2008_Resolutions - Laserfiche WebLink

Home Browse Search

Agreement. The Agreement between the Authority and the Partnership shall also provide • for payment to the Partnership within a specified time from receipt of all required documentation; and that the Partnership shall indemnify and hold harmless the City and the Authority and their officials, employees and agents from any and all liability for all Partnership activities funded pursuant to this Agreement. The Agreement may also include such additional terms and conditions as may be agreed upon by the Partnership and the Authority, which insure that only the reasonable and necessary expenses of the Partnership are funded pursuant to this Agreement, or which facilitate the redevelopment of the property by the Partnership. Such additional terms and conditions shall not be inconsistent with the provisions of this Agreement. 5. This Funding Agreement, and the Agreement between the Authority and the Partnership, shall survive the transfer of title to the Jefferson School property from the City to the Partnership; provided, however, that no more than Five Hundred Thousand and 00/100 Dollars ($500,000.00) shall be provided to the Partnership by the Authority prior to the closing on the property, regardless of the amount of funding which has been made available to the Authority by the City. 6. To the extent necessary City of Charlottesville staff shall be made available to the Authority to assist in the implementation of the Agreement between the Authority and the Partnership, including but not limited to the review and approval of the documentation for funding submitted by the Partnership. • 7. This Agreement shall terminate upon: (a) written_ notice from the City that the contemplated funding, or any part thereof, will not be made available to the Authority by the City; (b) the termination of the Option and Purchase Agreement between the City and the Partnership prior to completion of all obligations of the Partnership thereunder; (c) abandonment of the Jefferson School redevelopment project by the Partnership; (d) the appointment of a guardian for, dissolution of, termination of existence of, appointment of a receiver for, assignment for the benefit of creditors of, insolvency, or commencement of any bankruptcy or insolvency proceeding by or against the Partnership; (e) payment to the Partnership by the Authority of all funds made available to it pursuant to this Agreement, or any amendment thereto. • 8. At the time of termination of this Agreement the Authority shall provide the City with an accounting of all funds paid by the Authority to the Partnership. Any funds in the possession of the Authority pursuant to this Agreement which have not been paid to the Partnership at the time of termination shall, upon demand, be promptly returned to the City. 3