regarding Terms of Development Lease and Disposition Agreement. (a) If the Authority has presented a proposed Development Lease and Disposition Agreement to the Board of Directors but the Board has not approved those agreements because of the inability to obtain the affirmative vote of all the Directors, then the party or parties who have not voted to approve the agreements shall, within fifteen (15) business days following the vote provide the other parties with detailed written statements setting forth each provision of the agreements to which the party or parties object, the reason for the objection to each such provision and the change to each provision necessary to eliminate the objection to the provision. (b) After submission of a written statement pursuant to subsection (a) of this Section 6.4, the parties shall meet and confer in good faith in an effort to agree to agreements that the Board will approve. (c) If that Board approval cannot be obtained within forty-five (45) days of the initial vote on the agreements, then the parties shall submit the issues to mediation in accordance with the provisions of Section 3.6. (d) Notwithstanding the foregoing, if the Agency and County or BART determines that, given the costs to be incurred by the Agency and County for the Replacement Parking and other Public Improvements, the income the Agency and County and BART would receive from the net rental income from the proposed Development Lease and Development Agreement, and other revenue that the Agency and County and BART would receive from the development of the BART Station Property, entering into the Development Lease and Development Agreement and incurring the obligation for the costs of the Replacement Parking and Other Public Improvements is not financially feasible for the County and Agency or BART, then the County and Agency may give written notice of such determination to BART and the Authority or BART may given written notice of such determination to Agency, County and the Authority. Such written notice is referred to in this section as a "Determination Notice." A Determination Notice shall terminate the obligations of the parties under this Section 6.4. Section 4.10 (e) A party may only give a Determination Notice within sixty (60) days following the Determination Date as calculated as follows: The Determination Date shall be the date ninety (90) days following the date on which BART or the Agency and County gives written notice (the "Cost Notice") to the other parties and the Authority that, in the reasonable op...
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