HomeMy WebLinkAboutA4539 - CITY CRA REIMBURSEMENT $260,000 NPC INDIAN ALEJO GRANVIA VALMONTE STREET IMPROVEMENT City/CRA
Reimbursement Agr
AGREEMENT #4539
REIMBURSEMENT AGREEMENT R20417, 7-17-02
i , 2003
Palm Springs, California
FOR VALUE RECEIVED, the undersigned ("Agency") hereby promises to pay
the CITY OF PALM SPRINGS, a public body, corporate and politic ("City"), the sum of
Two Hundred Sixty Thousand Dollars ($260,000), to reimburse the City for the costs of
constructing certain public improvements in the City of Palm Springs on North Palm
Canyon Drive and North Indian Canyon Drive, as well as improvements on Alejo Road
and Granvia Valmonte, in Merged Area#1-
a. Repayment by Agency. Agency shall pay in full to the City the Loan
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. Prepayment. 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 of such events, City 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 City 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 or terminated orally, nor
shall any waiver of any provision hereof be effective except by an
instrument in writing signed by Agency and City. No delay or omission on
the part of City in exercising any right hereunder shall operate as a waiver
of such right or of any other right under this Agreement.
f. No Waiver by City_. 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 City to take, or any delay be implied from
any failure by the City 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, Agency has executed this Agreement as of the date
and year first above written.
"Agency"
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS,
a California municipal corporation
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1 By:
' Chairman
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`Assistant Secretary
APPROVED AS TO FORM:
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