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HomeMy WebLinkAbout2000 CON CDC Hennessey Group - DDA 8th Street6/14/00 DISPOSITION AND DEVELOPMENT AGREEMENT By and Between the COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY and HENNESSEY GROUP 100. DEFINITIONS 1 200. CONVEYANCE OF THE SITE 5 201. Disposition of Site 5 202. Escrow 5 202.1 Costs of Escrow 5 202.2 Escrow Instructions 5 202.3 Authority of Escrow Agent 6 202.4 Closing 7 202.5 Termination 7 202.6 Closing Procedure 7 203. Review of Title 8 204. Title Insurance 8 205. Conditions of Closing 9 205.1 Agency's Conditions of Closing 9 205.2 Developer's Conditions of Closing. 10 206. Representations and Warranties. 11 206.1 Agency Representations. Agency represents and warrants to Developer as follows: 11 206.2 Developer's Representations. Developer represents and warrants to Agency as follows• 12 207. Studies and Reports. 13 208. Condition of the Site 13 208.1 Disclosure. 13 208.2 Investigation of Site. 13 208.3 Warranties As To Site. 14 208.4 Developer Precautions After Closing 14 300. DEVELOPMENT OF TILE SITE 14 301. Scope of Development 14 301. I Developer's Obligation to Construct Improvements. 14 302. Design Review. 155 302.1 Basic Concept Drawings. 15 302.2 Site Plan Drawings. 15 302.3 Agency Review and Approval 15 302.4 Standards for Disapproval. 15 302.5 Consultation and Coordination. 16 302.6 Revisions. 16 302.7 Defects in Plans 16 303 Land Use Approvals. 17 304. Schedule of Performance 17 305. Cost of Construction 17 306. Insurance Requirements. 17 307. Rights of Access 18 308. Compliance with Laws. 18 308.1 Nondiscrimination in Employment. 18 308.2 Taxes and Assessments. 19 017.139951.4 -i- 309. Release of Construction Covenants 19 310. Financing of the Improvements. 19 310.1 Approval of Financing 19 310.2 No Encumbrances Except Mortgages, Deeds of Trust, or Sale and Lease -Back for Development. 20 310.3 Holder Not Obligated to Construct Improvements. 20 310.4 Notice of Default to Mortgagee or Deed of Trust Holders; Right to Cure. 20 400. COVENANTS AND RESTRICTIONS 21 401. Use in Accordance with Redevelopment Plan. 21 402. Use Covenants 21 403. Covenant to Pay Agency Upon Sale or Encumbrance. 21 404. Nondiscrimination Covenants. 22 405. Effect of Violation of the Terms and Provisions of this Agreement After Completion of Construction. 23 500 DEFAULTS AND REMEDIES 23 501. Default Remedies. 23 502. Institution of Legal Actions 24 503. Termination by the Developer Prior to the Conveyance 24 504. Termination by the Agency Prior to the Conveyance. 24 505. Reentry and Revesting of Title in the Agency After the Closing and Prior to Completion of Construction. 24 506. Acceptance of Service of Process 26 507. Rights and Remedies Are Cumulative 26 508. Inaction Not a Waiver of Default. 26 509. Applicable Law 27 510. Non -Liability of Officials and Employees of the Agency. 27 511. Attorneys' Fees 27 600. GENERAL PROVISIONS 27 601. Notices, Demands and Communications Between the Parties. 27 602. Enforced Delay; Extension of Times of Performance. 27 603. Transfers of Interest in Site or Agreement. 28 603.1 Agency Consideration of Requested Transfer. 28 603.2 Successors and Assigns 29 603.3 Assignment by Agency. 29 604. Relationship Between Agency and Developer 29 605. Agency Approvals and Actions. 29 606. Counterparts. 29 607. Integration 29 608. Real Estate Brokerage Commission. 30 609. Titles and Captions. 30 610. Interpretation. 30 611. No Waiver. 30 612. Modifications. 30 613. Severability. 30 017.139951.4 614. Computation of Time. 30 615. Legal Advice 30 616. Time of Essence 31 617. Cooperation. 31 618. Conflicts of Interest. 31 619. Time for Acceptance of Agreement by Agency. 31 ATTACHMENTS Attachment No. 1 Attachment No. 2 Attachment No. 3 Attachment No. 4 Attachment No. 5 Attachment No. 6 Attachment No. 7 Attachment No. 8 Site Map Site Legal Description Grant Deed Schedule of Performance Scope of Development Release of Construction Covenants Agency Environmental Reports Covenant Attached to Real Property 01 7.139951 .4 1169i- "Agency's Environmental Reports" means the environmental reports which have been submitted by the Agency to the Developer, as set forth in Section 208.1 hereof. "Agreement" means this Disposition and Development Agreement between the Agency and the Developer. "Basic Concept Drawings" means the plans and drawings to be submitted by the Developer and approved by the Agency, as set forth in Section 302.1 hereof. "City" means the City of City of National City, a California municipal corporation. "Closing" means the close of Escrow for the Conveyance of the Site from the Agency to the Developer, as set forth in Section 202 hereof. "Closing Date" means the date of the Closing, as set forth in Section 202.4 hereof. "Condition of Title" is defined in Section 203 hereof. "Construction Drawings" means the detailed construction drawings and plans to be prepared with respect to the improvements, as set forth in Section 302.3 hereof. "Conveyance" means the conveyance of the Site by the Agency to the Developer on the Closing Date. "Date of Agreement" means the date set forth in the first paragraph hereof. "Default" means the failure of a party to perform any action or covenant required by this Agreement within the time periods provided herein following notice and opportunity to cure, as set forth in Section 501 hereof. "Developer" means Michael J. Hennessey, an individual, and its successors and assigns. "Developer's Conditions Precedent" means the conditions precedent to the Closing to the benefit of the Developer, as set forth in Section 205.2. "Developer's Environmental Consultant" means the environmental consultant which may be employed by the Developer pursuant to Section 208.2 hereof. "Developer's Environmental Report" means the environmental investigation of the Site, which may be conducted for the Developer by Developer's Environmental Consultant, as set forth in Section 208.2 hereof. "Eligible Persons" means any individual, partnership, corporation or association which qualifies as a "displaced person" pursuant to the definition provided in Government Code Section 7260(c) of the California Relocation Assistance Act of 1970, as amended, and any other applicable federal, state, or local regulations or laws. 01 7.139951 .4 -2- "Environmental Reports" means the collective environmental investigations of the Site as reported in the Developer's Environmental Report and any investigations conducted by or for the Agency performed pursuant to Section 208 hereof. "Escrow" is defined in Section 202 hereof. "Escrow Agent" is defined in Section 202 hereof. "Escrow Costs" are defined in Section 202.1 hereof. "Exceptions" is defined in Section 203 hereof. "Governmental Requirements" means all laws, ordinances, statutes, codes, rules, regulations, orders and decrees of the United States, the state, the county, the City, or any other political subdivision in which the Site is located, and of any other political subdivision, agency or instrumentality exercising jurisdiction over the Agency, the Developer or the Site. "Grant Deed" means the grant deed for the conveyance of the Site from the Agency to the Developer, in the form of Attachment No. 3 hereto which is incorporated herein. "Hazardous Materials" means any substance, material, or waste which is or becomes, regulated by any local governmental authority, the State of California, or the United States Government, including, but not limited to, any material or substance which is (i) defined as a "hazardous waste," "extremely hazardous waste," or "restricted hazardous waste" under Section 25115, 25117 or 25122.7, or listed pursuant to Section 25140 of the California Health and Safety Code, Division 20, Chapter 6.5 (Hazardous Waste Control Law)), (ii) defined as a "hazardous substance" under Section 25316 of the California Health and Safety Code, Division 20, Chapter 6.8 (Carpenter -Presley -Tanner i iazardous Substance Account Act), (iii) defined as a "hazardous material," "hazardous substance," or "hazardous waste" under Section 25501 of the California Health and Safety Code, Division 20, Chapter 6.95 (Hazardous Materials Release Response Plans and Inventory), (iv) defined as a "hazardous substance" under Section 25281 of the California Health and Safety Code, Division 20, Chapter 6.7 (Underground Storage of Hazardous Substances), (v) petroleum, (vi) friable asbestos, (vii) polychlorinated byphenyls, (viii) methyltert butylether, (ix) listed under Article 9 or defined as "hazardous" or "extremely hazardous" pursuant to Article 11 of Title 22 of the California Code of Regulations, Division 4, Chapter 20, (x) designated as "hazardous substances" pursuant to Section 311 of the Clean Water Act (33 U.S.C. §1317), (xi) defined as a "hazardous waste" pursuant to Section 1004 of the Resource Conservation and Recovery Act, 42 U.S.C. §6901 et seq. (42 U.S.C. §6903) or (xii) defined as "hazardous substances" pursuant to Section 101 of the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. §9601 et seq. "Lender" is defined in Section 310 hereof. 017.139951.4 -3- "Improvements" means the new improvements to be constructed by the Developer upon the Site, all more particularly described in Section 301.1 hereof and in the Scope of Development. "Mortgage" is defined in Section 310.1 hereof. "Notice" shall mean a notice in the form prescribed by Section 601 hereof. "Outside Date" shall mean the last date the Closing shall occur, as set forth in Section 202.4 hereof. "Phase I Report" is defined in Section 208. I hereof. "Purchase Price" means the price to be paid by the Developer to the Agency in consideration for the Conveyance of fee title to the Site, as set forth in Section 201 hereof. "RAP" means the remedial action plan for the rmediation of the Site, as defined in Section 208.3 hereof. "Redevelopment Plan" means the Redevelopment Plan for the Redevelopment Project, adopted by Ordinance No. 95 - 2095 of the City Council of the City of National City, and incorporated herein by reference. "Redevelopment Project" means the National City Redevelopment Project, adopted by the City pursuant to the Redevelopment Plan. "Release of Construction Covenants" means the document which evidences the Developer's satisfactory completion of the Improvements, as set forth in Section 310 hereof, in the form of Attachment No. 6 hereto which is incorporated herein. "Remedial Work" is defined in Section 208.3 hereof. "Remediation Cost" is defined in Section 208.2 hereof. "Report" means the preliminary title report, as described in Section 203 hereof. "Schedule of Performance" means the Schedule of Performance attached hereto as Attachment No. 4 and incorporated herein, setting out the dates and/or time periods by which certain obligations set forth in this Agreement must be accomplished. The Schedule of Performance is subject to revision from time to time as mutually agreed upon in writing between the Developer and the Agency's Director. Unless otherwise specified herein, the Agency's Director is authorized to make such revisions as he or she deems reasonably necessary. "Scope of Development" means the Scope of Development attached hereto as Attachment No. 5 and incorporated herein, which describes the scope, amount and quality of 017.139351.4 -4- development of the Improvements to be constructed by the Developer pursuant to the terms and conditions of this Agreement. "Site" means that certain approximately 49,443 square foot portion of the Redevelopment Project located at the northwest corner of Eighth Street and Roosevelt in the City of National City, which has previously been developed for urban use. The Site is legally described in the Site Legal Description and depicted in the Site Map. "Site Legal Description" means the description of the Site which is attached hereto as Attachment No. 2 and incorporated herein. "Site Map" means the map of the Site which is attached hereto as Attachment No. 1 and incorporated herein. "Site Plan Drawings" means the plans and drawings to be submitted by the Developer and approved by the Agency, as set forth in Section 302.2 hereof. "Threshold Amount" is defined in Section 208.2 hereof. "Title Company" is defined in Section 203 hereof. "Title Policy" is defined in Section 204 hereof. "Transfer" is defined in Section 603 hereof. 200. CONVEYANCE OF THE SITE 201. Disposition of Site. '1'he Developer agrees to purchase the Site from the Agency, and the Agency agrees to sell the Site to the Developer, in accordance with and subject to all of the terms, covenants, and conditions of this Agreement, for the all-inclusive purchase price of Five Hundred Seventy -Two Thousand Five Hundred Fifty Dollars ($572,550) (the "Purchase Price"). The Purchase Price represents the agreed upon fair market value of the Site. 202. Escrow. Within ten (10) days after the execution of this Agreement by the Agency, the parties shall open escrow ("Escrow") with the escrow division of Fidelity National Title Company in its San Diego County office, or another escrow company mutually satisfactory to both parties (the "Escrow Agent"). 202.1 Costs of Escrow. Agency shall pay the premium for the 'Title Policy as set forth in Section 204 hereof and the documentary transfer taxes, if any, due with respect to the conveyance of the Site. All other usual fees, charges, and costs which arise from Escrow (the "Escrow Costs") shall be paid by Developer and Agency, one-half by each. 202.2 Escrow Instructions. This Agreement constitutes the joint escrow instructions of Developer and Agency, and the Escrow Agent to whom these instructions are delivered is hereby empowered to act under this Agreement. The parties hereto agree to do all 017.139951 .4 -5- acts reasonably necessary to close this Escrow in the shortest possible time. Insurance policies for fire or casualty are not to be transferred, and Agency will cancel its own policies after the Closing. All funds received in the Escrow shall be deposited with other escrow funds in a general escrow account(s) and may be transferred to any other such escrow trust account in any State or National Bank doing business in the State of California. All disbursements shall be made by check from such account. however, if Escrow does not close within one (1) business day from deposit of the Purchase Price, the funds shall be deposited into an interest bearing account with such interest accruing to the benefit of the Developer. If in the opinion of either party or the Escrow Agent it is necessary or convenient in order to accomplish the Closing of this transaction, such party may require that the parties sign supplemental escrow instructions within fifteen (15) days of notice thereof; provided that if there is any inconsistency between this Agreement and the supplemental escrow instructions, then the provisions of this Agreement shall control. The parties agree to execute such other and further documents as may be reasonably necessary, helpful or appropriate to effectuate the provisions of this Agreement. The Closing shall take place within thirty (30) days after the date when both the Agency's Conditions Precedent and the Developer's Conditions Precedent as set forth in Section 205 have been satisfied or waived by the respective parties. Escrow Agent is instructed to release Agency's escrow closing and Developer's escrow closing statements to the respective parties. 202.3 Authority of Escrow Agent. Escrow Agent is authorized to, and shall: a. Pay and charge Developer and Agency for their respective shares of the Escrow Costs payable under Section 202.1 of this Agreement, any endorsements to the premium of the Title Policy thereto as set forth in Section 204, and any amount necessary to place title in the condition necessary to satisfy Section 203 of this Agreement. b. Pay and charge Developer and Agency for their respective shares of any escrow fees, charges, and costs. c. Disburse funds and deliver and record the Grant Deed and Maintenance Agreement, when both the Developer's Conditions Precedent and the Agency's Conditions Precedent have been fulfilled or waived by Developer and Agency. d. Do such other actions as necessary, including obtaining the Title Policy, to fulfill its obligations under this Agreement. e. Within the discretion of Escrow Agent, direct Agency and Developer to execute and deliver any instrument, affidavit, and statement, and to perform any act reasonably necessary to comply with the provisions of FIRPTA and any similar state act and regulation promulgated thereunder. Agency agrees to execute a Certificate of Non -Foreign Status by individual transferor and/or a Certification of Compliance with Real Estate Reporting Requirement of the 1986 Tax Reform Act as may be required by Escrow Agent, on the form to be supplied by Escrow Agent. 017.139951.4 -6- f. Prepare and tile with all appropriate governmental or taxing authorities a uniform settlement statement, closing statement, tax withholding forms including an IRS 1099- S form, and be responsible for withholding taxes, if any such forms are provided for or required by law. 202.4 Closing. This transaction shall close ("Closing") within thirty (30) days of the parties' satisfaction of all of Agency's and Developer's Conditions Precedent to Closing as set forth in Section 205 hereof, but in no event later than June 1, 2001 (the "Outside Date"). The Closing shall occur at a location within San Diego County at a time and place reasonably agreed on by the parties. The "Closing" shall mean the time and day the Grant Deed is filed for record with the San Diego County Recorder. The "Closing Date" shall mean the day on which the Closing occurs. 202.5 Termination. If Escrow is not in condition to close by the Outside Date, then either party which has fully performed under this Agreement may, in writing, demand the return of money or property and terminate the Escrow. If either party makes a written demand for return of documents or properties, the Escrow shall not terminate until five (5) days after Escrow Agent shall have delivered copies of such demand to all other parties at the respective addresses shown in this Agreement. If any objections are raised within said five (5) day period, Escrow Agent is authorized to hold all papers and documents until instructed by a court of competent jurisdiction or by mutual written instructions of the parties. Developer, however, shall have the sole option to withdraw any money deposited by it with respect to the Closing less Developer's share of costs of Escrow, if any. Termination of the Escrow shall be without prejudice as to whatever legal rights either party may have against the other arising from this Agreement. If no demands are made, the Escrow Agent shall proceed with the Closing as soon as possible. 