Assumption of Economic Risks. EACH PARTY AGREES THAT ADVERSE CHANGES IN ECONOMIC CONDITIONS, OF EITHER PARTY SPECIFICALLY OR THE ECONOMY GENERALLY, OR CHANGES IN MARKET CONDITIONS OR DEMAND OR CHANGES IN THE ECONOMIC ASSUMPTIONS OF EITHER PARTY THAT MAY HAVE PROVIDED A BASIS FOR ENTERING INTO THIS AGREEMENT, SHALL NOT OPERATE TO EXCUSE OR DELAY THE PERFORMANCE OF EACH AND EVERY ONE OF EACH PARTY’S OBLIGATIONS AND COVENANTS ARISING UNDER THIS AGREEMENT. ANYTHING IN THIS AGREEMENT TO THE CONTRARY NOTWITHSTANDING, THE PARTIES ASSUME THE RISK OF UNFORESEEABLE CHANGES IN ECONOMIC CIRCUMSTANCES OR MARKET DEMAND OR CONDITIONS AND WAIVE, TO THE GREATEST EXTENT ALLOWED BY LAW, ANY DEFENSE, CLAIM, OR CAUSE OF ACTION BASED IN WHOLE OR IN PART ON ECONOMIC NECESSITY, IMPRACTICABILITY, CHANGED ECONOMIC CIRCUMSTANCES, FRUSTRATION OF PURPOSE, OR SIMILAR THEORIES. THE PARTIES AGREE THAT ADVERSE CHANGES IN ECONOMIC CONDITIONS, EITHER OF THE PARTY SPECIFICALLY OR THE ECONOMY GENERALLY, OR CHANGES IN MARKET CONDITIONS OR DEMANDS, SHALL NOT OPERATE TO EXCUSE OR DELAY THE STRICT OBSERVANCE OF EACH AND EVERY ONE OF THE OBLIGATIONS, COVENANTS, CONDITIONS, AND REQUIREMENTS OF THIS AGREEMENT. THE PARTIES EXPRESSLY ASSUME THE RISK OF SUCH ADVERSE ECONOMIC OR MARKET CHANGES, WHETHER OR NOT FORESEEABLE AS OF THE EFFECTIVE DATE OF THIS AGREEMENT. *** City’s Initials: *** *** CSU’s Initials: ***
Assumption of Economic Risks. EACH PARTY EXPRESSLY AGREES THAT ADVERSE CHANGES IN THE ECONOMIC ASSUMPTIONS OF EITHER EXHIBIT A-1 MAP OF THE SITE EXHIBIT A-2 LEGAL DESCRIPTION OF THE DEVELOPER PROPERTY Real property situate in the City of Redwood City, County of San Mateo, State of California, described as follows: Being a portion of Block 3, Range “A”, as shown on that certain map entitled, Town of Mezesville”, which map was filed in the office of the Recorder of the County of San Mateo, State of California on August 01, 1856 in Book 1 of Maps at page 79, being described as follows: BEGINNING at the southwesterly corner of the land described in that certain deed recorded on February 18, 2014 as document number 2014-013526 Official Records of San Mateo County, said point also being a point on the easterly right of way line of Xxxxxxxx Xxxxxx; Thence leaving said point and along said easterly right of way line, North 03°29’05” West, 139.87 feet; Thence leaving said easterly line along the northerly line of Parcel A the following 7 courses; 1. North 86°31’46” East, 49.76 feet;
Assumption of Economic Risks. EACH PARTY AGREES THAT ADVERSE CHANGES IN ECONOMIC CONDITIONS, OF EITHER PARTY SPECIFICALLY OR THE ECONOMY GENERALLY, OR CHANGES IN MARKET CONDITIONS OR DEMAND OR CHANGES IN THE ECONOMIC ASSUMPTIONS OF EITHER PARTY THAT MAY HAVE PROVIDED A BASIS FOR ENTERING INTO THIS AGREEMENT, SHALL NOT OPERATE TO EXCUSE OR DELAY THE PERFORMANCE OF EACH AND EVERY ONE OF EACH PARTY’S OBLIGATIONS AND COVENANTS ARISING UNDER THIS AGREEMENT. ANYTHING IN THIS AGREEMENT TO THE CONTRARY NOTWITHSTANDING, THE PARTIES ASSUME THE RISK OF UNFORESEEABLE CHANGES IN ECONOMIC CIRCUMSTANCES OR MARKET DEMAND OR CONDITIONS AND WAIVE, TO THE GREATEST EXTENT ALLOWED BY LAW, ANY DEFENSE, CLAIM, OR CAUSE OF ACTION BASED IN WHOLE OR IN PART ON ECONOMIC NECESSITY, IMPRACTICABILITY, CHANGED ECONOMIC CIRCUMSTANCES, FRUSTRATION OF PURPOSE, OR SIMILAR THEORIES. THE PARTIES AGREE THAT ADVERSE CHANGES 24 Phone: (000) 000-0000 Email: xxxxx.xxxxx@xxxxxxxx.xxx xxxxx.xxxxxxxxxx@xxxxxxxx.xxx To Agency: City of San Diego c/o Civic San Diego 000 X Xxxxxx, Xxxxx 000 Xxx Xxxxx, XX 00000 Attn: Xxxx Xxxxxx, Senior Project Manager Email: xxxxxx@xxxxxxx.xxx With Copy to: San Diego City Attorney’s Xxxxxx 0000 Xxxxx Xxxxxx, Xxxxx 0000 Xxx Xxxxx, XX 00000 Attn: Chief Deputy, Economic Development Section Email: xxxxxxx@xxxxxxxx.xxx To Escrow Agent: Chicago Title Company 0000 Xxxxxxxxx Xxxxx, Xxxxx 000 Xxx Xxxxx, XX 00000 Attn: Xxx Xxxx Email: xxxxx@xxx.xxx
