RES 18-999 - Laserfiche WebLink

the Force Majeure Event is one that results in the temporary closure of the Costco Store,the date of such closure. Section 4.7 Limited City Obligation. The obligations arising from this Agreement are not a debt of the City, nor a legal or equitable pledge, charge, lien,or encumbrance upon any of its property or upon any of its monies, income, receipts, or revenues, except the revenues from the Sales Tax and JDEDZ Transportation Fees as provided herein.Neither the general nor the any other fund of the City shall be liable for the payment of any obligations arising from this Agreement. The credit or taxing power of the City is not pledged for the payment of any obligation arising from this Agreement. Nothing herein shall provide Costco any right to compel the forfeiture of any of the City's property to satisfy any obligations arising from this Agreement. The obligations created by this Agreement do not create an immediate indebtedness of the City, but rather create a liability only when a payment becomes due hereunder. Section 4.8 JDEDZ Transportation Fee. If the JDEDZ Transportation Fee is adopted by the City,and imposed on new JDEDZ development, the City will use the proceeds of the fcc received by the City to augment the annual reimbursement payment to Costco under Section 4.2 hereof to pay eligible reimbursable costs. The Parties acknowledge that the City may accept a portion of the Required Right of Way in lieu of an owner paying the applicable JDEDZ Transportation Fee. ARTICLE 5. DEFAULT AND REMEDIES Section 5.1 Application of Remedies. The provisions of this Article shall govern the Parties'remedies for breach of this Agreement. Section 5.2 No Fault of Parties. (a) Basis for Termination. Each of the following events constitutes a basis for either Party to terminate this Agreement without any default arising: (i) Either Party elects to terminate the Agreement pursuant to Section 3.?. (ii) The Parties, despite good faith and diligent efforts commencing promptly after the Effective Date,have not entered into a mutually agreeable Improvement Agreement within six (6)months following the City Engineer's approval of the improvement plans and specifications for the Project Improvements. (iii) The City fails to obtain an order of possession, if required, for a material portion of the Required Right of Way within eighteen(18)months from the City Engineer's approval of the improvement plans and specifications for the Project Improvements. (iv) Costco,despite good faith,commercially reasonable efforts, is unable to obtain a necessary permit or approvals to develop the Costco Store within eighteen (18)months following the Effective Date. 12 1310 01`2318870.8 2/7/2018