202.6 Closing Procedure. Escrow Agent shall close Escrow for the Site as follows: a. Record the Grant Deed with instructions for the Recorder of San Diego County, California to deliver the Grant Deed to Developer; b. Instruct the Title Company to deliver the Title Policy to Developer; c. File any informational reports required by Internal Revenue Code Section 6045(e), as amended, and any other applicable requirements; and d. Deliver the FIRPTA Certificate, if any, to Developer; and e. Forward to both Developer and Agency a separate accounting of all funds received and disbursed for each party and copies of all executed and recorded or filed documents deposited into Escrow, with such recording and filing date and information endorsed thereon. 017.1399b1.4 -7- 203. Review of Title. The Agency shall cause Fidelity National, or another title company mutually agreeable to both parties (the "Title Company"), to deliver to Developer a standard preliminary consolidated title report (the "Report") with respect to the title to the Site, together with legible copies of the documents (the "Documents") underlying the exceptions ("Exceptions") set forth in the Report, within sixty (60) days from the date of this Agreement. The Developer shall have the right to approve or disapprove the Exceptions in its sole and absolute discretion; provided, however, that the Developer hereby approves the following Exceptions: a. The Redevelopment Plan. b. The lien of any non -delinquent property taxes and assessments (to be prorated at close of Escrow). Developer shall have thirty (30) days from the date of its latest receipt of the Report, the Documents and the Survey to give written notice to Agency and Escrow Holder of Developer's approval or disapproval of any of such Exceptions. If Developer notifies Agency of its disapproval of any Exceptions in the Report, Agency shall have the right, but not the obligation, to remove any disapproved Exceptions within thirty (30) days after receiving written notice of Developer's disapproval or provide assurances satisfactory to Developer in Developer's sole and absolute discretion that such Exception(s) will be removed on or before the Closing. If Agency cannot or does not elect to remove any of the disapproved Exceptions within that period, Developer shall have fifteen (15) days after the expiration of such thirty (30) day period to either give the Agency written notice that Developer elects to proceed with the purchase of the Site subject to the disapproved Exceptions or to give the Agency written notice that the Developer elects to terminate this Agreement. The Exceptions to title approved by Developer as provided herein shall hereinafter be referred to as the "Condition of Title." Developer shall have the right to approve or disapprove in its sole and absolute discretion any further Exceptions reported by the Title Company after Developer has approved the Condition of Title for the Site (which are not created by Developer). Agency shall not voluntarily create any new exceptions to title following the date of this Agreement. 204. Title Insurance. Concurrently with recordation of the Grant Deed conveying title to the Site, there shall be issued to Developer an ALTA policy of title insurance (the "Title Policy"), together with such endorsements as are reasonably requested by the Developer, issued by the Title Company insuring that the title to the Site is vested in Developer in the condition required by Section 203 of this Agreement. The Title Company shall provide the Agency with a copy of the Title Policy. The Title Policy shall be for the amount of the Purchase Price. The Agency agrees to remove on or before the Closing any deeds of trust or other monetary liens against the Site excepting the covenant attached to real property, attached hereto as Attachment NO. 8. The Escrow Costs shall include the cost of any surveys necessary to issue an ALTA 'Title Insurance Policy and that portion of the premium for the Title Policy equal to the cost of an ALTA Standard Coverage Owner's Policy of Title insurance in the amount of the Purchase Price. 017.139951.4 -8- Pie 205. Conditions of Closing. The Closing is conditioned upon the satisfaction of the following terms and conditions within the times designated below: 205.1 Agency's Conditions of Closing. Agency's obligation to proceed with the Closing of the sale of the Site is subject to the fulfillment or waiver by Agency of each and all of the conditions precedent (a) through ( k), inclusive, described below ("Agency's Conditions Precedent"), which are solely for the benefit of Agency, and which shall be fulfilled or waived by the time periods provided for herein: a. Parcel Map. A Parcel Map created by the Agency which creates a separate legal parcel comprised of the Site shall have been completed and recorded. b. No Default. Prior to the Close of Escrow, Developer shall not be in default in any of its obligations under the terms of this Agreement and all representations and warranties of Developer contained herein shall be true and correct in all material respects. c. Execution of Documents. The Developer shall have executed any other documents required hereunder and delivered such documents into Escrow. d. Payment of Funds. Prior to the Close of Escrow, Developer shall have paid the Purchase Price and all required costs of Closing into Escrow in accordance with Sections 201 and 202 hereof. e. Design Approvals. The Developer shall have obtained approval by the Agency and City of the Basic Concept Drawings, Site Plan application drawings, Site Plan application, and Construction Drawings as set forth in Section 302 hereof. f. Land Use Approvals. The Developer and the Agency shall have received all land use approvals required pursuant to Section 303 hereof. g. Building and Grading Permits. All building and grading permits required for the construction of the Improvements shall be available for issuance upon the payment of applicable fees. h. Insurance. The Developer shall have provided proof of insurance as required by Section 306 hereof. i. Financing. The Agency shall have approved construction and acquisition financing as provided in Section 310.1 hereof, and such financing shall have closed and funded or be ready to close and fund upon the Closing. j. Plans and Permits. The Developer shall have obtained City approval of its final building plans for all of the Improvements, and grading and building permits shall he ready to be issued (upon payment of necessary fees, posting of required security, and similar items). 017.139951.4 -9- k. General Contractor Contract. Developer shall have provided or have caused to be provided by tenant or another third party a copy of a valid and binding contract between the Developer and one or more duly licensed general contractors reasonably acceptable to the Agency for the construction of the Improvements, certified by the Developer to be a true and correct copy thereof. 205.2 Developer's Conditions of Closing. Developer's obligation to proceed with the purchase of the Site is subject to the fulfillment or waiver by Developer of each and all of the conditions precedent (a) through (I ), inclusive, described below ("Developer's Conditions Precedent"), which are solely for the benefit of Developer, and which shall be fulfilled or waived by the time periods provided for herein: a. No Default. Prior to the Close of Escrow, Agency shall not be in default in any of its obligations under the terms of this Agreement and all representations and warranties of Agency contained herein shall be true and correct in all material respects. b. Execution of Documents. The Agency shall have executed the Grant Deed and Maintenance Agreement and any other documents required hereunder, and delivered such documents into Escrow. c. Review and Approval of Title. Developer shall have reviewed and approved the condition of title of the Site, as provided in Section 203 hereof. d. Title Policy. The Title Company shall, upon payment of Title Company's regularly scheduled premium, have agreed to provide to the Developer the Title Policy for the Site upon the Close of Escrow, in accordance with Section 204 hereof. e. Environmental. The Developer shall have approved the environmental condition of the Site and shall not have elected to cancel Escrow and terminate this Agreement pursuant to Section 208 hereof. f. Parcel Map. A Parcel Map created by the Agency which creates a separate legal parcel comprised of the Site shall have been completed and recorded. g. Design Approvals. The Developer shall have obtained approval by the Agency and City of the Basic Concept Drawings, Site Plan application drawings, Site Plan application, and Construction Drawings as set forth in Section 302 hereof. h. Land Use Approvals. The Developer and the Agency shall have received all land use approvals required pursuant to Section 303 hereof. i. Building and Grading Permits. All building and grading permits required for the construction of the Improvements shall be available for issuance upon the payment of applicable fees. 017.139951.4 -10- j. Plans and Permits. The Developer shall have obtained City approval of its final building plans for all of the improvements, and grading and building permits shall be ready to be issued including an "Off -Sale" beer and wine liquor license (upon payment of necessary fees, posting of required security, and similar items). k. Demolition of The Existing Improvements. The Agency shall demolish all existing improvements prior to transfer to the developer. I. Palanco Act. The Agency agrees to use as appropriate the provisions of the Palanco Act to insulate the Developer from any liability arising from existing contamination on the subject site. 206. Representations and Warranties. 206.1 Agency Representations. Agency represents and warrants to Developer as follows: a. Authority. Agency is a public body, corporate and politic, existing pursuant to the California Community Redevelopment Law (California Health and Safety Code Section 33000),which has been authorized to transact business pursuant to action of the City. b. FIRPTA. Agency is not a "foreign person" within the parameters of FiRPTA or any similar state statute, or is exempt from the provisions of FIRPTA or any similar state statute, or that Agency has complied and will comply with all the requirements under FIRPTA or any similar state statute. c. No Conflict. To the best of Agency's knowledge, Agency's execution, delivery and performance of its obligations under this Agreement will not constitute a default or a breach under any contract, agreement or order to which Agency is a party or by which it is bound. d. Litigation. There are no claims, causes of action or other litigation or proceedings pending or, to the Actual Knowledge of the Agency, threatened with respect to the ownership, operation or environmental condition of the Site or any part thereof (including disputes with mortgagees, governmental authorities, utility companies, contractors, adjoining landowners or suppliers of goods and services). e. Violation. To the Actual Knowledge of the Agency, there are no violations of any health, safety, pollution, zoning or other laws, ordinances, rules or regulations with respect to the Site, which have not heretofore been entirely corrected. In the event Agency has Actual Knowledge of any such violations, Agency shall (i) immediately provide Developer with copies of all documents evidencing such violation, and (ii) cure such violation prior to Closing. proceeding. 017.139951 .4 I. No Agency Bankruptcy. Agency is not the subject of a bankruptcy -11- Until the Closing, Agency shall, upon the change of any fact or condition which would cause any of the warranties and representations in this Section 206.1 not to be true as of Closing, immediately give written notice of such changed fact or condition to Developer. Such exception(s) to a representation shall not be deemed a breach by Agency hereunder, but shall constitute an exception which Developer shall have a right to approve or disapprove if such exception would have an effect on the value and/or operation of the Site. If Developer elects to close Escrow following disclosure of such information, Agency's representations and warranties contained herein shall be deemed to have been made as of the Closing, subject to such exception(s). If, following the disclosure of such information, Developer elects to not close Escrow, then this Agreement and the Escrow shall automatically terminate, and neither party shall have any further rights, obligations or liabilities hereunder. The representations and warranties set forth in this Section 206.1 shall survive the Closing. g. Palanco Act. The Agency agrees to use as appropriate the provisions of the Palanco Act to insulate the Developer from any liability arising from existing contamination on the subject site. 206.2 Developer's Representations. Developer represents and warrants to Agency as follows: a. Authority. Developer is a sole proprietor in good standing under the laws of the State of California. Developer has full right, power and lawful authority to purchase and accept the conveyance of the Site and undertake all obligations as provided herein and the execution, performance and delivery of this Agreement by Developer has been fully authorized by all requisite actions on the part of the Developer. b. No Conflict. To the best of Developer's knowledge, Developer's execution, delivery and performance of its obligations under this Agreement will not constitute a default or a breach under any contract, agreement or order to which the Developer is a party or by which it is bound. c. No Developer Bankruptcy. Developer is not the subject of a bankruptcy proceeding. Until the Closing, Developer shall, upon the change of any fact or condition which would cause any of the warranties and representations in this Section 206.2 not to be true as of Closing, immediately give written notice of such changed fact or condition to Agency. Such exception(s) to a representation shall not be deemed a breach by Developer hereunder, but shall constitute an exception which Agency shall have a right to approve or disapprove if such exception would have an effect on the value and/or operation of the Site. if Agency elects to close Escrow following disclosure of such information, Developer's representations and warranties contained herein shall he deemed to have been made as of the Closing, subject to such exception(s). If, following the disclosure of such information, Agency elects to not close Escrow, then this Agreement and the Escrow shall automatically terminate, and neither party shall have any further rights, obligations or liabilities hereunder. The representations and warranties set forth in this Section 206.2 shall survive the Closing. 017.1399b1.4 -12- 207. Studies and Reports. Prior to the Closing, representatives of Developer shall have the right of access to all portions of the Site for the purpose of obtaining data and making surveys and tests necessary to carry out this Agreement, including the investigation of the environmental condition of the Site pursuant to Section 208 hereof. Any preliminary work undertaken on the Site by Developer prior to the Closing shall be done at the sole expense of the Developer, and the Developer's execution of a right of entry agreement to he provided by the Agency. Any preliminary work shall be undertaken only after securing any necessary permits from the appropriate governmental agencies. 208. Condition of the Site. 208.1 Disclosure. Prior to the execution of this Agreement, Agency also has caused certain investigations of the environmental condition of the Site, and the land adjacent to or near the Site, as specifically identified in Attachment No. 7 hereof which is incorporated herein (the "Agency Environmental Reports"). Developer acknowledges that Developer has been provided copies of each of the Agency Environmental Reports. Except as may be set forth in the Agency Environmental Reports, the Agency and the Developer hereby represent and warrant to the other that they have no actual knowledge, and have not received any notice or communication from any government agency having jurisdiction over the Site, notifying such party of, the presence of surface or subsurface zone Hazardous Materials in, on, or under the Site, or any portion thereof. "Actual knowledge," as used herein, shall not impose a duty of investigation, and shall be limited to the actual knowledge of the Agency and Developer employees and agents who have participated in the preparation of this Agreement and the management of the Site. 2118.2 Investigation of Site. Following the Developer's execution of a right of entry agreement to be provided by the Agency, the Developer shall have the right, at its sole cost and expense, to engage its own environmental consultant (the "Developer's Environmental Consultant") to make such investigations as Developer deems necessary, including any "Phase 1" and/or "Phase 2" investigations of the Site, and the Agency shall promptly be provided a copy of all reports and test results provided by the Developer's Environmental Consultant (the "Developer's Environmental Report"). The Developer shall reasonably approve or disapprove of the environmental condition of the Site within the time set forth in the Schedule of Performance. The Developer's approval of the environmental condition of the Site shall be a Developer's Condition Precedent to the Closing, as set forth in Section 205 hereof. If the Developer, based upon the above environmental reports, reasonably disapproves the environmental condition of the Site, then the Developer may terminate this Agreement by written Notice to the Agency pursuant to Section 503 hereof. Developer acknowledges that portions of the Site are undergoing remediation by Chevron USA. Developer agrees to accept said portions of the Site and release Agency of all responsibility as to the portions of the Site that are undergoing remediation by Chevron USA. Notwithstanding the foregoing, or any other provision in this Agreement to the contrary, 017.139951.4 -13- Developer's obligations herein shall not arise unless and until Chevron USA delivers to Developer a written agreement requiring Chevron USA to indemnify, defend and hold Developer harmless as to all environmental conditions existing on or beneath the Site as of the date of closing. Said written indemnity delivered by Chevron USA to Developer shall be in a form acceptable to Developer. 