Courthouse Square Agreements (compiled notebook)

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SEP.18.1`3`~r 1~~Claf'1 N0.01~ P.9i19 ~ (~b) per square foot price (excluding the Transit Mall) of not ,to exceed (ii) Ic shall be a condition precedent to tl~e ob~igations of the Parties to proceed with the constiuction of the Project Improvements pursuant to this Davelopment Agreement that, on or before NovemUer 3, 1997, the Pazties shall have determined that the Additional Project Costs shall not exceed ~ (iii) it shall b~ a condition precedent to the obligations of the Parties to proceed with the construction of the Project improvements pursuant to this Development Agreem~nt that the County and the Trsnsit District each secure the funds necessary to finance theu Respective Shsre of the Project Cosu consistent with the terms of this Agreement, as follows: (1) on or before December 5, 1997, the County determines that it wiIl not be able to secure financing on terms and conditions satisfactory to the County and in an amount that, when added to other County funds available for such puipose, will be sufficient to fund the County's Respecdve Share of the Project Costs; or (2) on or before December S, 1997, the ZYansit District determines that it will not be able to secure financing on terms and conditions satisfactory to the Ttansit Disorict and in an amount that, when added to ocher Transit District funds avai]able for such purpose, wilI be sufficient to fund the 'I~ansic District's Respeccive Share of the Project Costs, (iv) If the foregoing condi~ions pr~cedent tue not ful.filled on or before December 31, 1997, then and in such event either Party may, by written notice delivered to tha other Party on or before January 30, 1998, temuAate this Agreement, subject to the following terms: ~ (1) the Parties shall have no obligation to proceed witi~ the constracdon of the Project Improvements; (2) the Parties shall promptly take such actions as are necessary or appropriate in order co cease all wozk on the Project; (3) each Party shall be and remain liable, in accordance with the terms a~pd provisions of this Dev~lopment Agreement, for all Project Costs incurred prior to tha date of written notice of tecminatioa is received; (4) except for the ownership interests of the County and the Transit District in and to the Property, no Pazty shall have any furthar rights under this Development Agreement or witl~ respect to the Project or the Projecc Improvements; and (S) except for the obli~ations of the Parties to pay Project Costs incurred as provided ... ~ in (3) above, tl~is D~velopment Agreement shs11 terminate and be of no further force or effect. 2.2 Leasehold Interest. On or before Substantial Completion, the Parties, as fee owners of tha Property as tenants in common, shall ex~cute and d~li~er the Ground Lease pursuant to which the Property sh~12 be leased to th~ County in order to facilitate the development of the Project Improvements of the Property pursuant to this Agreement . ~ Courthouse Squarc Develop~n[ Agreement Page - 8