5.1. HRSR 12-06-2004 - Laserfiche WebLink

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(ii) a pro forma budget for the Minimum Improvements showing all sources and uses of funds and a timetable, acceptable to the City, for the construction of the 411 Minimum Improvements; (iii) letters of intent, commitment proposals or other evidence reasonably satisfactory to the City, from financial institutions, subject to customary contingencies,to provide financing for the Minimum Improvements. (b) Within 30 days after the City receives the items required in paragraph (a) above, the City may in its discretion file condemnation proceedings for the final parcel of the Bluff Block Property with the District Court. The Developer acknowledges and agrees that the City will not proceed with the eminent domain proceedings past the point at which the City is permitted to deposit the appraised value of the final parcel of the Bluff Block Property with the court unless the City has received from the Developer cash in an amount equal to the City's estimate of the total acquisition costs of the final parcel of the Bluff Block Property less the amount of the Initial Deposit (the "Developer's Deposit"). (c) The Developer acknowledges that the City does not warrant the successful conclusion of any eminent domain action or quick take procedures or the accomplishment of any particular result or timetable because of the many variables inherent in any litigation or legal proceeding. The City shall not be liable to any party for any consequential or other damages that may arise out of any delays due to eminent domain proceedings, vacation proceedings, environmental conditions, court challenges or elements outside the control of the City. (d) If the City elects to exercise its power of eminent domain and is not successful in l acquiring title to the final parcel of the Bluff Block Property through eminent domain proceedings, this Agreement shall terminate and the City shall deduct from the Developer's Deposit all out-of-pocket costs and City Acquisition Costs and Relocation Costs and Expenses incurred by the City in connection with the eminent domain proceedings including reasonable attorneys' fees, and the balance of the Developer's Deposit shall be returned to the Developer; provided that if the eminent domain proceedings are concluded unsuccessfully prior to the Developer's Deposit being made, and the out-of-pocket costs and reasonable attorneys' fees and City Acquisition Costs and Relocation Costs and Expenses incurred by the City in connection with the attempted acquisition of the final parcel of the Bluff Block Property exceed the Initial Deposit, the Developer shall pay the City the difference between the Initial Deposit and the costs incurred by the City. If the out-of-pocket costs and City Acquisition Costs and Relocation Costs and Expenses incurred by the City in connection with the attempted acquisition of the final parcel of the Bluff Block Property are less than the Initial Deposit, the City shall refund the balance of the Initial Deposit to the Developer. • (e) If the City is successful in acquiring fee title to the final parcel of the Bluff Block Property, the City shall notify the Developer of the date it has acquired fee title to the final parcel of the Bluff Block Property (the "Effective Date"). Subject to the terms of this Agreement, the City agrees to sell to the Developer, and Developer agrees to buy from the City, the final parcel of the Bluff Block Property. The purchase price for the Bluff Block Property shall be equal to the City Acquisition Costs and the Relocation Costs and Expenses. The City and the Developer agree that the closing on the purchase and sale of the final parcel of the Bluff Block Property • 1674205v8 18