208.3 Warranties As To Site. To the extent authorized by contract or law, the Agency shall assign to the Developer all warranties and guaranties with respect to the environmental condition of the Site, if any, that the Agency may have received from prior owners of the Site. The Developer hereby waives, releases and discharges forever Agency and City, employees, officers, agents and representatives, from all present and future claims, demands, suits, legal and administrative proceedings and from all liability for damages, losses, costs, liabilities, fees and expenses, present and future, arising out of or in any way connected with the condition of the Site, any Hazardous Materials on the Site, or the existence of Hazardous Materials contamination due to the generation of I lazardous Materials from the Site, however they came to be placed there, except that arising out of the negligence or misconduct of the Agency or its employees, officers, agents or representatives. 208.4 Developer Precautions After Closing. After the Closing and during the time that the Developer owns all or a portion of the Site, the Developer shall take all necessary precautions to prevent the release into the environment of any Hazardous Materials which are located in, on or under the Site. Such precautions shall include compliance with all Governmental Requirements with respect to Hazardous Materials. in addition, the Developer shall install and utilize such equipment and implement and adhere to such procedures as arc consistent with commercially reasonable standards as respects the disclosure, storage, use, removal and disposal of Hazardous Materials. 300. DEVELOPMENT OF TilE SiTE 301. Scope of Development. 301.1 Developer's Obligation to Construct Improvements. The Developer shall develop or cause the development of the Improvements in one phase in accordance with the Scope of Development, the City Municipal Code, and the plans, drawings and documents submitted by the Developer and approved by the Agency as set forth herein. The Improvements shall generally consist of an approximately 5,000 square foot combination gasoline station/mini-market/drive-thru fast food restaurant and all related parking area improvements. In addition, the Agency shall develop or cause the development of any improvements which are identified in the Scope of Development as the responsibility of the Agency. 017.139951.4 -14- 302. Design Review. 302.1 Basic Concept Drawings. Within the time set forth in the Schedule of Performance, the Developer shall submit conceptual drawings for the Improvements, including materials, color board, elevations of all four sides of the Improvements, preliminary landscape plans, the traffic and circulation plan which has been prepared by the Agency, and a rendered perspective (collectively, the "Basic Concept Drawings"). Within the time set forth in the Schedule of Performance, the Agency shall either approve the Basic Concept Drawings or set forth the reasons for its disapproval in writing. 302.2 Site Plan Drawings. After the Agency's approval of the Basic Concept Drawings, and within the time set forth in the Schedule of Performance, the Developer shall submit to the Agency and City the following plans and drawings with respect to the Improvements (the "Site Plan Drawings"), which must include all documents, plans and drawings, including any application materials required by the City Planning Services Division, which are necessary to obtain all City approvals for the construction of the Improvements. Within the time set forth in the Schedule of Performance, the Agency shall either approve the Site Plan Drawings or set forth the reasons for its disapproval in writing. In the event that the Agency fails to act within the time set forth in the Schedule of Performance, the Site Plan Drawings shall be deemed to have been approved by the Agency. 302.3 Agency Review and Approval. The Agency shall have the right to review and approve the Basic Concept Drawings. The Agency will not withhold approval of plans that meet the industry standard for the type of development contemplated in this agreement. The Agency shall have the right to review and reasonably approve or disapprove the Site Plan Drawings; provided, however, that the Agency shall reasonably approve logical evolutions and/or extensions of drawings which it has previously approved. The Agency may review any and all aspects of the Basic Concept Drawings and Site Plan Drawings. The Developer acknowledges and agrees that the Agency is entitled to approve or disapprove the Basic Concept Drawings and Site Plan Drawings in order to satisfy the Agency's obligation to promote the sound development and redevelopment of land within the Redevelopment Project, to promote a high level of design which will impact the surrounding development, and to provide an environment for the social, economic and psychological growth and well-being of the citizens of the City and the Redevelopment Project. 302.4 Standards for Disapproval. The Agency shall have the right to disapprove the Basic Concept Drawings in its reasonable discretion. The Agency shall have the right to disapprove in its reasonable discretion any of the Site Plan Drawings if (a) the Site Plan Drawings do not conform to the approved Basic Concept Drawings, or (b) the Site Plan Drawings do not conform to the Scope of Development or this Agreement, or (c) the Site Plan Drawings are incomplete; provided, however, that the Agency shall reasonably approve logical evolutions and/or extensions of drawings which it has previously approved. The Agency shall state in writing the reasons for disapproval within fifteen (I5) days of such disapproval as stated herein, and in the event that the Agency fails to do so, the drawings shall be deemed approved. The Developer, upon receipt of a disapproval based upon powers reserved by the 01 /.1 39951.4 -15- Agency hereunder, shall revise such portions and resubmit to the Agency by the time established therefor in the Schedule of Performance. 302.5 Consultation and Coordination. During the preparation of the Basic Concept Drawings, Site Plan Drawings and Construction Drawings, staff of the Agency and the Developer shall hold regular progress meetings to coordinate the preparation of, submission to, and review of the Basic Concept Drawings, Site Plan Drawings and Construction Drawings by the Agency. The staff of the Agency and the Developer shall communicate and consult informally as frequently as is necessary to ensure that the formal submittal of any documents to the Agency can receive prompt and thorough consideration. The Agency shall designate an Agency employee to serve as the project manager who is responsible for the coordination of the Agency's activities under this Agreement and for expediting the land use approval and permitting process. 302.6 Revisions. If the Developer desires to propose any material revisions to the Agency -approved Basic Concept Drawings, Site Plan Drawings or Construction Drawings, it shall submit such proposed changes to the Agency, and shall also proceed in accordance with any and all State and local laws and regulations regarding such revisions, within the time frame set forth in the Schedule of Performance. At the sole discretion of the Agency, if any material change in the basic uses of the Site is proposed in the Basic Concept Drawings, Site Plan Drawings or Construction Drawings from the basic uses of the Site as provided for in this Agreement, then this Agreement is subject to re -negotiation of all terms and conditions, including without limitation, the economic terms of the Agreement. If the Basic Concept Drawings, Site Plan Drawings or Construction Drawings, as modified by the proposed change, generally and substantially conform to the requirements of this Section 302 of this Agreement and the Scope of Development, the Agency Director shall review the proposed change and notify the Developer in writing within fifteen (15) days after submission to the Agency as to whether the proposed change is approved or disapproved. In the event that the Agency fails to act within the fifteen-(15) day time period set forth above, the proposed change or changes shall be deemed approved by the Agency. The Agency's Director is authorized to approve changes to the Agency -approved Basic Concept Drawings, Site Plan Drawings and Construction Drawings provided such changes 1) do not materially reduce the quality of materials to be used; and 2) do not reduce the imaginative and unique qualities of the project design. Any and all change orders or revisions required by the City and its inspectors which are required under the Municipal Code and all other applicable Uniform Codes (e.g. Building, Plumbing, Fire, Electrical, etc.) and under other applicable laws and regulations shall be included by the Developer in its Basic Concept Drawings, Site Plan Drawings and Construction Drawings and completed during the construction of the Improvements. 302.7 Defects in Plans. The Agency shall not be responsible either to the Developer or to third parties in any way for any defects in the Basic Concept Drawings, the Site Plan Drawings or the Construction Drawings, nor for any structural or other defects in any work done according to the approved Basic Concept Drawings, Site Plan Drawings or Construction Drawings, nor for any delays reasonably caused by the review and approval processes established by this Section 302. 017.139951.4 -16- 303. Land Use Approvals. Before commencement of construction of the Improvements or other works of improvement upon the Site, the Developer shall, at its own expense, secure or cause to be secured any and all land use and other entitlements, permits and approvals which may he required for the improvements by the City or any other governmental agency affected by such construction or work, except for those which are the responsibility of the Agency as set forth herein. The Developer also intends to enter into a Development Agreement with the City pursuant to Government Code Section 65864 through 65869.5 concerning the Site, in implementation of the promulgated state policy to protect and promote the sound development and redevelopment of the Redevelopment Project area in furtherance of the goals and objectives of the Redevelopment Plan. The Agency shall exercise every reasonable efforts to assist Developer in securing any and all land use and other entitlements, permits and approvals from the City and any other governmental agency from which such permits and entitlements are required. The Developer shall, without limitation, apply for and secure the following, and pay all costs, charges and fees associated therewith: a. Site Plan b. Development Agreement with the City. c. All other permits and fees required by the City, County of San Diego, and other governmental agencies with jurisdiction over the Improvements. d. Ally environmental studies and documents required pursuant to the California Environmental Quality Act. Before commencement of construction of the Improvements, the Agency shall, at its own expense. pay the traffic mitigation fee, if any, assessed by the City in connection with this development. However, the execution of this Agreement does not constitute the granting of or a commitment to obtain any required land use permits, entitlements or approvals required by the Agency or the City. 304. Schedule of Performance. The Developer shall submit all Basic Concept Drawings, Site Plan Drawings and Construction Drawings, commence and complete all construction of the Improvements, and satisfy all other obligations and conditions of this Agreement, within the times established therefor in the Schedule of Performance. 305. Cost of Construction. Except to the extent otherwise expressly set forth in this Agreement, all of the cost of planning, designing, developing and constructing all of the Improvements, site preparation and grading shall he borne solely by the Developer. 306. Insurance Requirements. The Developer shall take out and maintain or shall cause its contractor, tenant, or another third party to take out and maintain until the issuance of the Release of Construction Covenants pursuant to Section 310 of this Agreement, a comprehensive general liability policy in the amount of One Million Dollars ($1,000,000.00) combined single limit policy, or such other policy limits as the Agency may approve at its discretion, including contractual liability, as shall protect the Developer, City and Agency from 01 7.139951 .4 -17- claims for such damages, and which policy shall be issued by a "13+" rated insurance carrier. Such policy or policies shall be written on an occurrence form. The Developer shall also furnish or cause to be furnished to the Agency evidence satisfactory to the Agency that any contractor with whom it has contracted for the performance of work on the Site or otherwise pursuant to this Agreement carries workers' compensation insurance as required by law. The Developer shall furnish a certificate of insurance countersigned by an authorized agent of the insurance carrier on a form approved by the Agency setting forth the general provisions of the insurance coverage. This countersigned certificate shall name the City and the Agency and their respective officers, agents, and employees as additionally insured parties under the policy, and the certificate shall be accompanied by a duly executed endorsement evidencing such additional insured status. The certificate and endorsement by the insurance carrier shall contain a statement of obligation on the part of the carrier to notify City and the Agency of any material change, cancellation or termination of the coverage at least thirty (30) days in advance of the effective date of any such material change, cancellation or termination. Coverage provided hereunder by the Developer shall be primary insurance and not be contributing with any insurance maintained by the Agency or City, and the policy shall contain such an endorsement. The insurance policy or the endorsement shall contain a waiver of subrogation for the benefit of the City and the Agency. The required certificate shall be furnished by the Developer at the time set forth therefor in the Schedule of Performance. 307. Rights of Access. Prior to the issuance of a Release of Construction Covenants (as specified in Section 310 of this Agreement), for purposes of assuring compliance with this Agreement, representatives of the Agency shall have the right of access to the Site, without charges or fees, at normal construction hours during the period of construction for the purposes of this Agreement, including but not limited to, the inspection of the work being performed in constructing the Improvements so long as Agency representatives comply with all safety rules. The Agency (or its representatives) shall, except in emergency situations, notify the Developer at least forty-eight (48) hours prior to exercising its rights pursuant to this Section 308. 308. Compliance with Laws. The Developer shall carry out the design, construction and operation of the Improvements in conformity with all applicable laws, including all applicable state labor standards, the City zoning and development standards, building, plumbing, mechanical and electrical codes, and all other provisions of the City Municipal Code, and all applicable disabled and handicapped access requirements, including without limitation the Americans With Disabilities Act, 42 U.S.C. Section 12101, et seq., Government Code Section 4450, et seq., Government Code Section 11135, et seq., and the Unruh Civil Rights Act, Civil Code Section 51, et seq. 308.1 Nondiscrimination in Employment. Developer agrees that all persons employed or applying for employment by it, its affiliates, subsidiaries, or holding companies, and all subcontractors, bidders and vendors, are and will be treated equally by it without regard to, or because of race, color, religion, ancestry, national origin, sex, age, pregnancy, childbirth or related medical condition, medical condition (cancer related) or physical or mental disability, and in compliance with Title V►i of the Civil Rights Act of 1964, 42 U.S.C. 01/.139951.4 -18- Section 2000, et seq., the Federal Equal Pay Act of 1963, 29 U.S.C. Section 206(d), the Age Discrimination in Employment Act of 1967, 29 U.S.C. Section 621, et seq., the Immigration Reform and Control Act of 1986, 8 U.S.C. Section 1324b, et seq., 42 U.S.C. Section 1981, the California Fair Employment and Housing Act, Cal. Government Code Section 12900, et seq., the California Equal Pay Law, Cal. Labor Code Section 1197.5, Cal. Government Code Section 11135, the Americans with Disabilities Act, 42 U.S.C. Section 12101, et seq., and all other anti -discrimination laws and regulations of the United States and the State of California as they now exist or may hereafter be amended. 308.2 Taxes and Assessments. Upon and after the Closing, the Developer shall pay prior to delinquency all ad valorem real estate taxes and assessments on the Site, subject to the Developer's right to contest in good faith any such taxes. The Developer agrees that during all times that the Agency is permitted to receive property tax increment from the Redevelopment Project pursuant to Health and Safety Code Section 33670 (as it may be amended or substituted). 