Reso 2009-1422 - Laserfiche WebLink

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Golden Strand Board of Directors Letter of Intent Page 3 of5 permits for the Intended Improvements. The City shall have the right to execute application for development permits for the property without the consent of Strand. d. Temporary Parkin2;. Prior to commencement of construction for the Intended Improvements, the City will provide temporary parking at no cost to the Strand. Strand shall have the right to approve the location of the temporary parking if the location is not within the Government Center or the parking garage owned by the Acqualina Hotel. Approval shall not be unreasonably withheld by Strand. 5. Due Dili2;ence. The City will, at its expense, and prior to November 1, 2010 determine whether the Property is suitable for the City's intended use and development of the Property. During the Due Diligence Period, the City may conduct any tests, analyses, surveys and investigations ("Inspections") which it deems necessary to determine to the City's satisfaction the Property's engineering, architectural, environmental properties; zoning and zoning restrictions; flood zone designation and restrictions; subdivision regulations; soil and grade; availability of access to public roads, water, and other utilities; consistency with local, state and regional growth management and comprehensive land use plans; availability of permits, government approvals and licenses; compliance with American and Disabilities Act; absence of asbestos, soil and groundwater contamination; and other inspection that the City deems appropriate to determine the suitability of the Property for it's intended use and development. The Strand grants to the City, its agents, contractors and assigns, the right to enter the Property at any time during the Due Diligence Period for the purpose of conducting inspections; provided, however, that the City, its agents, contractors and assigns enter the Property and conduct inspections at their own risk. The City shall indemnify and hold harmless the Strand from losses, damages, costs, claims and expenses of any nature, including attorneys' fees at all levels, and from liability to any person, arising from the conduct of any and all inspections or any work authorized by the City. The City will not engage in any activity that could result in a mechanic's lien being filed against the Property without the Strand's prior written consent. In the event this transaction does not occur, (1) The City shall repair all damages to the Property resulting from the Inspections and return the Property to the condition it was in prior to conduct of the Inspections, and (2) The City may, at the City's expense, release to the Strand copies of reports and other work generated as a result of the Inspections that are not proprietary or subject to confidentiality agreements 6. "At Risk" Deposit. If the Agreement is executed by the parties and the City fails to develop the property, the first Deposit described in Paragraph 4 a. (i) hereinabove, excluding the refundable amount of $125,000.00, shall be "at risk" and not refundable to the City, subject to the Strand's compliance with the terms of the Agreement and the satisfaction of conditions precedent, if any. 7. Execution. The execution of the Agreement shall take place on or before November 1,2010.