15-2765 Authorizing Execution of Second Amendment with Integra Lakes, LLC

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5. The parties agree that the following clause regarding Environmental Remediation is hereby added to Part 3: 3.4 Environmental Remediation. The Parties acknowledge and agree that certain portions of the City Center Property currently are contaminated with Hazardous Materials, as described in the Environmental Reports and in Exhibit "L", which contamination is in the process of remediation in accordance with State requirements by the City at its sole cost and expense. In addition to the foregoing, within sixty (60) days after the Effective Date of the Second Amendment, Integra shall complete its environmental assessment of the Residential Parcel and will notify the City of any additional contamination requiring remediation, as disclosed by such environmental assessments (the "Additional Remediation"), In the event Integra and the City are unable to agree on the necessity of the Additional Remediation and/or the City's responsibility for the payment of such Additional Remediation, then Integra may, at its option, terminate this Agreement upon written notice to the City delivered within ninety (90) days after the Effective Date of the Second Amendment. For the purposes of this Agreement, the term `Environmental Remediation" shall include any Additional Remediation to be performed and paid for by the City pursuant to this Section 3.4. The costs and expenses of the Environmental Remediation shall not be included in or paid from the Project Costs. 6. The Parties agree that the legal description for the City Center Property attached as Exhibit "A" to the Acquisition Agreement is hereby replaced with the legal description which is attached hereto and incorporated herein as Exhibit "A", and the Parties hereby release any other property that was originally encumbered by the Acquisition Agreement. 7. Except as modified by this Second Amendment, the terms and conditions of the Agreement are ratified and confirmed by the Parties. In the event of a conflict between the terms of this Second Amendment and the terms of the Agreement, the terms of this Second Amendment shall govern. All defined terms used in this Second Amendment shall have the meaning assigned to them in the Agreement, unless otherwise expressly stated herein. S. Time is of the Essence. Time is hereby declared of the essence as to the lawful perforinance of all duties and obligations set forth in this Second Amendment. IN WITNESS WHEREOF, the Parties have caused this Second Amendment to be executed by their duly authorized representatives as of the day and year first written above. [signatures to follow]