309. Release of Construction Covenants. Promptly after completion of the Improvements in conformity with this Agreement, the Agency shall furnish the Developer with a "Release of Construction Covenants," in the form of Attachment No. 6 hereto which is incorporated herein by reference. The Agency shall not unreasonably withhold such Release of Construction Covenants. The Release of Construction Covenants shall he a conclusive determination of satisfactory completion of the Improvements and the Release of Construction Covenants shall so state. Any party then owning or thereafter purchasing, leasing or otherwise acquiring any interest in the Site shall not (because of such ownership, purchase, lease or acquisition) incur any obligation or liability under this Agreement except for those continuing covenants as described in the Grant Deed. If the Agency refuses or fails to furnish the Release of Construction Covenants, after written request from the Developer, the Agency shall, within fifteen (15) days of written request therefor, provide the Developer with a written statement of the reasons the Agency refused or failed to furnish the Release of Construction Covenants. The statement shall also contain the Agency's opinion of the actions the Developer must take to obtain the Release of Construction Covenants. The Release of Construction Covenants shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of any mortgage, or any insurer of a mortgage securing money loaned to finance the Improvements, or any part thereof. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code. 310. Financing of the Improvements. 310.1 Approval of Financing. As required herein and as an Agency Condition Precedent to the Closing, Developer shall submit to Agency evidence that Developer has obtained sufficient commitments for construction and permanent financing necessary to undertake the development of the Site and the construction of the Improvements in accordance with this Agreement. The Agency shall approve or disapprove such evidence of financing -19- 01 1.1399b 1 .4 commitments within fifteen (15) days of receipt of a complete submission. Approval shall not be unreasonably withheld or conditioned. If Agency shall disapprove any such evidence of financing, Agency shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall promptly obtain and submit to Agency new evidence of financing. Agency shall approve or disapprove such new evidence of financing in the same manner and within the same times established in this Section 310. I for the approval or disapproval of the evidence of financing as initially submitted to Agency. Such evidence of financing shall include the following: (a) a copy of letter of interest(s) obtained by Developer from one or more financial institutions for the mortgage loan or loans for financing to fund the construction and completion of the Improvements, subject to such lenders' reasonable, customary and normal conditions and terms, and/or (b) evidence that Developer has sufficient funds for such construction, and that such funds have been committed to such construction, and/or other documentation satisfactory to the Agency as evidence of other sources of capital sufficient to demonstrate that Developer has adequate funds to cover the difference between the total cost of the construction and completion of the Improvements, less financing authorized by those loans set forth in subparagraph (a) above. 310.2 No Encumbrances Except Mortgages, Deeds of Trust, or Sale and Lease -Back for Development. Mortgages, deeds of trust and sales and leases -back shall be permitted for the purpose of securing loans of funds to be used for financing the construction of the Improvements (including architecture, engineering, legal, and related direct costs as well as indirect costs) on or in connection with the Site, permanent financing, and any other purposes necessary and appropriate in connection with development under this Agreement. In no event, however, shall the amount or amounts of indebtedness secured by mortgages or deeds of trust which are prior to and senior to the Agency's Deed of Trust exceed the projected cost of constructing the Improvements, as evidenced by a pro forma and a construction contract which set forth such construction costs. The Developer shall notify the Agency in advance of any mortgage, deed of trust or sale and lease -back financing, if the Developer proposes to enter into the same before completion of the construction of the Improvements. The words "mortgage" and "trust deed" as used hereinafter shall include sale and lease -back. 310.3 Holder Not Obligated to Construct Improvements. The holder of any mortgage or deed of trust authorized by this Agreement shall not be obligated by the provisions of this Agreement to construct or complete the Improvements or any portion thereof, or to guarantee such construction or completion: nor shall any covenant or any other provision in this Agreement be construed so to obligate such holder. Nothing in this Agreement shall be deemed to construe, permit or authorize any such holder to devote the Site to any uses or to construct any improvements thereon, other than those uses or improvements provided for or authorized by this Agreement. 310.4 Notice of Default to Mortgagee or Deed of '!'rust Holders; Right to Cure. With respect to any mortgage or deed of trust granted by Developer as provided herein, whenever the Agency may deliver any notice or demand to Developer with respect to any breach or default by the Developer in completion of construction of the Improvements, the 017.139951.4 -20- Agency shall at the same time deliver to each holder of record of any mortgage or deed of trust authorized by this Agreement a copy of such notice or demand. Each such holder shall (insofar as the rights granted by the Agency are concerned) have the right, at its option, within sixty (60) days after the receipt of the notice, to cure or remedy or commence to cure or remedy and thereafter to pursue with due diligence the cure or remedy of any such default and to add the cost thereof to the mortgage debt and the lien of its mortgage. Nothing contained in this Agreement shall be deemed to permit or authorize such holder to undertake or continue the construction or completion of the Improvements, or any portion thereof (beyond the extent necessary to conserve or protect the improvements or construction already made) without first having expressly assumed the Developer's obligations to the Agency by written agreement reasonably satisfactory to the Agency. The holder, in that event, must agree to complete, in the manner provided in this Agreement, the improvements to which the lien or title of such holder relates. Any such holder properly completing such improvement shall be entitled, upon compliance with the requirements of Section 310 of this Agreement, to a Release of Construction Covenants. It is understood that a holder shall be deemed to have satisfied the sixty (60) day time limit set forth above for commencing to cure or remedy a Developer default which requires title and/or possession of the Site (or portion thereof) if and to the extent any such holder has within such sixty (60) day period commenced proceedings to obtain title and/or possession and thereafter the holder diligently pursues such proceedings to completion and cures or remedies the default. 400. COVENANTS AND RESTRICTIONS 401. Use in Accordance with Redevelopment Plan. The Developer covenants and agrees for itself, its successors, assigns, and every successor in interest to the Site or any part thereof, that upon the Closing and during construction, operation, and thereafter, the Developer shall devote the Site to the uses specified in the Redevelopment Plan and this Agreement for the periods of time specified therein. All uses conducted on the Site, including, without limitation, all activities undertaken by the Developer pursuant to this Agreement, shall conform to the Redevelopment Plan and all applicable provisions of the City Municipal Code. The foregoing covenants shall run with the land. 402. Use Covenants. For a term commencing upon the Conveyance and ending upon the expiration of the effectiveness of the current Redevelopment Plan, excluding any extensions of the plan. The Developer hereby covenants and agrees for itself, its successors, its assigns and all voluntary and involuntary successors in interest to the Site, or any part thereof, that the Site will only be used for a commercial use. 403. Covenant to Pay Agency Upon Sale or Encumbrance. For the period commencing upon the date the Covenant Attached to Real Property (Attachment No. 8) is recorded and until five (5) years thereafter, the Developer shall not make any total or partial sale, transfer, conveyance, assignment, or subdivision nor suffer to be placed on the property any lien or encumbrance other than mortgages, deeds of trust or any other form of conveyance required for financing the construction of the improvements on the Site and any other expenditures necessary and or appropriate to develop the Site as provided in Section 310.2 of 017.139951.4 -2 1- the DDA (Developer may, however, refinance at any time to obtain a more favorable interest rate provided that no equity is withdrawn by Developer) without concurrently making payment to the Agency in an amount not to exceed 75 I of the proceeds of said sale or refinancing above the actual Developer's verified cost as provided in this Agreement. The Agency's share will not exceed the "Contingent Supplemental Price", equal to $416,310 plus the consumer price index adjustment provided for herein. Both the Developer's cost and the Agency's share may be adjusted to reflect cumulative changes in the cost of living (using the Consumer Price Index for All Urban Consumers (CPI) U.S. City Average, All Items) from the date of recording, or such other amount as the Agency may then agree to accept in full or partial discharge of this obligation as Agency deems appropriate to the terms of the proposed transaction. 404. Nondiscrimination Covenants. The Developer covenants by and for itself and any successors in interest that there shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Site, nor shall the Developer itself or any person claiming under or through it establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the Site. The foregoing covenants shall run with the land. The Developer shall refrain from restricting the rental, sale or lease of the Site on the basis of race, color, religion, sex, marital status, ancestry or national origin of any person. All such deeds, leases or contracts shall contain or be subject to substantially the following nondiscrimination or non -segregation clauses: a. In deeds: "The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the grantee or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land." b. In leases: "The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators, and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: 017.139951.4 "That there shall be no discrimination against or segregation of any person or group of persons, on account of race, color, creed, religion, sex, marital status, national origin, -22- or ancestry in the leasing, subleasing, transferring, use, occupancy, tenure, or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy of tenants, lessees, sublessees, subtenants, or vendees in the premises herein leased." c. In contracts: "'There shall be no discrimination against or segregation of, any person, or group of persons on account of race, color, creed, religion, sex, marital status, national origin, or ancestry, in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the premises, nor shall the transferee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the premises." 405. Effect of Violation of the Terms and lrovisions of this Agreement After Completion of Construction. The Agency is deemed the beneficiary of the terms and provisions of this Agreement and of the covenants running with the land, for and in its own right and for the purposes of protecting the interests of the community and other parties, public or private, in whose favor and for whose benefit this Agreement and the covenants running with the land have been provided, without regard to whether the Agency has been, remains or is an owner of any land or interest therein in the Site or in the Redevelopment Project. The Agency shall have the right, if the Agreement or covenants are breached, to exercise all rights and remedies, and to maintain any actions or suits at law or in equity or other proper proceedings to enforce the curing of such breaches and to avail itself of the rights granted herein to which it or any other beneficiaries of this Agreement and covenants may be entitled. The covenants contained in this Agreement shall remain in effect for the periods described herein, specifically including, without limitation, the following: a. The covenants pertaining to use of the Site which are set forth in Sections 401 and 402 shall remain in effect for the term of the Redevelopment Plan. b. The covenants against discrimination, as set forth in Section 404, shall remain in effect in perpetuity. 500. DEFAULTS AND REMEDIES 501. Default Remedies. Subject to the extensions of time set forth in Section 602 of this Agreement, failure by either party to perform any action or covenant required by this Agreement within the time periods provided herein following notice and failure to cure as described hereafter, constitutes a "Default" under this Agreement. A party claiming a Default shall give written notice of Default to the other party specifying the Default complained of. Except as otherwise expressly provided in this Agreement, the claimant shall not institute any proceeding against any other party, and the other party shall not be in Default if such party 017.1399131.4 -23- within thirty (30) days from receipt of such notice immediately, with due diligence, commences to cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy with diligence. 502. Institution of Legal Actions. In addition to any other rights or remedies and subject to the restrictions otherwise set forth in this Agreement, either party may institute an action at law or equity to seek specific performance of the terms of this Agreement, or to cure, correct or remedy any Default, to recover damages for any Default, or to obtain any other remedy available at law or in equity. Such legal actions must be instituted in the Superior Court of the County of San Diego, State of California, in an appropriate municipal court in that county, or in the District of the United States District Court in which such county is located. 503. Termination by the Developer Prior to the Conveyance. In the event that prior to the Conveyance the Developer is not in default under this Agreement and (a) the Agency does not tender title to the Site pursuant to the Grant Deed in the manner and condition and by the date provided in this Agreement, or (b) one or more of the Developer's Conditions Precedent to the Closing is not fulfilled on or before the time set forth in the Schedule of Performance and such failure is not caused by the Developer, or (c) any default of the Agency prior to the Closing is not cured within the time set forth in Section 501 hereof, after written demand by the Developer, or (d) the Developer timely disapproves the environmental condition of the Site pursuant to Section 208 hereof, then this Agreement may, at the option of the Developer, be terminated by written Notice thereof to the Agency (the "Notice of Termination"). From the date of the written Notice of Termination of this Agreement by the Developer to the Agency and thereafter this Agreement shall be deemed terminated and there shall he no further rights or obligations between the parties with respect to the Site by virtue of or with respect to this Agreement. 504. Termination by the Agency Prior to the Conveyance. In the event that prior to the Conveyance the Agency is not in Default under this Agreement and (a) the Developer (or any successor in interest) assigns or attempts to assign the Agreement or any rights therein or in the Site in violation of this Agreement; or (b) one or more of the Agency's Conditions Precedent to the Closing is not fulfilled on or before the time set forth in the Schedule of Performance and such failure is not caused by the Agency or City; or (c) the Developer is otherwise in default of this Agreement and fails to cure such default within the time set forth in Section 501 hereof; then this Agreement and any rights of the Developer or any assignee or transferee with respect to or arising out of the Agreement or the Site, shall, at the option of the Agency, be terminated by the Agency by written Notice thereof to the Developer. From the date of the written Notice of Termination of this Agreement by the Agency to the Developer and thereafter this Agreement shall be deemed terminated and there shall be no further rights or obligations between the parties. 