Agenda - Council - 11/22/2022 - Laserfiche WebLink

Home

4.02 Discharge Due to Changes in Plan for Highway. 'If the Council notifies the Recipient that the plan to construct the highway has been abandoned or the anticipated looation of the highway has changed, the Recipient shall seek the. prior approval of the Council to sell the acquired property, The Recipient shall repay to the Council, within thirty (30) days of receipt, the fair market value of the property P P�' as determined bysale of the property In accordance with the Recipient's procedures required for the dis disposition of realproperty. on payment of the spearfied amount, the Council will discharge the loan. p P 4.03 Discharge Due to Breach or Other Circumstances. If the property for any other reason is - sold or If the Reolpient materially breaches any terra of this agreement, the Recipient shall repay the eoi f e inparagraph 1.02 for thepurchase rice of the property and the amount actually disbursed amount sp � d P , ,� toparagraph 1 ,02 for acquisition costs, The Council agrees to notify the Recipient of any material pursuant q t agreement and to,provide a reasonable opportunity for the Reoipietnt to cure the breach, if the breach of the agr r PP Re 'lent fails to cure the breach the ReoI cent wilt repay the amount specified within thirty (30) days. crp ,f P Upon payment of the.speeified amount, the Counoil will disoharge the loan. V. GENERAL CONDITIONS 5.01 Duration of Agreement. The agreement is effective on the execution of this agreement and remains in force and effect until the loan is discharged, 5,02 Interest, The loan made in this agreement shall bear no interest, 5.03 Deciarktton of Restrictive Covenants. The Reoiplent agrees that it will execute, and cause to be recorded at its own expense, a declaration of restribtive covenants ritia reference to each parcel of land pense irnwhich. an- Interest is acquired in whole or in part from loan proceeds. The declaration of .restrictive covenants shall- be substantial) in the form contained as a sample in Exhiblt B, whioh Is attached to and Y made apart of this agreement, It is the purpose of such declaration of restrictive covenants tp limit the right na �` P P t , of the Reci cent to convey or encumber land or interests in land acquired with loan proceeds without the p � y insure � � exclusively to the state consent of the Council, and to that such lands and. interests therein be devoted exclus v y highway purposes for which they were acquired, 5,04 - Agreement to Convey. The Recipient agrees that upon the request of the authority authorized to oonstr=uot the highway for which this right-of-way has been reserved, the Recipient will convey the property to the authority at the same price the Recipient paid for the property,, including costs identified P P �' � in paragraph 1.02 for acquisition costs, 5.05 Rights Reserved. If the Council finds that there has been a failure to comply with the provisions of this agreement, the Council reserves the right to take any and all actions as it deems necessary g � interest,� the Reoipient of or appropriate to rotect the Council's provided that the Council agrees to notify p P anysuch failure to comply and toprovide a reasonable opportunity to comply, The Recipient agrees that P� � , discharge of the Ioatt does not invalidate continuing obligations imposed on the Recipient by this agreement, g Termination of this agreement does not alter the Council's authority to disallow costs and r'ecoverr funds on ` � � � . � anyfunds due the basis of a later audit or other review, and does not alter the Recipients obligation to return fu to the Council as a result of later audits or corrections, • 5.06 Amendments. The terms of this agreement may be changed by mutual agreement of the parties Such ohanges shall be effective only upon the execution of written amendments signed by authorized representatives of the Council and the Recipient; ria liance with Law. The Recipient agrees to conduct the aotivities contemplated by this 5.�� Compliance P , , agreement in compliance with •all applicable provisions of Federal, state, and looal. laws The Recipient g P with�relating � `� �' �` affirmative action and further to comply all applicable laws to nondisei irnrnation, agreesPY