Laserfiche WebLink
Section 1.7. Property. References to the Property shall mean <br />the Tank Site, Access Road Easement, Utility Easement, and Slope <br />Area License. All as referred to in Article I of this Agreement. <br />ARTICLE II <br />TRANSFER OF THE PROPERTY <br />Section 2.1. Transfer. LIN agrees to transfer the Property <br />to CITY and CITY agrees to accept the Property from LIN upon all <br />of the terms, covenants and conditions as hereinafter set forth. <br />Section 2.2. Consideration. The total consideration for the <br />Property shall be determined by appraisal and in accordance with <br />the methodology hereinafter set forth at paragraph 2.5. <br />Section 2.3. Payment by CITY. Payment by CITY to LIN shall <br />be made as follows: <br />(a) The entire sum shall be paid to LIN in cash on or <br />before December 31, 1995. <br />(b) The initial price, subject to adjustent in <br />accordance with Section,2.5, shall be evidenced by a Promissory <br />Note. Said Note shall bear interest at the rate of five and one <br />half percent (5.5%) per annum. <br />Section 2.4. Alternative Consideration. <br />(a) This Acquisition Agreement is entered into pursuant <br />to a Memorandum of Understanding executed by the parties and the <br />Dublin San Ramon Services District on December 16, 1991. A true <br />and correct copy of the Memorandum of Understanding ("MOU") is <br />attached hereto marked Exhibit "F" and incorporated herein by <br />reference. <br />(b) LIN agrees that LIN will have received full and <br />adequate consideration for its land and easements if (a) the City <br />shall have entered into a Joint Use/Operation Agreement with DSRSD <br />which will provide water service for LIN's property; (b) LIN and <br />DSRSD enter into an Agreement to provide water service to the LIN <br />property which, among other matters, provides credit for LIN for <br />the value of the land dedicated to CITY substantially as provided <br />below. <br />(c) Joint Use/Operation Agreement between DSRSD and <br />CITY. The Joint Use/Operation Agreement and/or related agreements <br />shall, among other things, provide for: <br />(i) Acknowledgment or confirmation that compliance with <br />the requirements of the California Environmental Quality ACT <br />("CEQA"), annexation of all of LIN's property to DSRSD, and other <br />2 <br />Lin\docs\acquisit.agr <br />