505. Reentry and Revesting of Title in the Agency After the Closing and Prior to Completion of Construction. The Agency has the right, at its election, to reenter and take possession of the Site, with all improvements thereon, and terminate and revest in the Agency 01 7.1 39951.4 -24- the estate conveyed to the Developer if after the Closing and prior to the issuance of the Release of Construction Covenants, the Developer (or its successors in interest) shall: a. Unless due to an Enforced Delay as described in Section 602 hereof, fail to start the construction of the Improvements as required by this Agreement for a period of ninety (90) days after written notice thereof from the Agency; or b. Abandon or substantially suspend construction of the Improvements required by this Agreement for a period of sixty (60) days after written notice thereof from the Agency; or c. Contrary to the provisions of Section 603 Transfer or suffer any involuntary Transfer in violation of this Agreement. Such right to reenter, terminate and revest shall he subject to and he limited by and shall not defeat, render invalid or limit: 1. Any mortgage or deed of trust permitted by this Agreement; 2. Any rights or interests provided in this Agreement for the protection of the holders of such mortgages or deeds of trust; or 3. Any rights or interests held by a lessee in and to the property. The Grant Deed shall contain appropriate reference and provision to give effect to the Agency's right as set forth in this Section 505, under specified circumstances prior to recordation of the Release of Construction Covenants, to reenter and take possession of the Site, with all improvements thereon, and to terminate and revest in the Agency the estate conveyed to the Developer. Upon the revesting in the Agency of title to the Site as provided in this Section 505, the Agency shall, pursuant to its responsibilities under state law, use its reasonable efforts to resell the Site as soon and in such manner as the Agency shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan, as it exists or may be amended, to a qualified and responsible party or parties (as determined by the Agency) who will assume the obligation of making or completing the Improvements, or such improvements in their stead as shall he satisfactory to the Agency and in accordance with the uses specified for such Site or part thereof in the Redevelopment Plan. Upon such resale of the Site, the net proceeds thereof after repayment of any mortgage or deed of trust encumbering the Site which is permitted by this Agreement, shall he applied: i. First, to reimburse the Agency, on its own behalf or on behalf of the City, all costs and expenses incurred by the Agency, excluding City and Agency staff costs, but specifically, including, but not limited to, any expenditures by the Agency or the City in connection with the recapture, management and resale of the Site or part thereof (but less any income derived by the Agency from the Site or part thereof in connection with such management); all taxes, assessments and water or sewer charges 017.1 39951 .4 -25- with respect to the Site or part thereof which the Developer has not paid (or, in the event that Site is exempt from taxation or assessment of such charges during the period of ownership thereof by the Agency, an amount, if paid, equal to such taxes, assessments, or charges as would have been payable if the Site were not so exempt); any payments made or necessary to be made to discharge any encumbrances or liens existing on the Site or part thereof at the time or revesting of title thereto in the Agency, or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Developer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the improvements or any part thereof on the Site, or part thereof; and any amounts otherwise owing the Agency, and in the event additional proceeds are thereafter available, then ii. Second, to reimburse the Developer, its successor or transferee, up to the amount equal to the sum of the costs incurred for the acquisition and development of the Site and for the improvements existing on the Site at the time of the reentry and possession. Any balance remaining after such reimbursements shall be retained by the Agency as its property. The rights established in this Section 505 are not intended to be exclusive of any other right, power or remedy, but each and every such right, power, and remedy shall be cumulative and concurrent and shall be in addition to any other right, power and remedy authorized herein or now or hereafter existing at law or in equity. These rights are to be interpreted in light of the fact that the Agency will have conveyed the Site to the Developer for redevelopment purposes and not for speculation in undeveloped land. 506. Acceptance of Service of Process. In the event that any legal action is commenced by the Developer against the Agency, service of process on the Agency shall be made by personal service upon the Director of the Agency or in such other manner as may be provided by law. In the event that any legal action is commenced by the Agency against the Developer, service of process on the Developer shall he made by personal service on the Developer, whether made within or outside the State of California, or in such other manner as may be provided by law. 507. Rights and Remedies Are Cumulative. Except as otherwise expressly stated in this Agreement, the rights and remedies of the parties arc cumulative, and the exercise by either party of one or more of such rights or remedies shall not preclude the exercise by it, at the same or different times, of any other rights or remedies for the same default or any other default by the other party. 508. Inaction Not a Waiver of Default. Any failures or delays by either party in asserting any of its rights and remedies as to any Default shall not operate as a waiver of any Default or of any such rights or remedies, or deprive either such party of its right to institute 017.1 39951.4 -26- A/c-2- and maintain any actions or proceedings which it may deem necessary to protect, assert or enforce any such rights or remedies. 509. Applicable Law. The laws of the State of California shall govern the interpretation and enforcement of this Agreement. 510. Non -Liability of Officials and Employees of the Agency. No member, official or employee of the Agency or the City shall be personally liable to the Developer, or any successor in interest, in the event of any Default or breach by the Agency (or the City) or for any amount which may become due to the Developer or its successors, or on any obligations under the terms of this Agreement. 511. Attorneys' Fees. In any action between the parties to interpret, enforce, reform, modify, rescind, or otherwise in connection with any of the terms or provisions of this Agreement, the prevailing party in the action shall be entitled, in addition to damages, injunctive relief, or any other relief to which it might be entitled, reasonable costs and expenses including, without limitation, litigation costs and reasonable attorneys' fees. 600. GENERAL PROVISIONS 601. Notices, Demands and Communications Between the Parties. Any approval, disapproval, demand, document or other notice ("Notice") which either party may desire to give to the other party under this Agreement must he in writing and may be given by any commercially acceptable means to the party to whom the Notice is directed at the address of the party as set forth below, or at any other address as that party may later designate by Notice. To Agency: Community Development Commission of the City of National City 140 E. 12th Street, Suite B National City, CA 91950-3312 Attention: Executive Director To Developer: Michael J. Hennessey Hennessey Group 17581 Irvine Boulevard, Suite 108 Tustin, CA 92780 Any written notice, demand or communication shall be deemed received immediately if delivered by hand and shall be deemed received on the third day from the date it is postmarked if delivered by registered or certified mail. 602. Enforced Delay; Extension of Times of Performance. In addition to specific provisions of this Agreement, performance by either party hereunder shall not he deemed to be in Default, and all performance and other dates specified in this Agreement shall be extended, where delays or Defaults are due to causes beyond the reasonable control or without the fault of the party claiming an extension of time to perform, which may include the following: war; 017.139951.4 -27- insurrection; strikes; lockouts; riots; floods; earthquakes; fires; casualties; acts of God; acts of the public enemy; epidemics; quarantine restrictions; freight embargoes; lack of transportation; governmental restrictions or priority; litigation; severe weather; inability to secure necessary labor, materials or tools; delays of any contractor, subcontractor or supplier; acts or omissions of the other party; acts or failures to act of the City or ally other public or governmental agency or entity (other than the acts or failures to act of the Agency which shall not excuse performance by the Agency). Notwithstanding anything to the contrary in this Agreement, an extension of time for any such cause shall be for the period of the enforced delay and shall commence to run from the time of the commencement of the cause, if notice by the party claiming such extension is sent to the other party within thirty (30) days of the commencement of the cause. Times of performance under this Agreement may also be extended in writing by the mutual agreement of Agency and Developer. Notwithstanding any provision of this Agreement to the contrary, the lack of funding to complete the improvements shall not constitute grounds of enforced delay pursuant to this Section 602. 603. Transfers of Interest in Site or Agreement. The qualifications and identity of the Developer as the developer of high quality fast food restaurants are of particular concern to the Agency. Furthermore, the parties acknowledge that the Agency has negotiated the terms of this Agreement in contemplation of the development and operation of a gasoline service station with a mini -market and a drive-thru fast food restaurant on the Site and the property tax increment to be generated by the operation of the gasoline service station with a mini -market and a drive-thru fast food restaurant on the Site. Accordingly, for the period commencing upon the date of this Agreement and until the Agency's issuance of the Release of Construction Covenants as set forth in Section 310 hereof, (a) no voluntary or involuntary successor in interest of the Developer shall acquire any rights or powers under this Agreement, (b) nor shall the Developer make any total or partial sale, transfer, conveyance, assignment, subdivision, of the whole or any part of the Site or the Improvements thereon, (c) nor shall any business other than a gasoline service station with a mini -market and a drive-thru fast food restaurant be operated thereon, without the prior written approval of the Agency, except as expressly set forth herein. 603.1 Agency Consideration of Requested Transfer. The Agency agrees that it will not unreasonably withhold approval of a request for approval of a Transfer made pursuant to this Section 603, provided the Developer delivers written notice to the Agency requesting such approval. Such notice shall be accompanied by evidence regarding the proposed transferee's development and/or operational qualifications and experience, and its financial commitments and resources, in sufficient detail to enable the Agency to evaluate the proposed assignee or purchaser pursuant to the criteria set forth in this Section 603 and as reasonably determined by the Agency. The Agency may, in considering any such request, take into consideration such factors as (i) the quality of any new and/or replacement operator, (ii) the transferee's past performance as an operator of fast food restaurants, (iii) the current financial condition of the transferee, and similar factors. The Agency agrees not to unreasonably withhold its approval of any such requested Transfer, taking into consideration the foregoing factors. 01 /.139951.4 -28- An assignment and assumption agreement in form satisfactory to the Agency's legal counsel shall also be required for all proposed 'Transfers. Within thirty (30) days after the receipt of the Developer's written notice requesting Agency approval of a Transfer pursuant to this Section 603, the Agency shall either approve or disapprove such proposed assignment or shall respond in writing by stating what further information, if any, the Agency reasonably requires in order to complete the request and determine whether or not to grant the requested approval. Upon receipt of such a response, the Developer shall promptly furnish to the Agency such further information as may be reasonably requested. 603.2 Successors and Assigns. All of the terms, covenants and conditions of this Agreement shall be binding upon the Developer and its permitted successors and assigns. Whenever the term "Developer" is used in this Agreement, such term shall include any other permitted successors and assigns as herein provided. 603.3 Assignment by Agency. The Agency may assign or transfer any of its rights or obligations under this Agreement without the approval of the Developer. 604. Relationship Between Agency and Developer. It is hereby acknowledged that the relationship between the Agency and the Developer is not that of a partnership or joint venture and that the Agency and the Developer shall not he deemed or construed for any purpose to be the agent of the other. Accordingly, except as expressly provided herein or in the Attachments hereto, the Agency shall have no rights, powers, duties or obligations with respect to the development, operation, maintenance or management of the Improvements. 605. Agency Approvals and Actions. The Agency shall maintain authority of this Agreement and the authority to implement this Agreement through the Agency Director (or his duly authorized representative). The Agency Director shall have the authority to make approvals, issue interpretations, waive provisions, and/or enter into certain amendments of this Agreement on behalf of the Agency so long as such actions do not materially or substantially change the uses or development permitted on the Site, or add to the costs incurred or to be incurred by the Agency as specified herein, and such approvals, interpretations, waivers and/or amendments may include extensions of time to perform as specified in the Schedule of Performance. All other material and/or substantive interpretations, waivers, or amendments shall require the consideration, action and written consent of the Agency Board. 606. Counterparts. This Agreement may be signed in multiple counterparts which, when signed by all parties, shall constitute a binding agreement. This Agreement is executed in three (3) originals, each of which is deemed to he an original. 607. integration. This Agreement contains the entire understanding between the parties relating to the transaction contemplated by this Agreement, notwithstanding any previous negotiations or agreements between the parties or their predecessors in interest with respect to all or any part of the subject matter hereof. All prior or contemporaneous agreements, understandings, representations and statements, oral or written, are merged in this Agreement and shall he of no further force or effect. Each party is entering this Agreement based solely upon the representations set forth herein and upon each party's own independent 017.139951.4 -29- , ,, investigation of any and all facts such party deems material. This Agreement includes Attachment Nos. 1 through 8, which are incorporated herein. 608. Real Estate Brokerage Conunission. The Agency and the Developer each represent and warrant to the other that no broker or finder is entitled to any commission or finder's fee in connection with the Developer's acquisition of the Site from the Agency. The parties agree to defend and hold harmless the other party from any claim to any such commission or fee from any other broker, agent or finder with respect to this Agreement which is payable by such party. 609. Titles and Captions. Titles and captions are for convenience of reference only and do not define, describe or limit the scope or the intent of this Agreement or of any of its terms. Reference to section numbers are to sections in this Agreement, unless expressly stated otherwise. 610. Interpretation. As used in this Agreement, masculine, feminine or neuter gender and the singular or plural number shall each be deemed to include the others where and when the context so dictates. The word "including" shall be construed as if followed by the words "without limitation." This Agreement shall be interpreted as though prepared jointly by both parties. 611. No Waiver. A waiver by either party of a breach of any of the covenants, conditions or agreements under this Agreement to be performed by the other party shall not be construed as a waiver of any succeeding breach of the same or other covenants, agreements, restrictions or conditions of this Agreement. 612. Modifications. Any alteration, change or modification of or to this Agreement, in order to become effective, shall be made in writing and in each instance signed on behalf of each party. 613. Severability. If any term, provision, condition or covenant of this Agreement or its application to any party or circumstances shall be held, to any extent, invalid or unenforceable, the remainder of this Agreement, or the application of the term, provision, condition or covenant to persons or circumstances other than those as to whom or which it is held invalid or unenforceable, shall not be affected, and shall be valid and enforceable to the fullest extent permitted by law. 614. Computation of Time. The time in which any act is to be done under this Agreement is computed by excluding the first day (such as the day escrow opens), and including the last day, unless the last day is a holiday or Saturday or Sunday, and then that day is also excluded. The term "holiday" shall mean all holidays as specified in Section 6700 and 6701 of the California Government Code. If any act is to be done by a particular time during a day, that time shall be Pacific Time Zone time. 615. Legal Advice. Each party represents and warrants to the other the following: they have carefully read this Agreement, and in signing this Agreement, they do so with full 01 7.139951.4 -30- knowledge of any right which they may have; they have received independent legal advice from their respective legal counsel as to the matters set forth in this Agreement, or have knowingly chosen not to consult legal counsel as to the matters set forth in this Agreement; and, they have freely signed this Agreement without any reliance upon any agreement, promise, statement or representation by or on behalf of the other party, or their respective agents, employees, or attorneys, except as specifically set forth in this Agreement, and without duress or coercion, whether economic or otherwise. 616. Time of Essence. Time is expressly made of the essence with respect to the performance by the Agency, the Developer of each and every obligation and condition of this Agreement. 