OPA: Grimshaw House - City of Anaheim

Schedule is subject to change as set forth in this Agreement and that each Lot may
be conveyed as a separate Conveyance or combined with the Conveyances of
multiple Lots.
301.2 Payment of Purchase Price. Developer shall pay the Purchase Price as
follows:
(i) Within fifteen (15) days of the Effective Date, Developer
shall deliver the Developer Deposit directly to Agency.
(ii) On each of the Closings, Developer shall pay the applicable
portion of the Base Purchase Price through Escrow.
(iii) Developer shall pay the Additional Purchase Price directly
to Agency on or before the Additional Purchase Price
Payment Date.
The Developer Deposit shall be non-refundable unless Agency suffers a
Default under this Agreement and Developer elects to cancel Escrow and
terminate this Agreement, in which event Agency shall refund the Developer
Deposit to Developer.
LIQUIDATED DAMAGES
IN THE EVENT THAT ANY OF THE CLOSINGS FAIL TO
OCCUR FOR ANY REASON OTHER THAN AGENCY’S
DEFAULT COUPLED WITH DEVELOPER’S ELECTION TO
CANCEL ESCROW AND TERMINATE THIS AGREEMENT
PURSUANT TO SECTION 304.9, THE FULL AMOUNT OF THE
DEVELOPER DEPOSIT, TOGETHER WITH ANY INTEREST
WHICH MAY HAVE ACCRUED THEREON, SHALL BE
RETAINED BY AGENCY AS LIQUIDATED DAMAGES AS
AGENCY’S SOLE AND EXCLUSIVE REMEDY. IN SUCH
EVENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT
AGENCY WOULD SUSTAIN DAMAGES, THE CALCULATION
OF WHICH WOULD BE UNCERTAIN. THE CALCULATION OF
SUCH DAMAGES WOULD INVOLVE SUCH VARIABLE
FACTORS AS THE DELAY OR FRUSTRATION OF AGENCY’S
RECEIPT OF TAX REVENUES, THE DELAY OR FRUSTRATION
OF AGENCY’S ABILITY TO IMPLEMENT THE
REDEVELOPMENT PLAN AND AGENCY’S LOST
OPPORTUNITY TO ENGAGE IN OTHER TRANSACTIONS.
ALTHOUGH IT IS IMPRACTICABLE AND EXTREMELY
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