HUMPHRIES, VALERIE R. - Laserfiche WebLink

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mutually acceptable alternative. If, after a reasonable effort, the parties cannot find a mutually acceptable alternative, then the agreement of the Agency and Association shall prevail and the subject owner hereby agrees to be bound thereby. Owner acknowledges and agrees that ceding such authority to the Agency and Association, inasmuch as it will permit the Facade and Courtyard Improvement Program to go forward, is in the community's best interest and, therefore, Owner's best interest. No Owner shall be given any special considerations in the offering of these improvements (b) Facade and Courtyard Improvement_ Costs, Attached hereto as Exhibit "L" is the budget established by City and/or Agency for the Facade and Courtyard Improvements. Based upon the finally approved plan, the Agency shall solicit bids for such work, to be carried out under contracts with the owner(s) of the property to be improved. In the event that the lowest responsible bid received by the Agency for such work exceeds one hundred ten percent (110%) of the budget for the work as set forth in Exhibit "L", the Agency shall have the right, after consultation with, and approval by, with the .Association Board, to modify the scope of work in whatever way is reasonably required in order to obtain a bid within such limits. Notwithstanding the foregoing, the Agency hereby agrees that the minimum value of Facade and Courtyard Improvements for the Parcel shall not be less than as set forth in Exhibit "L", and the total of loans made hereunder shall not be, less than $710,000, assuming 44 properties participate. (c) Condition of Property. The Agency shall not be obligated to offer a Fagade Improvement Loan to the Owner if the Property fails to meet the standards set forth in Exhibit "N" attached hereto. (d) No Default. It shall be a condition precedent for the benefit of City and the Agency to their obligation to cause the Facade and Courtyard Improvements to be made that the owners of not more than thirty percent (30%) of the Properties subject to an OPA be in default under their OPA's. If the City and Agency elect not to proceed, they shall notify the Owner in writing, and Owner shall have the right to terininate this Agreement and be released from the CC&R's. City and Agency shall provide all approvals as necessary to effectuate such termination and release. 6.3 Construction of Improvements. The Facade and Courtyard Improvements shall be carried out under a contract directly between the contractor and the Owner. It is understood and agreed by the Owner, however, that all of the Facade and Courtyard Improvements in the Agreement Area shall be carried out by one general contractor selected from those submitting qualifying bids. The contractor shall be selected by a majority vote of all owners participating in the Facade and Courtyard Improvement program, with one vote cast for each parcel covered by an OPA. Owner hereby agrees to enter into a contract or contracts with the selected contractor(s) to make the Facade and Courtyard Improvements on the Owner's property in the form attached hereto as Exhibit R, and hereby grants pennission to the contractors, agents and assigns to enter Owner's Property for the purpose of making the Facade and Courtyard Improvements. Owner also agrees to work with City and/or Agency and the Association in informing Owner's tenants about the Facade and Courtyard Improvements and to obtain from such tenants any permission or cooperation that may be required from such tenants so as to permit the Facade and Courtyard Improvements to be made on a timely and cost-effective basis. 13