617. Cooperation. Each party agrees to cooperate with the other in this transaction and, in that regard, to sign any and all documents which may be reasonably necessary, helpful, or appropriate to carry out the purposes and intent of this Agreement including, but not limited to, releases or additional agreements. 618. Conflicts of Interest. No member, official or employee of the Agency shall have any personal interest, direct or indirect, in this Agreement, nor shall any such member, official or employee participate in any decision relating to the Agreement which affects his personal interests or the interests of any corporation, partnership or association in which he is directly or indirectly interested. 619. Time for Acceptance of Agreement by Agency. This Agreement, when executed by the Developer and delivered to the Agency, must be authorized, executed and delivered by the Agency on or before forty-five (45) days after signing and delivery of this Agreement by the Developer or this Agreement shall be void, except to the extent that the Developer shall consent in writing to a further extension of time for the authorization, execution and delivery of this Agreement. iN WITNESS WHEREOF, the Agency and the Developer have executed this Disposition and Development Agreement as of the date set forth above. AGENCY: COMMUNITY DEVELOPMENT COMMISSION OF THE OF THE CITY OF NATIONAL CiTY, a public body, corporate and politic By: ATTEST: George H. Waters, Chairman 017.1 39951.4 -3f- A7 Agency Secretary APPROVED S `I'O FQR L: di/c Agency .unsel DEVELOPER: MICHAEL J. IJENNESSEY, an individual By: 017.139951.4 1 .Q Lops,s I $4 V S -32- 51y,4nfA.e rrrc fro 6.,E ;,Ic. 4(-v ft ID ' ATTACHMENT NO. 1 s rtE MAP ak4.4,srl re 5 r ACP ROOSEVELT AVE. z • a ;a• lq%; a;ar, nia,z ti ! !id 1 -141 i ! vie • „„ r i ft t t t -1.)t Turrr WO•err. __ad Twits frowaring F•.---P.57--- 'a ,--:-‘fl glIRKInri GROUP Srs Yr. Oro. enr 6....... ....1.--., a.,,.. mr, .7^..7k--.L. WO. 0•••••• c.o... etre ir. r /....... ,Iej...... ...... TA MY ••••••• Aag,•• . 44.7.... • •,•••••; F4 .—' to) 2 I CONCEPTUAL ME PLAN I 1. JIR _14104:Sa:02 -BUM rerE t ani MEET a 145 r NATIONAL am, CAUFORNIA Attachment 1-1 _ . 0,1 0,1 4.4. COMM OJT Ct.) Sol 'ft., Stof• boo./ • WOO:00 NAV • orrrar -04 '9. 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I 01. • !NJ' SKEET 1 Of EANEET -47'1E.49 • 1 4114•10, to•• or, olOtto ,O4,04" o oT ol" Woo, o • 14 4,1r. orr, ••••OVI, vpr, •a; r•• E3 .40 ••••• •...,••••• •••1 LviNv,VA.M. ,CC,•10. 0•15.014ro 4•411. 400101 f>.-.1.04 • ow.o.., covor...tos 14.4. 040C11.1,0 0.94 1,-.L$ 040, 04$ 20.41 1 nr I. •.• ...We 104, "ow, •••••••., 06.1"X .9 •L • 11.$0 ou.44$ , • K4.1.0 o. o9 (9401,49o, r •4,914., •10• • $ $ Attachment No. 2-1 BENLI-1_66,9EK' 1AL A. MK., ••••• VOA*. v 04. $4, 4.04,144.19. V014414 O • TY.d 00.V. • V. •. V VI. SRL, VI,. • 111. 409 .1,4r ,o6, _WeiraXr.g03:12,49T.A.M.MeNT • •r•OV Oat. lo 101 er v.• or 4, 44 co or, • Goy. 40. .0•49,1 olo • %VA •C., • vv.. ZAVvv•.: v•Or • to 0,000.••• ICo o COMO ,14/4 .• 41 41 40 9- 11,-1' O NB 000 /dm 00-0/0 BOUNDARY AND TOPOCRAPNC SURVEY A PORTION OF BLOCK 57 MAP NO 346 NATIONAL CITY NASLAND ENGINEERING 0ovv..... • 000vvv flS 00 1•1•0 &v.v. ha vv.@ (asavv. 11003109. I lie.r 1 01 9WS ylf • 9, Immure 11=1" • Ve ▪ • SC4I ," • ,C RECORDING REQUESTED BY, MAIL TAX STATEMENTS TO AND WHEN RECORDED MAIL TO: Michael J. Hennessey Hennessey Group 17300 17`h Street, J-251 Tustin, CA 92780 ) ) ) ) ) ) ) ) This document is exempt from payment of a recording fee pursuant to Government Code Section 27383 GRANT DEED For valuable consideration, receipt of which is hereby acknowledged, The COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY, a public body, corporate and politic (the "Agency"), acting to carry out the Redevelopment Plan ("Redevelopment Plan") for the National City Redevelopment Project (the "Project"), under the Community Redevelopment Law of California, as of July 31, 2001, hereby grants to HG - 8`h & Roosevelt, LLC, a limited liability company ("Developer"), the real property hereinafter referred to as the "Site," described in Exhibit A attached hereto and incorporated herein, subject to the existing easements, restrictions and covenants of record described there. 1. Reservation of Mineral Rights. Agency excepts and reserves from the conveyance herein described all interest of the Agency in oil, gas, hydrocarbon substances and minerals of every kind and character lying more than five hundred (500) feet below the surface, together with the right to drill into, through, and to use and occupy all parts of the Site lying more than five hundred (500) feet below the surface thereof for any and all purposes incidental to the exploration for and production of oil, gas, hydrocarbon substances or minerals from said Site or other lands, but without, however, any right to use either the surface of the Site or any portion thereof within five hundred (500) feet of the surface for any purpose or purposes whatsoever, or to use the Site in such a manner as to create a disturbance to the use or enjoyment of the Site. 2. Conveyance in Accordance With Redevelopment Plan, Disposition and Development Agreement. The Site is conveyed in accordance with and subject to the Redevelopment Plan which was approved and adopted by Ordinance No. 95-2095 of the City Council of the City of National City, and a Disposition and Development Agreement entered into between Agency and Developer dated June 20, 2000 (the "DDA"), a copy of which is on file with the Agency at its offices as a public record and which is incorporated herein by reference. The DDA generally requires the Developer to construct a combination gasoline station with a mini -market and a drive-thru fast food restaurant on the Site (the " Improvements"), and other requirements as set forth therein. All terms used herein shall have the same meaning as those used in the DDA. 3. Restrictions on Transfer. The Developer further agrees as follows: (a) For the period commencing upon the date of this Grant Deed and until the Agency's issuance of the Release of Construction Covenants as set forth in Section 310 of the DDA, no voluntary or involuntary successor in interest of the Developer shall acquire any rights or powers under the DDA or this Grant Deed, nor shall the Developer make any total or partial sale, transfer, conveyance, assignment, subdivision, without the prior written approval of the Agency pursuant to Section 603 of the DDA. (b) The Developer shall not place or suffer to be placed on the Site any lien or encumbrance other than mortgages, deeds of trust, or any other form of conveyance required for financing of the construction of the Improvements on the Site, and any other expenditures necessary and or appropriate to develop the Site as provided in Section 310.2 of the DDA.. (c) All of the terms, covenants and conditions of this Grant Deed shall be binding upon the Developer and the permitted successors and assigns of the Developer. Whenever the term "Developer" is used in this Grant Deed, such term shall include any other successors and assigns as herein provided. 4. Nondiscrimination. The Developer herein covenants by and for itself, its heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the Developer itself or any person claiming under or through Developer, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land. The Developer shall refrain from restricting the rental, sale or lease of the Site on the basis of race, color, religion, sex, marital status, ancestry or national origin of any person. All such deeds, leases or contracts shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses: (a) In deeds: "The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the grantee or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land." (b) In leases: "The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators, and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: "That there shall be no discrimination against or segregation of any person or group of persons, on account of race, color, creed, religion, sex, marital status, national origin, or ancestry in the leasing, subleasing, transferring, use, occupancy, tenure, or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy of tenants, lessees, sublessees, subtenants, or vendees in the premises herein leased." (c) In contracts: "There shall be no discrimination against or segregation of, any person, or group of persons on account of race, color, creed, religion, sex, marital status, national origin, or ancestry, in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the premises, nor shall the transferee himself or herself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the premises." 5. Agency Right of Reentry. The Agency has the right, at its election, to reenter and take possession of the Site, with all improvements thereon, and terminate and revest in the Agency the estate conveyed to the Developer if after the Closing and prior to the issuance of the Release of Construction Covenants, the Developer (or its successors in interest) shall: a. fail to start the construction of the Improvements as required by the DDA for a period of ninety (90) days after written notice thereof from the Agency; or b. abandon or substantially suspend construction of the Improvements required by the DDA for a period of sixty (60) days after written notice thereof from the Agency; or c. contrary to the provisions of Section 603 of the DDA transfer or suffer any involuntary Transfer in violation of the DDA. Such right to reenter, terminate and revest shall be subject to and be limited by and shall not defeat, render invalid or limit: 1. Any mortgage or deed of trust permitted by the DDA; or 2. Any rights or interests provided in the DDA for the protection of the holders of such mortgages or deeds of trust. 3. Any rights or interests held by a lessee in and to the property. Upon the revesting in the Agency of title to the Site as provided in this Section 5, the Agency shall, pursuant to its responsibilities under state law, use its reasonable efforts to resell the Site as soon and in such manner as the Agency shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan, as it exists or may be amended, to a qualified and responsible party or parties (as determined by the Agency) who will assume the obligation of making or completing the Improvements, or such improvements in their stead as shall be satisfactory to the Agency and in accordance with the uses specified for the Site or part thereof in the Redevelopment Plan. Upon such resale of the Site, the net proceeds thereof after repayment of any mortgage or deed of trust encumbering the Site which is permitted by this Agreement, shall be applied: i. First, to reimburse the Agency, on its own behalf or on behalf of the City, all costs and expenses incurred by the Agency, excluding City and Agency staff costs, but specifically, including, but not limited to, any expenditures by the Agency or the City in connection with the recapture, management and resale of the Site or part thereof (but less any income derived by the Agency from the Site or part thereof in connection with such management); all taxes, assessments and water or sewer charges with respect to the Site or part thereof which the Developer has not paid (or, in the event that Site is exempt from taxation or assessment of such charges during the period of ownership thereof by the Agency, an amount, if paid, equal to such taxes, assessments, or charges as would have been payable if the Site were not so exempt); any payments made or necessary to be made to discharge any encumbrances or liens existing on the Site or part thereof at the time or revesting of title thereto in the Agency, or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Developer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the improvements or any part thereof on the Site, or part thereof; and any amounts otherwise owing the Agency, and in the event additional proceeds are thereafter available, then ii. Second, to reimburse the Developer, its successor or transferee, up to the amount equal to the sum of (a) the costs incurred for the acquisition and development of the Site and for the improvements existing on the Site at the time of the reentry and possession. Any balance remaining after such reimbursements shall be retained by the Agency as its property. The rights established in this Section 6 are not intended to be exclusive of any other right, power or remedy, but each and every such right, power, and remedy shall be cumulative and concurrent and shall be in addition to any other right, power and remedy authorized herein or now or hereafter existing at law or in equity. These rights are to be interpreted in light of the fact that the Agency will have conveyed the Site to the Developer for redevelopment purposes. 6. Violations Do Not Impair Liens. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest permitted by paragraph 4 of this Grant Deed; provided, however, that any subsequent owner of the Site shall be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such owner's title was acquired by foreclosure, deed in lieu of foreclosure, trustee's sale or otherwise. 7. Covenants Run With Land. All covenants contained in this Grant Deed shall be covenants running with the land. All of Developer's obligations hereunder except as provided hereunder shall terminate and shall become null and void upon the expiration of the Redevelopment Plan. Every covenant contained in this Grant Deed against discrimination contained in paragraph 4 of this Grant Deed shall remain in effect in perpetuity. 8. Covenants For Benefit of Agency. All covenants without regard to technical classification or designation shall be binding for the benefit of the Agency, and such covenants shall run in favor of the Agency for the entire period during which such covenants shall be in force and effect, without regard to whether the Agency is or remains an owner of any land or interest therein to which such covenants relate. The Agency, in the event of any breach of any such covenants, shall have the right to exercise all the rights and remedies and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach. 9. Revisions to Grant Deed. Both Agency, its successors and assigns, and Developer and the successors and assigns of Developer in and to all or any part of the fee title to the Site shall have the right with the mutual consent of the Agency to consent and agree to changes in, or to eliminate in whole or in part, any of the covenants, easements or restrictions contained in this Grant Deed without the consent of any tenant, lessee, easement holder, licensee, mortgagee, trustee, beneficiary under a deed of trust or any other person or entity having any interest less than a fee in the Site. However, Developer and Agency are obligated to give written notice to and obtain the consent of any first mortgagee prior to consent or agreement between the parties concerning such changes to this Grant Deed. The covenants contained in this Grant Deed, without regard to technical classification, shall not benefit or be enforceable by any owner of any other real property within or outside the Project Area, or any person or entity having any interest in any other such realty. No amendment to the Redevelopment Plan shall require the consent of the Developer. 10. Enforced Delay; Extension of Times of Performance. In addition to specific provisions of this Agreement, performance by either party hereunder shall not be deemed to be in Default, and all performance and other dates specified in this Agreement shall be extended, where delays or Defaults are due to causes beyond the reasonable control or without the fault of the party claiming an extension of time to perform, which may include the following: war; insurrection; strikes; lockouts; riots; floods; earthquakes; fires; casualties; acts of God; acts of the public enemy; epidemics; quarantine restrictions; freight embargoes; lack of transportation; governmental restrictions or priority; litigation; severe weather; inability to secure necessary labor, materials or tools; delays of any contractor, subcontractor or supplier; acts or omissions of the other party; acts or failures to act of the City or any other public or governmental agency or entity (other than the acts or failures to act of the Agency which shall not excuse performance by the Agency). Notwithstanding anything to the contrary in this Agreement, an extension of time for any such cause shall be for the period of the enforced delay and shall commence to run from the time of the commencement of the cause, if notice by the party claiming such extension is sent to the other party within thirty (30) days of the commencement of the cause. Times of performance under this Agreement may also be extended in writing by the mutual agreement of Agency and Developer. Notwithstanding any provision of this Agreement to the contrary, the lack of funding to complete the Improvements shall not constitute grounds of enforced delay pursuant to this Section 10. APPROVED AS TO FORM: ar George Eiser, CDC Attorney AGENCY: COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY, a public body, corporate and politic By: George H. Waters, Chairman EXHIBIT "A" LEGAL DESCRIPTION OF SITE Parcel 1, as shown on Parcel Map No. 18733, in the City of National City, County of San Diego, State of California, according to the Map thereof, filed in the office of the County Recorder of San Diego, June 21, 2001. Assessor's Parcel No's: 555-054-03, 555-054-07, 555-054-08, 555-054-09, 555-054-10 & 555-054-11 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT { A rl Title or Type of Document. State of County of On personallyappeared crpe7sonally known to me - OR -.716ved to NORMA P. URIAS 'i . ; COMM.