Resolution 4870 - Laserfiche WebLink

commercially reasonable period of time, and use the net proceeds of such sale to compensate the City for its damages and/or to remedy the failure to perform by CSR-Associated. Any net proceeds from such sale in excess of the City's damages and/or its cost of remedy shall be paid over to CSR-Associated. (b) Transfer Lots in Escrow. Within thirty(30) days following execution of this Agreement, CSR-Associated will execute and place in escrow with the Title Company Statutory Warranty Deeds for Transfer Lots 45-A, 45-B and 45-C. If CSR-Associated has not conveyed a designated Transfer Lot by the applicable deadline set forth in Section 1.1 of this Agreement, the Title Company is instructed to release to the City the Statutory Warranty Deed for the designated Transfer Lot due to be conveyed. (c) Alternative Performance Bond. In lieu of the Recreation Set Aside Parcels, and in order to secure the performance by CSR-Associated of its obligations under this Agreement, CSR-Associated may at any time post a performance bond or other security acceptable to the City in the amount of$3.4 million; provided, that CSR-Associated may satisfy all or part of this obligation by making the City an additional beneficiary, for the obligations to be performed by CSR-Associated pursuant to this Agreement, on the performance bond posted by CSR-Associated for its obligations to DNR pursuant to Surface Mining Permit No. 70- 010161. (d) Pro-rata Reduction in Security. Upon the conveyance of Lots 45-B and 45-C in compliance with the provisions of this Agreement, CSR-Associated is entitled to reduce the amount of the property held as Recreation Set-Aside Parcels or the amount of the S:\GDoughty\WINWORD\CSR\AgreementFinal.doc 19 Seattle/2.8.00