CCP 06-02-2014 - Laserfiche WebLink

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shall each deposit an amount not to exceed $167,000 each; a total of $500,000 (collectively, the "Cost Overrun Escrow ") into the Remediation Work and Public Improvement Escrow Account. If upon completion of the Remediation Work and Public Improvements, there are any unspent Cost Overrun Escrow funds, the monies shall be divided equally among the City, Redeveloper and Owner. (4) In the event that the Remediation Work and Public Improvement costs exceed the Initial City Escrow, the Supplemental City/Redeveloper Escrow, the Additional MIF Monies and the Cost Overrun Escrow, (or the parties in good faith determine that such costs will exceed such available funds prior to actually incurring the costs), the parties agree to negotiate in good faith to find a solution toward paying for the additional costs. If, despite such good faith efforts, the parties are not able to reach an agreement acceptable to each party within thirty (30) days following such date of determination, then the Owner may elect to pay for the additional costs or terminate the Agreement pursuant to Section 9.1. (b) Administration of Escrow Funds. The Remediation __ Work and Public Deleted: Improvement Escrow Account shall be administered by the Title Company. The escrow funds shall be disbursed to the Redeveloper according to the Escrow Agreement attached as Exhibit I (the "Remediation and Public Improvement Escrow Agreement "). The Owner, the Redeveloper, the City and the Title Company shall be parties to the Remediation and Public Improvement Escrow Agreement. The Redeveloper shall identify whether costs relate to Remediation or to Public Improvements when making draw requests pursuant to subparagraph (d) below. Any failure of the City, Owner or the Redeveloper to comply with its obligations under the Remediation and Public Improvement Escrow Agreement shall constitute an Event of Default hereunder allowing any party to exercise its default remedies set forth in Article VII. (c) Conditions to City's Obligation to Deposit Escrow Funds. The City shall have no obligation to deposit any escrow funds if the City, at the time such escrow funds are to be deposited, is entitled under Section 7.2 to exercise any of the remedies set forth therein as a result of an Event of Default which has not been cured. If the City has not exercised its remedies under Section 7.2 and if such escrow funds are withheld due to an Event of Default which is later cured, such escrow funds shall be deposited within a reasonable amount of time after such Event of Default has been cured. (d) Draws on Remediation and Public Improvement Escrow Account. The Remediation and Public Improvement Escrow Agreement shall provide that to be eligible to draw a portion of the escrow funds on a monthly basis, the Redeveloper shall: (1) Be in material compliance with the terms of this Agreement; (2) Pay contractors, subcontractors and construction managers with whom the Redeveloper has entered into contracts for remediation and construction of the Public Improvements in accordance with the terms of such contracts, which contracts shall have been previously delivered to the City; 30