#NOTARY 1283361 z n PUBLICCALIrgtNIA SAN O4EGO COUNTY My CCMAWSSION EXNRES DEC a. 2004 fM1___IS /ten tl Officer (e.g.,' ane ,1Jday Pudic') l� t 7I Q J/V�//S��/f[L/JV►77,1�tC�1 f// Na me on the basis of satisfactory evidence to be the person* whose namekaave subscribed to the within instrument and acknowledged to me tha e1ehe1Shey executed the same it he#414eir authorized capacity(iec), and that by herftiwir signatures) on the instrument the person or the entity upon behalf of which the persons) acted, executed the instrument. WITNESS my hand and official seal. 242Ac OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document .x ejzi Q Document Date: _ S' 2 c ci r3/ SignerN)ther Than Named Above: Capacity(ies),Claimed by Signer( Sig ner\Name: L Individual II Corporate Officer Title(s): 1-1 Partner — U Limited i General D. Attorney -in -Fact U Trustee Li Guardian or Conservator 4/Other: t t It 6 Signer Is Representing: oNd RIGHT THUMBPRINT OF SIGNER Too of thumb hero. Signer's Name: Number of Pages: U Individual E.? Corporate Officer Title(s): Partner — LJ Limited i-7 General r] Attorney -in -Fact U Trustee LI Guardian or Conservator Li Other: Signer Is Representing: 7 RIGHT THUMBPRINT OF SIGNER Top of thumb hero 0 1995 Natrona' Notary Associntinn • 8236 flerornet Ave., P.O. Box 7184 • Canoga Park. CA 91309-7184 Prod. No. 5907 Reorder. Call Top Free 1.800-876-6921 ATTACHMENT NO. 3 RECORDING REQUESTED BY, ) MAIL TAX STATEMENTS TO ) AND WHEN RECORDED MAIL TO: ) ) Michael J. Hennessey ) 17581 Irvine Boulevard ) Suite 108 ) Tustin, CA 92780 ) This document is exempt from payment of a recording fee pursuant to Government Code Section 27383 GRANT DEED For valuable consideration, receipt of which is hereby acknowledged, The COMMUNITY DEVELOPMENT COMMISSION OF TIIE CITY OF NATIONAL CITY, a public body, corporate and politic (the "Agency"), acting to carry out the Redevelopment Plan ("Redevelopment Plan") for the National City Redevelopment Project (the "Project"), under the Community Redevelopment Law of California, as of , 2000, hereby grants to MICHAEL J. HENNESSEY, an individual or assigns ("Developer"), the real property hereinafter referred to as the "Site," described in Exhibit A attached hereto and incorporated herein, subject to the existing casements, restrictions and covenants of record described there. 1. Reservation of Mineral Rights. Agency excepts and reserves from the conveyance herein described all interest of the Agency in oil, gas, hydrocarbon substances and minerals of every kind and character lying more than five hundred (500) feet below the surface, together with the right to drill into, through, and to use and occupy all parts of the Site lying more than five hundred (500) feet below the surface thereof for any and all purposes incidental to the exploration for and production of oil, gas, hydrocarbon substances or minerals from said Site or other lands, but without, however, any right to use either the surface of the Site or any portion thereof within five hundred (500) feet of the surface for any purpose or purposes whatsoever, or to use the Site in such a manner as to create a disturbance to the use or enjoyment of the Site. 2. Conveyance in Accordance With Redevelopment Plan, Disposition and Development Agreement. The Site is conveyed in accordance with and subject to the Redevelopment Plan which was approved and adopted by Ordinance No. 95-2095 of the City Council of the City of National City, and a Disposition and Development Agreement entered into between Agency and Developer dated , 2000 (the "DDA"), a copy of which is on file with the Agency at its offices as a public record and which is 017.139951A -35- incorporated herein by reference. The DDA generally requires the Developer to construct a combination gasoline station with a mini -market and a drive-thru fast food restaurant on the Site (the " improvements"), and other requirements as set forth therein. All terms used herein shall have the same meaning as those used in the DDA. 3. Restrictions on Transfer. The Developer further agrees as follows: (a) For the period commencing upon the date of this Grant Deed and until the Agency's issuance of the Release of Construction Covenants as set forth in Section 310 of the DDA, no voluntary or involuntary successor in interest of the Developer shall acquire any rights or powers under the DDA or this Grant Deed, nor shall the Developer make any total or partial sale, transfer, conveyance, assignment, subdivision, without the prior written approval of the Agency pursuant to Section 603 of the DDA. (b) The Developer shall not place or suffer to be placed on the Site any lien or encumbrance other than mortgages, deeds of trust, or any other form of conveyance required for financing of the construction of the improvements on the Site, and any other expenditures necessary and or appropriate to develop the Site as provided in Section 310.2 of the DDA. . (c) All of the terms, covenants and conditions of this Grant Deed shall be binding upon the Developer and the permitted successors and assigns of the Developer. Whenever the term "Developer" is used in this Grant Deed, such term shall include any other successors and assigns as herein provided. 4. Nondiscrimination. The Developer herein covenants by and for itself, its heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the land herein conveyed, nor shall the Developer itself or any person claiming under or through Developer, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land. The Developer shall refrain from restricting the rental, sale or lease of the Site on the basis of race, color, religion, sex, marital status, ancestry or national origin of any person. All such deeds, leases or contracts shall contain or he subject to substantially the following nondiscrimination or nonsegregation clauses: (a) In deeds: "The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators and assigns, and all persons claiming under or through them, that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the 017.i399bi.4 -36- land herein conveyed, nor shall the grantee or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the land herein conveyed. The foregoing covenants shall run with the land." (b) In leases: "The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators, and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions: "That there shall be no discrimination against or segregation of any person or group of persons, on account of race, color, creed, religion, sex, marital status, national origin, or ancestry in the leasing, subleasing, transferring, use, occupancy, tenure, or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy of tenants, lessees, sublessees, subtenants, or vendees in the premises herein leased." (c) In contracts: "There shall be no discrimination against or segregation of, any person, or group of persons on account of race, color, creed, religion, sex, marital status, national origin, or ancestry, in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the premises, nor shall the transferee himself or herself or any person claiming under or through him or her, establish or permit ally such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees of the premises." 5. Agency Right of Reentry. The Agency has the right, at its election, to reenter and take possession of the Site, with all improvements thereon, and terminate and revest in the Agency the estate conveyed to the Developer if after the Closing and prior to the issuance of the Release of Construction Covenants, the Developer (or its successors in interest) shall: a. fail to start the construction of the Improvements as required by the DDA for a period of ninety (90) days after written notice thereof from the Agency; or b. abandon or substantially suspend construction of the Improvements required by the DDA for a period of sixty (60) days after written notice thereof from the Agency; or c. contrary to the provisions of Section 603 of the DDA transfer or suffer any involuntary Transfer in violation of the DDA. 017.139951.4 -37- Such right to reenter, terminate and revest shall be subject to and be limited by and shall not defeat, render invalid or limit: 1. Any mortgage or deed of trust permitted by the DDA; or 2. Any rights or interests provided in the DDA for the protection of the holders of such mortgages or deeds of trust. 3. Any rights or interests held by a lessee in and to the property. Upon the revesting in the Agency of title to the Site as provided in this Section 5, the Agency shall, pursuant to its responsibilities under state law, use its reasonable efforts to resell the Site as soon and in such manner as the Agency shall find feasible and consistent with the objectives of such law and of the Redevelopment Plan, as it exists or may be amended, to a qualified and responsible party or parties (as determined by the Agency) who will assume the obligation of making or completing the Improvements, or such improvements in their stead as shall be satisfactory to the Agency and in accordance with the uses specified for the Site or part thereof in the Redevelopment Plan. Upon such resale of the Site, the net proceeds thereof after repayment of any mortgage or deed of trust encumbering the Site which is permitted by this Agreement, shall he applied: i. First, to reimburse the Agency, on its own behalf or on behalf of the City, all costs and expenses incurred by the Agency, excluding City and Agency staff costs, but specifically, including, but not limited to, any expenditures by the Agency or the City in connection with the recapture, management and resale of the Site or part thereof (but less any income derived by the Agency from the Site or part thereof in connection with such management); all taxes, assessments and water or sewer charges with respect to the Site or part thereof which the Developer has not paid (or, in the event that Site is exempt from taxation or assessment of such charges during the period of ownership thereof by the Agency, an amount, if paid, equal to such taxes, assessments, or charges as would have been payable if the Site were not so exempt); any payments made or necessary to be made to discharge any encumbrances or liens existing on the Site or part thereof at the time or revesting of title thereto in the Agency, or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Developer, its successors or transferees; any expenditures made or obligations incurred with respect to the making or completion of the improvements or any part thereof on the Site, or part thereof; and any amounts otherwise owing the Agency, and in the event additional proceeds are thereafter available, then ii. Second, to reimburse the Developer, its successor or transferee, up to the amount equal to the sum of (a) the costs incurred for the acquisition and development of the Site and for the improvements existing on the Site at the time of the reentry and possession. Any balance remaining after such reimbursements shall be retained by the Agency as its property. The rights established in this Section 6 are not intended to be exclusive of any other right, power or remedy, but each and every such right, power, and remedy shall be cumulative and concurrent and shall he in addition to any other right, power and remedy authorized herein 017.139951.4 -38- 4e- or now or hereafter existing at law or in equity. These rights are to be interpreted in light of the fact that the Agency will have conveyed the Site to the Developer for redevelopment purposes. 6. Violations Do Not Impair Liens. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest permitted by paragraph 4 of this Grant Deed; provided, however, that any subsequent owner of the Site shall be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such owner's title was acquired by foreclosure, deed in lieu of foreclosure, trustee's sale or otherwise. 7. Covenants Run With Land. All covenants contained in this Grant Deed shall be covenants running with the land. All of Developer's obligations hereunder except as provided hereunder shall terminate and shall become null and void upon the expiration of the Redevelopment Plan. Every covenant contained in this Grant Deed against discrimination contained in paragraph 4 of this Grant Deed shall remain in effect in perpetuity. 8. Covenants For Benefit of Agency. All covenants without regard to technical classification or designation shall be binding for the benefit of the Agency, and such covenants shall run in favor of the Agency for the entire period during which such covenants shall be in force and effect, without regard to whether the Agency is or remains an owner of any land or interest therein to which such covenants relate. The Agency, in the event of any breach of any such covenants, shall have the right to exercise all the rights and remedies and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach. 017.139951.4 9. Revisions to Grant Deed. Both Agency, its successors and assigns, and Developer and the successors and assigns of Developer in and to all or any part of the fee title to the Site shall have the right with the mutual consent of the Agency to consent and agree to changes in, or to eliminate in whole or in part, any of the covenants, easements or restrictions contained in this Grant Deed without the consent of any tenant, lessee, easement holder, licensee, mortgagee, trustee, beneficiary under a deed of trust or any other person or entity having any interest less than a fee in the Site. However, Developer and Agency are obligated to give written notice to and obtain the consent of any first mortgagee prior to consent or agreement between the parties concerning such changes to this Grant Decd. The covenants contained in this Grant Deed, without regard to technical classification, shall not benefit or be enforceable by any owner of any other real property within or outside the Project Area, or any person or entity having any interest in any other such realty. No amendment to the Redevelopment Plan shall require the consent of the Developer. 10. Enforced Delay; Extension of Times of Performance. In addition to specific provisions of this Agreement, performance by either party hereunder shall not -39- be deemed to be in Default, and all performance and other dates specified in this Agreement shall be extended, where delays or Defaults are due to causes beyond the reasonable control or without the fault of the party claiming an extension of time to perform, which may include the following: war; insurrection; strikes; lockouts; riots; floods; earthquakes; fires; casualties; acts of God; acts of the public enemy; epidemics; quarantine restrictions; freight embargoes; lack of transportation; governmental restrictions or priority; litigation; severe weather; inability to secure necessary labor, materials or tools; delays of any contractor, subcontractor or supplier; acts or omissions of the other party; acts or failures to act of the City or any other public or governmental agency or entity (other than the acts or failures to act of the Agency which shall not excuse performance by the Agency). Notwithstanding anything to the contrary in this Agreement, an extension of time for any such cause shall he for the period of the enforced delay and shall commence to run from the time of the commencement of the cause, if notice by the party claiming such extension is sent to the other party within thirty (30) days of the commencement of the cause. Times of performance under this Agreement may also be extended in writing by the mutual agreement of Agency and Developer. Notwithstanding any provision of this Agreement to the contrary, the lack of funding to complete the Improvements shall not constitute grounds of enforced delay pursuant to this Section 10. ATTEST: Secretary of the Agency APPROVED AS TO FORM: Agency Counsel 017.139951.4 AGENCY: COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY, a public body, corporate and politic By: -40- George II. Waters, Chairman m12- 11E2P-Cif2 110.1001II OK 0, 911 4 0.•••••11 • ' 01•30,2140.40 M.P... U., / / 011111 014011101 0010, 1.4•1•I• 9•00 1•44111 / •••„r,_ • sem 1,1,0 01•00 GC .00•••/- ' ,,. (f7..;'-' : i',-.?'••)--•"; N'Y ' . ...„ •-.. - — :.., . ‘7_, i t...4; , ,,-, ,-, ..., - 5•:. L,', : ...., ...,ii., Laratd...12EirefZ,ff=r2LV I/ ; .4,144••-; ..-'.)V '.• •-_-___--- ..,,,,„:_......• . --.. • ,',' ' ' il •('' r- ,,,, ----_,_....- .1, Moe rt.. .. • ......-:1=0•.•••• 711-1 STREET ,-- ,-..4.4.•7 .,,,,,, ; „ ,,,.. .y........, ,..,-... ,......”.- . .... . - i I i '''''' •;...., , / -.Z...!, 0._Div. 015•010t • 0.7 _ . •-•!, ..0, ... \ -• 4 • 1 I .---- ; C -,.• ',le, -.- i I ' ' / /,' ,' - '-t..7 , "-••• • ". . SiTE ,..i• I.., -7 .- .r i'......1!: • ....,. i 1 • , ' • ,L2A1 .s.. '. EXHIBIT "A" r MA LEGAL DESCRIPTION OF SITE „ •• • • •••',. s.'•• / 717 • • 4.0116 • • '011.3. roma • • 11. rn •• - ••••• I_ ,•••• . i I • 7,- • A (7; • • ; • I .? •I • ••••• =•'Z •••• 11,1 SO • ..., „1, r ,•"•:. • I, • /.:••••i .. , ...... i ...': .: . I ,... - ......--_______, ...4 . . v I ..., . 5 I • .• , ...:,„.•• : i ,1 •-i ., • ,‘,.....• -; u — -', 1....... ', a • ••• , _. _.•17...- . _ . 1 1 • . ..., •••••• 1 •,•1 ....I • • ..3.. _ 7 ...• ..11 ....1: S.,' i - ...z. - 1 • ..'...\ '.- / 1..... ... ''' . \ •,. \ '...,..,...._,:.i 3 ____.. __ _ „.... ____ , .....,•...., ,.,.,,---. .,.. . .. . . -.-,-..,,._:, 4. .1. . !.......' . • • • • • 4. kr ;:s - • , „ _ mop 2,10 I 877-1Sittr 04 TN •01. •••• •010/31 • "k\ — .- g • :71 Rya --- 1....• _ ,•-• 1.1 - t Z. I , , I 1 \ a —, - -...,.....-;,c.,,,,„-••• , , ••••,...-,..1_,..4, r...,-_-=.-- ..11..-.•-• ,•.1,, o, • . e -.-------------a ..... .- --------- . --- .- ---- .1- _ .._ ------ ... ._,...7. „.••••-•... •••• ' ....... .6'. • t • ,._ • • -...- , . • „ , SAO I ,log • ------------ 1....• .......... .L.- ..... • i • AL. • •• 1 ' 1_.. . C .• , r., . C,,•;,7• • 711 •• - .1. , I r .' , - - - -i /- - - - - - --- -.:...1,--•-- 1 i • . II \ ! --- • • 40.•10 • 1 BM EST I OF I SWEET ItP,77-5 • IMLC•.• •• 1.1<• 1.110,4 1..04 1, a. 5..1101• a• 0.54 • 00•11.11 0•••••01.• 0,......•14141.0 • ••114/. , 0.0,10,••••1 •0115.4,..•10. 1. • se 011. tam 1A0 iCTUNCD,..•• 1 :044 ••-• ,-0••• t r.E1CC 10, . 1...111., L. it If•• P9EttS_OBEA/fgbf5X7 ••••, , • •OR•PC.•.1. <0,00. t. .4.04 ••• et, iii SC! • 1•4• :: • 1,•.11• • Yg./.1_114AEP5' u.. 1110,) .•• Ct4(.1, .40 . 11,• ••••,••••••.. C1111.• CI Ill S.TTiitflt. ; 4... • 00••• %n, ••• 0 • ••• a0 1411 la • 411, ••1111. 0•••• SVIVZXQB...5..-5.ralriefehrr .10.011 . Cr 01C 11, 1.411,14h. 0, U., Tor ISA% •0•41.1 • (.• • PS 4SC. •A! 'SO. • yr..., •••• Ca. hi; .0., SAC( 0....1•000.