Laserfiche WebLink
shown as Lots 21, 22 and 23 in the development plan and described in Exhibit D (the <br /> "Recreation Set Aside Parcels"). In the event of the proposed sale of the Recreation Set-Aside <br /> Parcels, and before the closing of such sale, Rinker shall either offer the City other property to <br /> serve as the Recreation Set-Aside Parcels, or a performance bond as described in subsection(c) <br /> below. If Rinker elects to substitute a Recreational Set Aside Parcel, such substitute property <br /> must be equivalent in value and quality to the originally designated Recreation Set-Aside Parcels <br /> and such substitution must be approved by the City prior to the sale of the Recreation Set-Aside <br /> Parcel, which approval shall not be unreasonably withheld. In the event of a Default by Rinker <br /> of its obligations under this Agreement, the City may foreclose on its deed of trust, sell the <br /> Recreation Set-Aside Parcel or Parcels, for the best cash price available while marketing the <br /> property for a commercially reasonable period of time, and use the net proceeds of such sale to <br /> compensate the City for its damages and/or to remedy the failure to perform by Rinker, as its <br /> sole and exclusive remedy. Any net proceeds from such sale in excess of the City's damages <br /> and/or its cost of remedy shall be paid over to Rinker. <br /> (b) Transfer Lots in Escrow. Within thirty(30) days following execution of <br /> this Agreement, Rinker will execute and place in escrow with the Title Company Statutory <br /> Warranty Deeds for Transfer Lots 45-B,45-C, 45-D and 45-E. If Rinker has not conveyed a <br /> designated Transfer Lot by the applicable deadline set forth in Section 1.2 of this Agreement, the <br /> Title Company is instructed to release to the City the Statutory Warranty Deed for the designated <br /> Transfer Lot due to be conveyed. <br /> (c) Alternative Performance Bond. In lieu of the Recreation Set Aside <br /> Parcels, and in order to secure the performance by Rinker of its obligations under this <br /> Agreement, Rinker may at any time post a performance bond or other security acceptable to the <br /> 2004 Revised Development Agreement <br /> 19 <br /> 8/23/2005 <br />