R-1987-23 - Laserfiche WebLink

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., , e e Notwi thstanding the foregoing, if, for any reason, La Porte is unable to use the Sylvan Beach Park Amount for the purposes set forth in the foregoing sentence, La Porte may use such funds for the construction and installation of Capital Improvements at any city park in the discretion of La Porte. In such event, however, La Porte shall send a written notice to Lawrence advising him of such change and setting forth in reasonable detail the use of such funds. ARTICLE IV LITTLE CEDAR BAYOU PARK 4.1 State Agreement. Reference is here made' to the fact that the State Agreement provides for the agreement of the State of Texas to provide certain funds for the construction and installation of certain improvements to a ci ty park known as "Little Cedar Bayou Park" located in the City of La Porte, Harris County, Texas. The purposes for which such funds shall be used is more particularly set forth in the Approved Budget. In accordance with the Approved Budget, a portion of the funds are to be used for the construction and installation of a fishing pier. Pursuant to the Declaration, La Porte has agreed that the fishing pier shall not be constructed and installed on the Restricted Property as originally contemplated. 4.2 Little Cedar Bayou Park Amount. . It is the intention of La Porte to use the funds allocated for the fishing pier for other improvements to the Little Cedar Bayou Park. If, however, the State of Texas, as a result of La Porte's agreement not to construct -and install the fishing pier on the Restricted Property, refuses to permit all or a portion of the funds allocated for the fishing pier to be used for another purpose and therefore refuses to fund all or a portion of the amount presently allocated for the fishing pier in the Approved Budget (the "Unfunded Amount"), Lawrence agrees to pay to La Porte an amount equal to the lesser of the Unfunded Amount or $35,000.00 (the lesser of said amounts being the "Li t tIe Cedar Bayou Park Amount"). The Little Cedar Bayou Park Amount shall be payable by Lawrence to La Porte within fourteen (14) days aft.r reasonable evidence of the Unfunded Amount is furnished to Lawrence by La Porte. 4.3 Permitted Use of Funds. In the event Lawrence pays the Little Cedar Bayou Park Amount to La Porte, La Porte agrees to deposit and maintain (subject to being used pursuant to the provisions hereof) same in a separate, interest bearing account at a banking institution of its choice located in Harris County, Texas. All interest earned thereon shall become a part of the Little Cedar Bayou Park Amount to be used as provided below. La -3-