•• 0. •• ••/. JOS Ova ••••••••71 80LAVJARY ANC TDPOGRAPhCC SURVEY A P097704 0&OC1 57 MAP NO 345 NA 710/VAL CITY NASLAND ENGINEERING •.,•••••• IsYncow On I In. • Imre.. I ' molar, (Cc.! - 2C ATTACHMENT NO. 4 SCHEDULE OF PERFORMANCE 1. Consideration of Agreement by the Agency Board. The Agency Board shall consider this Agreement, and if approved, shall deliver one executed copy thereof to the Developer. 2. Submission of Basic Concept Drawings. Developer submits Basic Concept Drawings to Agency. 3. Agency Approval or Disapproval of Basic Concept Drawings. Agency shall review the Basic Concept Drawings and approve or disapprove same. 4. Submission of Site Plan and Other Entitlement Applications for the Project. The Developer shall prepare and submit to the City and Agency a complete Site Plan application and other entitlements necessary for the development and operation of the Improvements on the Site. 5. Review of Site Plan Application and Approval or Disapproval Thereof. The Agency shall cause the Planning Commission (or applicable governmental entity) to consider and take action to approve or disapprove the Site Plan application, Site Plan Drawings, and other entitlement applications. 6. Agency/City Council Review of Site Plan and Approval or Disapproval Thereof. If required the Agency and/or City Council shall consider and approve or disapprove the Site Plan application and Site Plan Drawings. 7. Submission of Construction Drawings. Developer shall submit to the Building/Engineering Department complete Site Improvement and Construction Drawings. 01 7.1 39951 .4 -42- Within fifteen (15) days after delivery to the Agency of three (3) executed copies of this Agreement. Completed. Completed Completed Within thirty (30) days of submission of Site Plan application. Within thirty (30) days of approval of Site Plan by the Planning Commission . Within sixty (60) days after approval of Site Plan by the Planning Commission and/or City Council. 8. Building/Engineering Review of Complete Site Improvement and Construction Drawings. The Building/Engineering Department shall approve or disapprove the complete Site Improvement and Construction Drawings and Street Improvement Plans (collectively "Construction Drawings".) Within thirty (30) days of submission. 9. Revisions of Construction Drawings By the Within thirty (30) days after receipt Developer. Developer shall prepare revised of Building/Engineering's Construction Drawings as necessary, and comments. resubmit them to the Building/Engineering Department for review. 10. Final Review of Complete Construction Drawings. The Building/Engineering Department shall approve or disapprove the revisions submitted by Developer provided that the revisions necessary to accommodate the Department's comments have been made. 11. Revisions of Construction Drawings by the Developer. Developer shall prepare revised Construction Drawings as necessary, and resubmit them to the Building/Engineering Department for review. 12. Final Review of Complete Construction Drawings. The Building/Engineering Department and shall approve or disapprove the revisions submitted by the Developer, and Developer shall be ready to obtain building permits, provided that the revisions necessary to accommodate the Department's comments have been made. Within ten (10) days after submission. Within twenty (20) days after Building/ Engineering's approval of Site Improvement Drawings. Within fifteen (15) days after submission. 13. Opening of Escrow. The Agency shall open Not later than June 30, 2000. an Escrow with an Escrow Agent. 14. Conditions Precedent. Developer and Agency shall satisfy (or waive) all of their respective Conditions Precedent to Closing. 017.139951.4 -43- Not later than October 2, 2000. 15. Close of Escrow for Conveyance. Agency Not later than November 23, 2000. shall convey the Site to the Developer. 16. Commencement of Construction. Developer shall commence construction of the Improvements to be constructed on the Site. 17. Completion of Construction. Developer shall complete construction of the Improvements. 18. Release of Construction Covenants. After the completion of the construction of the Improvements the Agency shall record the Release of Construction Covenants Within thirty (30) days of the Closing. Within two hundred (200) days of the Commencement of construction. Within fifteen (15) days following the issuance of an occupancy permit. 114/- 017.139951.4 -44- ATTACHMENT NO. 5 SCOPE OF DEVELOPMENT I. GENERAL This Scope of Development presents general requirements for all improvements to the Site, including on -site and off -site public improvements (collectively, the "Improvements"). Detailed requirements and approval of specific construction plans and documents will be addressed in the development review process. II. DEVELOPMENT CONCEPT The Developer shall develop the Site in accordance with the Site Plan attached hereto as Exhibit 1 to Attachment No. 5 and incorporated herein, as it may be approved by the City and the Agency. Developer shall construct: 1) a first quality gasoline station with a mini -market and a drive-thru fast food restaurant and shall include the number of parking spaces as established in the entitlement for the Property; 2) parking lot and driveway improvements on the Site consisting of pavement, curbing, textured pavement, striping, gutters and sidewalks; 3) high quality signage, including: a pole sign visible from the freeway, monument signs, directional and traffic control signs; 4) landscaping, including, but not limited to: trees, shrubs, ground cover, entry treatments, decorative paving, and decorative, security and parking lot lighting. Project Design The attainable building area will be dependent upon a detailed Site Plan review process. Developer agrees to incorporate the following standards into the project in accordance with the National City Municipal Code: (1) a parking area which shall provide adequate parking for the Site; (2) a screened trash enclosure area sufficient to serve the project; (2) points of ingress and egress which comply with the requirements of the City's Traffic Engineer Division. A. Site Description The Site upon which development will occur is located on the northeast corner of Eighth Street and Roosevelt. The Site consists of approximately 49,443 square feet. B. Uses The Developer shall devote the property to the uses specific in Section 401 of the DDA. Ill. ON -SITE DEVELOPMENT AND IMPROVEMENTS The following Improvements shall be the sole financial responsibility of the Developer and shall be completed in accordance with the Schedule of Performance. -45- 017.139951.4 A. Project - The Developer shall construct a first quality gasoline station/ mini- market/ drive-thru fast food restaurant (in one -phase) as well as all appurtenant vehicle parking, common areas and Site amenities. B. Site Preparation - Except as provided in Section 301 and 301.1 of the DDA, the Developer shall be solely responsible for preparing the Site for construction, and shall ready the Site for the construction of the Improvements. The Developer shall be responsible for the removal of all known and/or discovered conduits, pipes, poles, concrete, asphalt and trash that may appear upon grading the Site. C. Easements - The Developer shall grant and permit all necessary and appropriate utility easements and rights for the development of the Site, including but not limited to sanitary sewers, storm drains, water, electrical power, telephone, natural gas, etc. D. Off -Site Improvements - The Developer shall, at its sole expense, be responsible for the construction of all off -site improvements pursuant to reasonable City / CDC Design Standards. IV. AGENCY RESPONSIBILITIES The Agency and the City shall retain reasonable discretion of the Site Plan, including all Conditions of Approval, and the entitlement for the Developer Improvements to be processed for review by the City and the Agency. The Agency shall secure, or cause to he secured and recorded, a Parcel Map . V. DEVELOPMENT STANDARDS All development on the Site shall be in accordance with the development standards applicable to the Community Center Specific Plan as set forth in the Zoning Ordinance contained in the National City Municipal Code and development standards contained in the Redevelopment Plan. A. Building Design Goal: To develop an architecturally pleasing combination gasoline station/ mini -market/ drive-thru fast food restaurant. 1. All outdoor storage of materials or equipment shall be enclosed or screened to the extent and in the manner required by and shown on the approved Site Plan. 2. Buildings shall be constructed such that the Developer Improvements arc of high architectural quality, and shall be effectively and aesthetically designed. B. Groundscapes "ze. 017.1 39951.4 -46- 1. The Developer shall provide and maintain landscaping within the public rights -of -way and within any setback areas along all street frontages, to conform with the Site Plan as approved by the City and Agency. 2. Landscaping shall consist of trees, shrubs and installation of an automatic irrigation system adequate to maintain such plant material. The type and size of trees to be planted, together with a landscaping plan, shall be subject to City approval prior to any planting. VI. DESIGN STANDARDS The Agency Director, or his designee, shall review and approve all plans prior to Site Plan review to insure compliance with reasonable City / CDC Design Standards. -47- 01 /.139951.4 EXHIBIT 1 TO ATTACHMENT NO. 5 SITE PLAN ROOSEVELT AVE. alti! + r� If ¢a 9ie tttt . t 1 t i falf .f:; III t If( t t t tttz 'ttt (p I CONCEPTUAL ORE PLAN .Mil • _ 1a41o02 - BLDO TYPE B. NATIONAL CITY, CAUFORNN I'A_.,_ .�T Lit Tr blowing 1� men mom. .�7� ........:.. L1 I...—.4.0 ti __u:b SW la.. Fvet �re�..r••.ws .... ..w .r. a — —_ ATTACHMENT NO. 6 RECORDING REQUESTED BY, ) MAIL TAX STATEMENTS TO ) AND WHEN RECORDED MAIL TO: ) ) Michael J. Hennessey ) 17581 Irvine Boulevard ) Suite 108 ) Tustin, CA 92780 ) This document is exempt from payment of a recording fee pursuant to Government Code Section 27383 RELEASE OF CONSTRUCTION COVENANTS THIS RELEASE OF CONSTRUCTION COVENANTS (the "Release") is made by the COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY, a public body, corporate and politic (the "Agency"), in favor of MICHAEL J. HENNESSEY, an individual or assigns (the "Developer"), as of the date set forth below. RECITALS A. The Agency and the Developer have entered into that certain Disposition and Development Agreement (the "DDA") dated , 2000 concerning the redevelopment of certain real property situated in the City of National City, California as more fully described in Exhibit "A" attached hereto and made a part hereof. B. As referenced in Section 309 of the DDA, the Agency is required to furnish the Developer or its successors with a Release of Construction Covenants upon completion of construction of the Improvements (as defined in Section 100 of the DDA), which Release is required to be in such form as to permit it to be recorded in the Recorder's office of San Diego County. This Release is conclusive determination of satisfactory completion of the construction and development required by the DDA. C. The Agency has conclusively determined that such construction and development has been satisfactorily completed. NOW, THEREFORE, the Agency hereby certifies as follows: 1. The Improvements to be constructed by the Developer have been fully and satisfactorily completed in conformance with the DDA. Any operating requirements and all use, maintenance or nondiscrimination covenants contained in the DDA and other documents 017.139951.4 -49- executed and recorded pursuant to the DDA shall remain in effect and enforceable according to their terms. 2. Nothing contained in this instrument shall modify in any other way any other provisions of the DDA. IN WITNESS WHEREOF, the Agency has executed this Release this day of 2000. COMMUNITY DEVELOPMENT COMMISSION OF TIIE CITY OF NATIONAL CITY, a public body, corporate and politic By: George H. Waters, Chairman ATTEST: Agency Secretary APPROVED AS TO FORM: Agency Counsel APPROVED BY DEVELOPER: MICIIAEL J. HENNESSEY, an individual B hael . Hennessey 017.139951.4 -50- J-E960112, .90•9•••• tal• � 9.0. — •00-a•-••• • -- • 45. l•C 1.0•00.. X.••• LOC ••0•••••- •*••••••• 0•9 - tat. •••• CO•9•111 CUT, Slytt• 14,0, Sit•I• •••••••„: EXHIBIT "A" TRU. 0 I A I. 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WIT ATTACHMENT NO. 7 AGENCY ENVIRONMENTAL REPORTS Agency Environmental Reports shall mean the reports listed herein, copies of which have been provided to Developer, and the originals of which are on file at the office of the Community Development Commission of the City of National City: 1. Phase I Environmental Site Assessment for Potential Hazardous Materials/Waste Contamination at 704, 710, 712 Roosevelt Avenue, National City, California; Project No. 4940154-01; March 31, 1994; Leighton and Associates, Inc., 3934 Murphy Canyon Road, Suite B205, San Diego, California 92123. 2. Letter Report of the Phase I Environmental Site Assessment for the Property Located at 139 West 8th Street, National City, California (Site); Project Number: 99E1789.8; May 5, 2000; Environmental Business Solutions, Inc., 8799 Balboa Avenue, Suite 290, San Diego, California 92123. 017.139951.4 -52- ATTACHMENT NO. 8 RECORDING REQUESTED BY ) AND WHEN RECORDED MAIL TO: ) ) National City Community Development ) Commission ) 140 E. 12th Street, Ste. B ) National City, CA 91950-3312 ) Attn: Benjamin Martinez, Project Manager ) This document is exempt from the payment of a recording fee pursuant to Government Code Section 27383. COVENANT ATTACHED TO REAL PROPERTY THIS COVENANT ATTACHED TO REAL PROPERTY (the "Covenant") is made by MICHAEL J. HENNESSEY, an individual or assigns (the "Developer") in favor of the COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY, a public body, corporate and politic (the "Agency"), as of the date set forth below. RECITALS A. The Agency and the Developer have entered into that certain Disposition and Development Agreement (the "DDA") dated , 2000 concerning the redevelopment of certain real property situated in the City of National City, California as more fully described in Exhibit A attached hereto and made a part hereof (the "Property"). B. The land comprising the Property described in Exhibit A was acquired by the Developer from the Community Development Commission of the City of National City and will be developed in furtherance of the Redevelopment Plan for the National City Redevelopment Project adopted by Ordinance No. 95-2095 of the City Council of the City of National City. C. The Agency incurred substantial public expenses for property acquisition, relocation, demolition, clearance, public improvements and financing costs in connection with the assembly and preparation for development of the land comprising the Property. D. In order to permit the Agency to recover all or part of the expenses incurred and the fair market value of the property to be developed in accordance with the Plan, and to participate in the values created in the property in order to pay for its redevelopment costs, the Developer has agreed to pay a specific sum to the Agency from the proceeds of any sale or encumbrances of all or any portion of the Property within five (5) years from the date of the recording of this Covenant. NOW, THEREFORE, Developer hereby covenants as follows: 1. Covenant to Pay Agency Upon Sale or Encumbrances. For the period commencing upon the date the Covenant Attached to Real Property is recorded and until five (5) years thereafter, the Developer shall not make any total or partial sale, transfer, conveyance, assignment, or subdivision nor suffer to be placed on the property any lien or 017.139602.1 -1- encumbrance other than mortgages, deeds of trust or any other form of conveyance required for financing the construction of the improvements on the Site and any other expenditures necessary and or appropriate to develop the Site pursuant to the DDA, except as provided in Section 310.2 of the DDA. (Developer may, however, refinance at any time to obtain a more favorable interest rate provided that no equity is withdrawn by Developer) without concurrently making payment to the Agency in an amount not to exceed 75% of the proceeds of said sale or refinancing above the actual Developer's verified cost as provided in this Agreement. The Agency's share will not exceed the "Contingent Supplemental Price", equal to $416,310 plus the consumer price index adjustment provided for herein. Both the Developer's cost and the Agency's share may be adjusted to reflect cumulative changes in the cost of living (using the Consumer Price Index for All Urban Consumers (CPI) U.S. City Average, All Items) from the date of recording, or such other amount as the Agency may then agree to accept in full or partial discharge of this obligation as Agency deems appropriate to the terms of the proposed transaction. 2. Covenant to Run With the Land. This Covenant shall be a covenant running with the land. All of Developer's obligations hereunder shall terminate and shall become null and void upon the expiration of Five years from the date of recording of this Covenant. 3. Covenant for Benefit of Agency. This Covenant, without regard to technical classification or designation, shall be binding for the benefit of the Agency, and such Covenant shall run in favor of the Agency for the entire period during which such Covenant shall be in force and effect, without regard to whether the Agency is or remains an owner of any land or interest therein to which such Covenant relates. The Agency, in the event of any breach of said Covenant, shall have the right to exercise all the rights and remedies and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach. �_, IN WITNESS WHEREOF, the Developer has executed this Covenant, this / day of - Iv , 2000. State of California County of (I) ) ss. DEVELOPER: MICHAEL J. HE By: hael SSEY, an individual Subscribed and sworn to (or affirmed) before me on this t\ day of t‘,t 2,000 • (Signature of Notary) 017.139602.1 -2- DARLENE T. MAES Commission # 1191219 Notary Public - California Orange County MyCarvn. E piesAug 14.2032