11-13-2002 Council Agenda - Laserfiche WebLink

Home Browse Search

5. AMENDMENT TO SECTION 6(a). The term "City's" is deleted from Section 6(a) and replaced with the word "EDA's." 6. AMENDMENT TO SECTION 6(b). Section 6(b) is deleted in its entirety and replaced with the following: (a) If the EDA and The Lodge have not executed a Development Agreement and Purchase Agreement for The Lodge's purchase of the Property from the EDA on or before November 30, 2002, or if the EDA and The Lodge execute a Development Agreement and Purchase Agreement on or before November 15, 2002 but do not close on The Lodge's purchase of the Property on or before April 30, 2002, Sherman's license to undertake the activities described in paragraphs 2, 3 and 4 above terminates, Sherman must promptly commence the restoration activities described in Section 7 below and Sherman must complete the restoration activities described in Section 7 on or before June 1, 2003. This License terminates upon Sherman's completion of such restoration activities, except for the provisions of Section 5 which survive the termination of this License with respect to claims, liabilities, costs or expenses arising out of or relating to events or circumstances occurring prior to the termination of this License. 7. AMENDMENT TO SECTION 7. The initial paragraph of Section 7 is deleted in its entirety and replaced with the following: 7. Restoration Activities. If the EDA and The Lodge have not executed a Development Agreement and Purchase Agreement for The Lodge's purchase of the Property from the EDA on or before November 30, 2002, or if the City and The Lodge execute a Purchase Agreement but do not close pursuant to the terms of the Purchase Agreement on or before April 30, 2003, Sherman must promptly commence, diligently pursue the completion of and complete, on or before June 1, 2003, the following restoration activities: 8. CONVEYANCE TO THE EDA. The City intends to convey the Property to the EDA. The City and Sherman agree that the rights and obligations of the City under this Agreement run with title to the .Property and that upon the conveyance of the Property from the City to the EDA the EDA is entitled to enforce this Agreement and is subject to the obligations of the City under this Agreement. 9. WAIVER OF CLAIMS. The Lodge of Little Canada LLC and Sherman Associates, Inc. acknowledge that if and to the extent they proceed with asbestos removal, demolition or construction activities pursuant to the terms of the Original License and this First Amendment, they are doing so at their own risk. If the EDA and The Lodge do not execute a Development Agreement and Purchase Agreement for The Lodge's purchase of the Property from the EDA or if the EDA and The Lodge execute a Purchase Agreement, but the Purchase Agreement is terminated pursuant to Section 15, Section 17 or Section 19(a) thereof, neither The Lodge at Little Canada LLC nor Sherman Associates, Inc. has any claim against the City of Little Canada or the Economic Development Authority of the City of Little Canada for the value 1464729v1 2