1981-226-Approving "Contingent Agreement To Complete Improvements' Between Forbes Mill Condos And The Town Of Los GatosRESOLUTION NO. 1981 -226
A RESOLUTION APPROVING "CONTINGENT AGREE-
MENT TO COMPLETE IMPROVEMENTS" BETWEEN
FORBES MILL CONDOS AND THE TOWN OF LOS
GATOS.
BE IT RESOLVED that the Mayor of the Town of Los Gatos is hereby
authorized and directed to execute a CONTINGENT AGREEMENT TO COMPLETE
IMPROVEMENTS (copy of which is attached hereto) on behalf of the TOWN
OF LOS GATOS.
PASSED AND ADOPTED BY THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
at a regular meeting held this 2nd day of
November , 1981, by the following vote:
AYES: COUNCIL MEMBERS Ruth Cannon, Thomas
J. Ferrito MarLyn J. Rasmussen,
and Pe
NOES: COUNCIL
ABSENT: COUNCIL
ABSTAIN: COUNCIL
SIGNED
ATTEST:
CLERK F THE TOWN LOS ATOS
ter W. Siemens
MEMBERS None
MEMBERS Brent N. Ventura
MEMBERS None
AYE OR, TOWN OF LOS GATOS
CONTINGENT AGREEMENT TO COMPIETE 7YIPIROVEMENTS
U 11, �L �
AGREEMENT, made this 1jLI day of
1.981, between Forbes Mill Condos, a general partnership ("Prin-
cipal" herein) , and the Town of Los Gatos ("iown" herein).
RECITALS:
Principal has developed Forbes Mill Condominiums under
Architecture and Site Application 5-79-20A, which originally
provided that occupancycertificates for the last five units
would not be issued until either the corimercial structure in
the project was completed, or if not, the parking lot, plaza
and appurtenant landscaping were completed.
2. On October 14,,:1981, for the reasons set forth in the
DRC memo dated October S. 1981, the Town Planning Commission
modified the aforesaid condition to allow Principal to satisfy
it by posting a performance bond guaranteeing that if construc-
tion of a commercial structure had not commenced by October 14,
1982, Principal would install the parking lot, plaza and appur-.
tenant- landscaping.
3. i In order far this performance bond to be valid, Princi-
on the Map recorded November 1.6, 1979, Book I
'Santa Clara County records) on or before Octc
cipal shall complete the parking lot, plaza, and appurtenant
landscaping on the subjeoct property in accordance with Site
and Architectural Approval S-79-20A and to the satisfaction of
the To-vm Engineer, on or before April 14, 1983.
2. RELEASE OF OCCUPANCY CERTIFICATES.
Upon execution of this Agreement, and submission of a bond
guaranteeing the performance hereof in a form and amount satis-
factory to the Tmm Engineer, the Town shall release Occupancy
certificates for the last five condominium units in the Forbes
Condominium Development.
3. DISPUTES.
In the event of litigation over this Agreement, or the
bond guaranteeing its performance by Principal., the prevailing
party shall be entitled to recover all reasonable costs and attor-
ney's fees.
DATED: October 30, 1981 FOR4BESL - 0 ONDOS , a general partnershij
M
By: Pr !no., a corporation
0-
San or A N_._Diller,' P4'�Isl_ ent
By: E -ial eve a 11 h D I
opme its a corporata:o'
'DATED:
�%G
TOW "F LOS 0S
OS
B
emcn�, -Mayor
'X*6te Siemeni-, Mayor
-2-