OPA: Grimshaw House - City of Anaheim

DIFFICULT TO ESTIMATE OR FIX THE AMOUNT OF SUCH
DAMAGES TO AGENCY, THE PARTIES ARE OF THE OPINION
THAT, BASED UPON ALL OF THE INFORMATION AVAILABLE
TO THEM AS OF THE DATE OF THIS AGREEMENT, SUCH
DAMAGES WOULD APPROXIMATELY EQUAL THE AMOUNT
OF THE DEVELOPER DEPOSIT (WITH ANY INTEREST
ACCRUED THEREON), AND SUCH AMOUNT SHALL BE
RETAINED BY AGENCY UPON THE TERMINATION OF THIS
AGREEMENT UNDER SECTION 704 OF THIS AGREEMENT AS
THE TOTAL OF ALL LIQUIDATED DAMAGES FOR ANY AND
ALL SUCH DEFAULTS AND NOT AS A PENALTY, AS
AGENCY’S SOLE AND EXCLUSIVE REMEDY.
THE PARTIES EACH SPECIFICALLY ACKNOWLEDGE AND
ACCEPT THIS LIQUIDATED DAMAGES PROVISION BY
SETTING FORTH THEIR RESPECTIVE INITIALS BELOW:
302. Representations and Warranties.
Developer Agency
302.1 Agency’s Representations. Agency represents and warrants to Developer
as follows:
(A) Authority. Agency is a public body, corporate and politic,
existing pursuant to the Community Redevelopment Law, which
has been authorized to transact business pursuant to action of the
City. The execution, performance and delivery of this Agreement
by Agency has been fully authorized by all requisite actions on the
part of Agency.
(B) No Conflict. To the best of Agency's knowledge, Agency's
execution, delivery and performance of its obligations under this
Agreement will not constitute a default or a breach under any
contract, agreement or order to which Agency is a party or by
which it is bound.
(C) No Agency Bankruptcy. Agency is not the subject of a
bankruptcy proceeding.
(D) Leases and Other Interests. To the best of Agency's knowledge,
there are no tenants or other persons who have a lawful interest in
the Site. To the best of Agency's knowledge, no person, firm,
15