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NOW, THEREFORE, in consideration of the promises expressed herein,the parties agree <br /> as follows: <br /> 1. Section 1 of the Agreement "In-Lieu Fee Payment" is amended as follows: Peak <br /> Properties was required to pay in lieu fees of$14,000 per space (10 spaces x $14,000) for <br /> a total of $140,000. However, after applying credits in the amount of $39,000 and <br /> $28,500, Peak Property owes the City $72,500 and shall pay that amount according to <br /> section 2 of the Agreement. <br /> 2. Section 2 of the Agreement "Timing of Payments" is amended as follows: Peak Property <br /> shall pay $72,500 in five equal installments to the City. Peak Property shall make <br /> payments in the amount of $14,500 to City on the following dates: October 1, 2014; <br /> October 1, 2015; October 1, 2016; October 1, 2017; October 2018. There shall be no <br /> interest accruing on the outstanding principal. <br /> 3. Section 11 "Default" is added to the Agreement as follows: <br /> If Peak Property fails to timely make any of the payments according to the schedule set <br /> forth in section 2, then the remaining payments shall accelerate and the entire obligation <br /> shall be due and payable immediately to City by Peak Property. Moreover, in the event <br /> of default, the City may pursue any remedy available to it by law, including but not <br /> limited to filing a lien against the Property. If Peak Property defaults by failing to pay the <br /> full amount owed under this Agreement, the City is specifically authorized by the parties <br /> to file a lien against the Property for the unpaid portion of the $72,500. <br /> 4. Section 12 "Waiver" is added to the Agreement as follows: <br /> A waiver by one party of the performance of any covenant, condition or promise of the <br /> other party shall not invalidate this Agreement, nor shall it be considered to be a waiver <br /> by such party of any other covenant, condition or promise contained herein. The waiver <br /> of either or both parties of the time for performing any act shall not be construed as a <br /> waiver of any other act required to be performed at a later date. <br /> 5. All other terms and conditions of the Agreement shall remain in full force and effect. <br /> CITY OF PLEASANTON PEAK PROPERTY MAIN STREET, LLC <br /> Nelson Fialho, City Manager Norman W. Cornett, President <br /> Attest: <br /> Karen Diaz, City Clerk <br /> Approved as to form: <br /> Jonathan Lowell, City Attorney <br /> 2 <br />