Agenda - City of Santa Monica

Performance shall be signed by the appropriate agents of Developer and the City and
shall be recorded against title to the Property in the official records of Los Angeles
County, California. Such Certificate of Performance is not a notice of completion as
referred to in California Civil Code Section 3093.
15.20 Interests of Developer. Developer represents to the City that, as of the
Effective Date, it is the owner of the entire Property, subject to encumbrances, easements,
covenants, conditions, restrictions, and other matters of record.
15.21 Operating Memoranda. The provisions of this Agreement require a close
degree of cooperation between the City and Developer. During the Term of this
Agreement, clarifications to this Agreement and the Existing Regulations may be
appropriate with respect to the details of performance of the City and Developer. If and
when, from time to time, during the term of this Agreement, the City and Developer
agree that such clarifications are necessary or appropriate, they shall effectuate such
clarification through operating memoranda approved in writing by the City and
Developer, which, after execution, shall be attached hereto and become part of this
Agreement and the same may be further clarified from time to time as necessary with
future written approval by the City and Developer. Operating memoranda are not
intended to and cannot constitute an amendment to this Agreement but mere ministerial
clarifications, therefore public notices and hearings shall not be required for any
operating memorandum. The City Attorney shall be authorized, upon consultation with,
and approval of, Developer, to determine whether a requested clarification may be
effectuated pursuant to the execution and delivery of an operating memorandum or
whether the requested clarification is of such character to constitute an amendment of this
Agreement which requires compliance with the provisions of Section 8.1 above. The
authority to enter into such operating memoranda is hereby delegated to the City
Manager and the City Manager is hereby authorized to execute any operating memoranda
hereunder without further action by the City Council.
15.22 Acknowledgments, Agreements and Assurance on the Part of Developer.
15.22.1 Developer’s Faithful Performance. The Parties
acknowledge and agree that Developer’s faithful performance in developing the Project
on the Property and in constructing and installing certain public improvements pursuant
to this Agreement and complying with the Existing Regulations will fulfill substantial
public needs. The City acknowledges and agrees that there is good and valuable
consideration to the City resulting from Developer’s assurances and faithful performance
thereof and that same is in balance with the benefits conferred by the City on the Project.
The Parties further acknowledge and agree that the exchanged consideration hereunder is
fair, just and reasonable. Developer acknowledges that the consideration is reasonably
related to the type and extent of the impacts of the Project on the community and the
Property, and further acknowledges that the consideration is necessary to mitigate the
direct and indirect impacts caused by Developer on the Property.
15.22.2 Obligations to be Non-Recourse. As a material element of
this Agreement, and in partial consideration for Developer’s execution of this Agreement,
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