2005/08/24 Council Agenda Packet

w (d) Indemnity obligations hereunder shall survive the respective conveyances of the Transfer Lots and shall not be terminated by the termination of this Agreement. (e) The parties agree to cooperate, in good faith, to reasonably accommodate each other's use and development of the Transfer Lots. (t) This dedication is a voluntary act by CSR AssociatedRinker, offered to mitigate the modification of development standards described in Part Two of this Agreement. 1.11 Security/Other Remedies by City. (a) Recreation Set Aside Parcels. In order to secure the performance by CSR AssociatedRinker of its conveyance obligations in Part One of this Agreement,CSR AssociatedRinker will reserve, set aside free of new development, and provide to the City a deed of trust secured by en-the property shown as Lots 21s 22 and 23 in the development plan and described in Exhibit D (the"Recreation Set Aside Parcels"). In the event of the proposed sale of the Recreation Set-Aside Parcels, and before the closing of such sale,CSR AssociatedRinker shall either offer the City other property to serve as the Recreation Set-Aside Parcels, or a performance bond as described in subsection(c)below. If Rinker elects to substitute a Recreational Set Aside Parcel, Ssuch substitute property must be equivalent in value and quality to the originally designated Recreation Set-Aside Parcels and such substitution must be approved by the City prior to the sale of the Recreation Set-Aside Parcel, which approval shall not be Iunreasonably withheld. In the event of a dDefault by CSR AssociatedRinker of its obligations under this Agreement, the City may foreclose on its deed of trust, sell the Recreation Set-Aside Parcel or Parcels, for the best cash price available while marketing the property for a 2004 Revised Development Agreement !:.!!:•.•:— .•: ' -.• _• .. .. •• • 622 ' 8/1/2005 : !! to ; to : e! ii .i le _r:r't. ' . ''.: ''.: ' !!.. e!,: : !!