HomeMy WebLinkAbout00520C - SUNCAL PSV LLC REIMBURSEMENT AGR REIMBURSEMENT AGREEMENT
3V16 � 2008
Palm Springs, California
FOR VALUE RECEIVED, the undersigned ("Agency") hereby promises to
pay SUNCAL PSV, LLC ("Developer"), the sum of Twenty Seven Thousand Nine
Hundred Eighty Four Dollars and Eighty Cents ($27,984.80), to reimburse the
Developer for the costs of constructing certain public improvements in the City of
Palm Springs on San Rafael Road and North Indian Canyon Drive, in Merged
Area #1.
a. Repayment by Agency. Agency shall pay in full to the Developer
the Amount in lawful money of the United States, from tax
increment accrued in Merged Area #1. Payment shall be made
upon the recording of the Notice of Completion by the City's
Director of Public Works, or other appropriate notice to Agency.
b. PrepavmenY. This Agreement sum may be prepaid in whole or in
part at any time without penalty, provided the payment is at least
equal to the Loan Amount plus the City costs incurred to that date.
c. Acceleration of Obligation. Upon the failure to make payment due
under this Agreement as and when the same becomes due and
payable (whether by extension, acceleration or otherwise), or any
breach of any other promise or obligation in this Agreement or in
any other instrument now or hereafter securing the indebtedness
evidenced hereby, then, and in any such events, Developer may, at
its option, declare this Agreement and the entire indebtedness
hereby evidenced, including, without limitation, all accrued interest,
to be immediately due and payable and collectible then or
thereafter as Developer may elect regardless of the date of
maturity, and notice of the exercise of said option is hereby
expressly waived by Agency.
d. Severability. The unenforceability or invalidity of any provision or
provisions of this Agreement as to any persons or circumstances
shall not render that provision or those provisions unenforceable or
invalid as to any other provisions or circumstances, and all
provisions hereof, in all other respects, shall remain valid and
enforceable.
e. Modifications. Neither this Agreement nor any term hereof may be
waived, amended, discharged, modified, changed, terminated
orally; nor shall any waiver of any provision hereof be effective
except by an instrument in writing signed by Agency and
Developer. No delay or omission on the part of Developer in
exercising any right hereunder shall operate as a waiver of such
right or of any other right under this Agreement.
OR,.�CNNAL SOD
AND/OR 1A2RMr\Z1;1 7
f. No Waiver bV Developer. No Waiver of any breach, default or
failure of condition under the terms of this Agreement or the
obligation secured thereby shall be implied from any failure of the
Developer to take, or any delay be implied from any failure by the
Developer in taking action with respect to such breach, default or
failure from any prior waiver of any similar or unrelated breach,
default or failure.
g. Governing Law. This Agreement has been executed and delivered
by Agency in the State of California and is to be governed and
construed in accordance with the laws thereof.
IN WITNESS WHEREOF, Parties have executed this Agreement as of the
date and year first above written,
"Developer"
SUNCAL P5 , LL�
By:
Its:
"Agency"
COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF PALM
SPRINGS,
a California municipal corporation
ATTEST:. ,T
ssistant Secretary
APPROV .AS TO FORM:
Agency/ ounsel