HomeMy WebLinkAboutCentral Federal Savings and Loan Association; 1976-09-13; Parking Authorityr
AGREEMENT
This agreement is made this 13th day of septetnhpr > 1976
by and between the PARKING AUTHORITY OF THE CITY OF CARLSBAD
(the "Authority") and CENTRAL FEDERAL SAVINGS AND LOAN ASSOCI-
ATION (the "Association").
RECITALS
WHEREAS, the Association intends to expand its existing
facility located on Marron Road to the south of the Plaza Camino
Real Regional Shopping Center, as shown on the Site-Plan marked
xhibit A, prepared by Richard George Wheeler Associates, dated
igust 11
X&BCXQ3, 1976, attached hereto and made a part hereof; and
••&*,
WHEREAS, the Authority owns, for parking purposes, an
unimproved parcel of land, immediately to the west, identified
on Exhibit A as a portion of Parcel Number 1 - Carlsbad Parking
Authority. The Parking Authority has no plans at this time
for the improvement of the property; and
WHEREAS, it would be to the Association's advantage, in
connection with their proposed addition, if the Authority's
property was so improved.
NOW, THEREFORE, the parties hereto agree as follows:
1. Association will improve the above described portion
of Authority's property as shown on Exhibit A. The improvements
will be accomplished to the satisfaction of the City Engineer in
accord with the standards of the City of Carlsbad. The Authority
agrees to permit the Association to enter said portion of its
property at any time as necessary to accomplish the aforesaid
improvements.
2. Upon completion, and acceptance by the City Engineer,
such improvements shall become the property of the Authority.
The Association and the Authority agree that the above refer-
enced improved portion of Authority's property shall be subject
to the lease between the Authority and the City of Carlsbad
for the parking area surrounding the Plaza Camino Real Shopping
Center and the Operating Agreement therefor between the City of
Carlsbad and the May Company.
3. Association will landscape the property to be improved
in accord with Exhibit A to the satisfaction of the City of
Carlsbad Park and Recreation Director.
4. This agreement shall be of no force or effect unless
the Association shall have commenced construction hereunder
within one (1) year after the date of this agreement.
IN WITNESS WHEREOF, the parties hereto have executed this
agreement the day and year first above written.
THE PARKING AUTHORITY OF THE CITY
ATTEST: OE^CXRLSBAD, CALIFORNIA
2.
ATTEST
CENTRAL FEDERAL SAVINGS & LOAN
ASSOCIATION
APPROVED AS TO FORM:
F. "Blondo,
City Attorney
3.
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