Resolution 5871 - Laserfiche WebLink

acceptable engineered material and will be provided to a 95% compaction standard; provided, however, the 95% compaction standard shall only apply to the Simpson Site if the underlying subgrade is compacted to a 95% standard at the time the fill is provided by the City. In the event the subgrade on the sites is determined by OM to require compaction work, OM may purchase acceptable dry engineered material which can achieve 95% compaction from the City at a cost of$11 per cubic yard (bcy). The City will place the material on the site in coordination with OM's compaction activities but will not perform compaction activities. 17. CITY'S RIGHTS AND REMEDIES FOR OM'S NONPERFORMANCE 17.1 Generally 17.1.1 Right to Repurchase In addition to the other rights granted in this Agreement, the City shall have and retain the right (the "Repurchase Right"), at the City's option, to repurchase all or any portion of the City Property identified by the City that has not been released from the City's Repurchase Right by a Partial Certificate of Completion (the "Designated Repurchase Property"), and all improvements thereon, and OM will reconvey the Designated Repurchase Property to the City pursuant to a special warranty deed if, after Closing and prior to the issuance of a Final Certificate of Completion for the Minimum Development Elements, OM is in breach of this Agreement, subject to any extension allowed under Section 20.2, following written notice from the City because OM: (1) receives approval from the City to commence construction of a Minimum Retail Element, as provided for in Section 16.3 (an "Approved Minimum Retail Program"), but then fails to develop and complete the Approved Minimum Retail Element as and within the time period approved by the City for the Approved Minimum Retail Element; (2) abandons or substantially suspends all material work on the Development for a period of twelve (12) consecutive months after written notice of such abandonment or suspension from the City; (3) fails to complete all of the Minimum Development Elements by the Final Completion Date; or (4) assigns, transfers or suffers any involuntary transfer of the City Property or any part thereof or any rights under this Agreement in violation of this Agreement. Notwithstanding anything to the contrary contained herein, the Repurchase Right shall not be applicable to any portion of the City Property for which the City has issued a partial Certificate of Completion. The Repurchase Right shall be subordinate and subject to and be limited by and shall not defeat, render invalid, or limit: -37- 06I07-0063 LEGAL 13023969.1