URA Resolution No. 1032 - Laserfiche WebLink

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1. including the amount due to McKenzie-Willamette as a cost of the Patterson Street underpass, financing that cost with the tax increment bond that the Agency sells to McKenzie-Willamette, and paying McKenzie-Willamette from the sale proceeds of that bond; or, 2. tendering to McKenzie-Willamette a tax increment bond that is: a) secured on a parity with the tax increment bond that the Agency sells to McKenzie-Willamette to finance the cost of the Patterson Street underpass; and, b) is in a principal amount that is equal to the amount that is due to McKenzie-Willamette. If McKenzie-Willamette does not qualify for payment under Section 4(a), neither the City nor the Agency shall have any obligation to repay McKenzie-Willamette for any amounts McKenzie-Willamette provides to the City under this Agreement. If the Agency is obligated to pay McKenzie-Willamette under this Agreement, the Agency shall not grant any lien or encumbrance on the tax increment revenues described in 4(b) until McKenzie-Willamette has been paid as provided in this Agreement. 5. Default and Termination. If the Agency fails to comply with any of its obligations under this Agreement, McKenzie-Willamette may exercise any remedy available at law or in equity. No remedy shall be exclusive. McKenzie-Willamette may waive any default by the Agency, but no such waiver shall extend to a subsequent default. If McKenzie-Willamette fails to comply with any of its obligations under this Agreement, the City may cease design efforts, and the Agency and the City may exercise any remedy avail- able at law or in equity. No remedy shall be exclusive. The Agency and the City may waive any default by McKenzie-Willamette, but no such waiver shall extend to a subsequent default. 6. Attorney Fees, Costs and Expenses. If any party incurs any expenses in connection with enforcing this Agreement, the losing party shall pay to the prevailing party, on demand, the prevailing party's reasonable costs and reasonable attorneys' fees, whether at trial, on appeal or otherwise. Each party shall be responsible for paying fees and costs of its attorneys, architects, agents and advisors, to the extent such fees and costs are incurred in negotiating or approving this Agreement. 7. Notices. Any notices required to be given pursuant to this Agreement shall be given to the following addresses: Agency: Treasury Officer City of Eugene PO Box 1967 Eugene, OR 97440 Page 3 Agreement to Finance Design Costs of Patterson Street Underpass