1992 AGN MAR 03 I13 - Laserfiche WebLink

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SENT DY: ; 2-27-82 ; 4:52PM ; 7146821832-+ 7143705154;# 2 to AMENDMENT made this day of , 1991, by and between THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON (the "Agency„) and THE PRICE COMPANY, a California corporation (the "Redeveloper"). (A) Agency and Redeveloper are parties to a Disposition and Development. Agreement dated October 16, 1986 (referred to herein as the "DDA!'). (B) Pursuant to the terms of the DDA, the Agency issued three (3) promissory notes to the Redeveloper, referred to therein as the Sales Parcels Note in the principal amount of $2,130,000, dated December 2, 1986, the Assessment Note in the principal amount of $270,000, dated December 2, 1986, and the Traffic Signal. Note in the principal amount of $61,493, dated June 1, 1987 (collectively referred to herein as the "Original Notes"). (C) Exhibit "D" to the DDA is captioned "Method of Financing" and defines "Tax Revenue" at Paragraph Al(d) as follows: "(d) 'Tax Revenues' means for any Note Year, fifty (5007v) of taxes due and paid to the Agency or the City which are derived from the imposition of Uniform local Sales and Use Tax Law commencing with Section 7200 of the Revenue and Taxation Code of the State of California, as amended, arising from all business or other activities conducted upon the Site which are subject to such Sales and Use Tax Law." (D) Exhibit "D" to the DDA at Paragraph A2(C) and the Original Notes provide, in part, that the term of each Original Note shall be fifteen (15) years and that if by the end of each fifteen (15) year term the Talc Revenues are insufficient to fully discharge the amount of interest on and principal of the Original Notes, then any and all remaining unpaid principal and accrued interest shall be forgiven and discharged. (C) Section 9.1 of the DDA captioned "Location of Competing Price Clubs„ provides, in part, that if a Price Club or similar retail warehouse facility is opened by Devolopsr within 9L thvelve (12) mile rstdiu& of the Site at any time a ithin a period of ten (101 JH896979