Laserfiche WebLink
• b. Agency shall pay to Arkand II and Arkand III , <br /> -respectively, an amount equal to the arbitrage <br /> earnings actually -received by the Agency, together <br /> with interest actually earned by the Agency <br /> thereon, from Phase I.I Bond Proceeds and Phase III <br /> Bond Proceeds minus $19 , 100 to cover the City ' s <br /> out-of-pocket costs associated with Arkand' s <br /> defaults and the need to obtain a new developer <br /> and minus such costs after the date of this Agree- <br /> ment not to exceed $5, 000 per month. <br /> C. Arkand II and Arkand III shall be paid an amount <br /> equal to the arbitrage earnings resulting from <br /> the investment of Phase II Bond Proceeds and <br /> Phase III Bond Proceeds, not previously paid <br /> to Arkand II and Arkand III pursuant to <br /> subparagraph b, to -the respective Conversion. <br /> Dates pursuant to those Indentures of Trust dated <br /> December 1, 1985 . Said amounts shall be paid <br /> monthly in an amount equal to the arbitrage <br /> earnings for that month. The condition for <br /> payment pursuant to this provision shall not <br /> constitute an obligation or indebtedness of the <br /> Agency or City. <br /> • d. Agency and City shall execute and deliver a <br /> complete written release of Arkand, Arkand II , <br /> Arkand III , the Arkell Development Corporation, <br /> Kraus-Anderson, Inc . and John W. Arkell , from <br /> any and all liability for obligations, claims , <br /> demands, actions, responsibilities, and <br /> liabilities arising out of the Redevelopment <br /> Contract. <br /> e. City, First Trust Company, Inc . , or any successor <br /> trustee and Piper, Jaffray & Hopwood, Inc . shall <br /> execute and deliver a written release of Arkand, <br /> Arkand II , Arkand III , the Arkell Development <br /> Corporation , Kraus-Anderson, Inc . and John W. <br /> Arkell , from any and all liability for obli- <br /> gations , claims, demands, actions , responsi- <br /> bilities, and liabilities of the respective <br /> parties arising out of the Arkand Limited Partner- <br /> ship II and Arkand Limited Partnership III <br /> Indentures of Trust dated December 1, 1985, Loan <br /> Agreements dated December 1, 1985,. and Remarketing <br /> Agreements dated December 1, 1985, or the Agency, <br /> at its option, may indemnify such parties against <br /> the- claims of any such party which is unwilling <br /> to execute such a release . <br /> • <br /> 2 - <br />