34.Interlocal agreement SURRMA - Laserfiche WebLink

Home Browse Search

Project. Should this potential pecuniary obligation arise all of the Participants have agreed to use their good faith, best efforts to coordinate among the Participants to fund this shortfall to the Project Account on a pro rata basis to enable the Department to proceed with the timely completion of the Project. 3.6 The Participants agree that if the right of way acquisition and utility relocation costs are less than projected, the Participants may agree to use the surplus funds to pay down the SIB loan balance. Then, the Participants' individual balances will be reduced on a pro rata basis. SECTION 4: No Cross Defaults. TXDOT, the Authority, and the Participants each expressly recognize that the Department cannot force, either legally, equitably, or administratively, a cross default upon any Participant should any Participant fail to honor its pecuniary obligation as set forth in this Agreement and/or the SIB Loan Agreement. Each Participant's initial cash contribution or amortized portion of the SIB Loan is set forth in Section 3 of this Agreement and the Participants have been advised by the Authority's engineers that this pecuniary obligation should not exceed $5,377,269.00 being the Authority's anticipated total local matching funds to fully fund the Authority's obligation with respect to the Project, consisting of rights-of-way acquisition and utility relocation. Should any Participant fail to timely honor its pecuniary obligation to the Authority and to the Department (as a third party beneficiary of this Agreement) then both the Authority and/or the Department may proceed directly against the Participant who is in default pursuant to any remedies set forth herein, in the SIB Loan Agreement, or in accordance with applicable law; however, in no event, shall any non- defaulting Participant be pecuniary liable for any defaulting Participant's pecuniary liability. TXDOT shall be responsible for all legal fees and expenses incurred by TXDOT and/or the Authority in any and all judicial or administrative proceedings against one or more Participants as provided for in Section 3.6. SECTION 5: Amendments and Modifications. This Agreement shall be binding upon the Participants and the Authority and their respective successors and legal representatives and shall inure solely to the benefit of the Participants and the Authority and their respective successors and legal representatives. Furthermore, no alteration, amendment, or modification of any provision of this Agreement shall be effective unless (1) prior written consent of such alteration, amendment, or modification shall have been obtained from the parties hereto and TXDOT, and (2) such alteration, amendment, or modification is in writing and signed by the parties hereto. The Participants and the Authority may amend this Agreement to address the construction or financing of other projects (other than the Project) upon compliance with the provisions of applicable law. SECTION 6: Default. In the event that either the Authority or the Participants should violate any of the terms of this Agreement, the other party shall promptly notify TXDOT and the other respective party of the violation. In the event this violation is not cured within thirty (30) days after the sending of such notice, the party sending the notice may at its discretion notify the other party of its intention to seek any remedies available under applicable law. Upon such notice, the delinquent party shall have thirty (30) days to cure this violation prior to final action by the other party seeking any available judicial remedy. SECTION 7: Miscellaneous; Assignment. All the situations, promises, undertaking and agreements herein contained by or on behalf of either the Authority or the Participants shall bind 95422970.4 -5 - - 256