HomeMy WebLinkAboutContracts & Agreements_DDA-4-87 FIRST AMENDMENT TO REDEVELOPMENT
DISPOSITION AND DEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT TO REDEVELOPMENT DISPOSITION AND
DEVELOPMENT AGREEMENT ( "First Amendment" ) is made on this 28th day
of MARCH , 1988, by and between the REDEVELOPMENT AGENCY OF
THE CITY OF REDLANDS ( "the Agency" ) , a public body, corporate and
politic, and REDLANDS FINANCIAL SERVICES, INC. , a California
corporation ( "RFS" ) , with reference to the following:
RECITALS
A. On April 7, 1987, the Agency and H.G.H. PROPERTIES, a
California Limited Partnership ( "H.G.H. " ) as the "Redeveloper"
thereunder , entered into a "Redevelopment Disposition and
Development Agreement (Redlands Park Plaza) " ( the "DDA" ) for the
purpose of implementing the Redevelopment Plan for the Redlands
Redevelopment Project in the City of Redlands providing for the
development of a commercial retail and office complex to be
included within the boundaries of the Project Area.
B. H.G.H. has assigned all of its right, title and interest
as the "Redeveloper" under the DDA to RFS and the Agency has
consented to said assignment.
C. The Agency and RFS now desire to amend the DDA as
hereinafter- set forth.
NOW, THEREFORE, for good and valuable consideration, receipt
of which is hereby acknowledged, the Agency and RFS agree to
amend the DDA in the following particulars only:
1 . Item 20 of the "SCHEDULE OF PERFORMANCE" attached as
Exhibit "C" to the DDA, relating to the date of completion of the
improvements to be constructed on and off the Site, is hereby
amended to read as follows: "On or before September 28 , 1988. "
2 . , Section 3 . 5.2 of the DDA is hereby amended to substitute
RFS as the Redeveloper in lieu and in place of H.G.H. The
principal office of the Redeveloper shall be 300 East State
Street, Redlands, California 92373 - Attention: Phillip R.
Broderick . Further, any references to H.G.H. in the DDA and the
exhibits thereto are hereby amended to substitute RFS therefor.
3 . Notwithstanding any provisions of the DDA to the
contrary, the good faith deposit to be made pursuant to Section
3 .6 of the DDA may be made by Redeveloper through the assignment
of a non-interest bearing passbook account established in the
name of Redeveloper at Redlands Federal Savings and Loan
Association provided such passbook account is irrevocable,
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contains good and clear funds in the amount of the required
deposit, and the passbook is delivered to the Agency, and further
provided that the assignment recites that i.t is given as security
for the performance by the Redeveloper of the obligations to be
secured by said passbook account . The Agency agrees to accept
the assignment of such passbook account in lieu of a letter of
credit or other security provided for in Section 3 . 6 .
4. The last paragraph of Section 3 . 6 of the DDA is hereby
amended and restated and shall be signed by the Agency and RFS:
THE AGENCY AND THE REDEVELOPER, BY THIS
AGREEMENT, MUTUALLY AGREE THAT IF THE
REDEVELOPER SHOULD DEFAULT UPON ITS
OBLIGATIONS MAKING IT NECESSARY FOR THE AGENCY
TO TERMINATE THIS AGREEMENT, THE DAMAGES
SUFFERED BY THE AGENCY, WOULD BE UNCERTAIN.
SUCH DAMAGES WOULD INVOLVE SUCH VARIABLE
FACTORS AS THE POSTPONEMENT OF TAX REVENUES
FROM THE SALES PROPERTY TO THE COMMUNITY AND
THE FAILURE OF THE AGENCY TO EFFECT ITS
PURPOSES AND OBJECTIVES WITHIN A REASONABLE
TIME RESULTING IN ADDITIONAL, IMMEASURABLE
DAMAGE AND LOSS TO THE AGENCY AND THE
COMMUNITY. IT IS IMPRACTICAL AND EXTREMELY
DIFFICULT TO FIX THE AMOUNT OF SUCH DAMAGES TO
THE AGENCY, BUT THE PARTIES ARE OF THE
OPINION, UPON THE BASIS OF ALL INFORMATION
AVAILABLE TO THEM, THAT SUCH DAMAGES WOULD
APPROXIMATELY EQUAL THE AMOUNT OF THE GOOD
FAITH DEPOSIT HELD BY THE AGENCY AT THE TIME
OF THE DEFAULT OF THE REDEVELOPER, AND THE
AMOUNT OF SUCH GOOD FAITH DEPOSIT SHALL BE
RETAINED BY THE AGENCY UPON ANY SUCH
OCCURRENCE AS THE TOTAL OF ALL LIQUIDATED
DAMAGES FOR ANY AND ALL SUCH DEFAULTS AND NOT
AS A PENALTY. IN THE EVENT THAT THIS
PARAGRAPH SHALL BE VOID FOR ANY REASON, THE
AGENCY SHALL BE ENTITLED TO THE FULL EXTENT OF
DAMAGES OTHERWISE PROVIDED BY LAW.
The Redeveloper and the Agency specifically acknowledge and
agree to this liquidated damages provision by their signatures
here:
REDEVELOPER
By:
,�614 AtZ/�X'
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AGENCY
By: z
5. The DDA, as amended hereby, shall continue in full force
and effect according to the terms thereof. This Amendment shall
be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.
6. In the event of any controversy, claim or dispute
between the parties hereto, arising out of or relating to this
Agreement or the breach thereof, the prevailing party shall be
entitled to recover from the other party reasonable expenses,
attorneys ' fees and costs.
IN WITNESS WHEREOF, the undersigned have executed this First
Amendment as of the date first written above.
REDEVELOPMENT AGENCY OF THE
CITY OF REDLANDS
By:
By: (_/Z/eilJl�l
ATTEST:
tary, R d v lopment
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A er�'CY of e ds
REDLANDS FINANCIAL SERVICES, INC. ,
a California corporation
By:
Its P e,4ident
By: Gam_
is Secre ary
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DEO1080/3/22/88/S