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R2003-138 AUTHORIZING EXECUTION OF TERMINATION AGREEMENT
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R2003-138 AUTHORIZING EXECUTION OF TERMINATION AGREEMENT
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1/12/2016 4:40:28 PM
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1/12/2016 4:40:26 PM
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Resolution/Ordinance
Res Ord Num
R2003-138
Res Ord Title
AUTHORIZING EXECUTION OF TERMINATION AGREEMENT - INCUBATOR CARVEOUT AREA
Approved Date
9/15/2003
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E. Zexel, BorgWarner and Mueller intend to address costs and liability relating to future <br /> remedial activity and the costs and liability relating thereto at the Carveout Area by separate <br /> agreement, and the Parties have agreed that the City will not participate in future remedial <br /> activity at the Carveout Area and the final allocation procedure would be unnecessarily time <br /> consuming and burdensome on the Parties. <br /> F. The Parties anticipate that they may enter into a separate agreement regarding <br /> termination of the Site Partic�ation Agreement as it applies to the City Property. <br /> FOR AND IN CONSIDERATION of each Party's payment in full of its share of the <br /> costs incurred under the Site Participation Agreement with respect to the Carveout Area and in <br /> consideration of material promises and representations made in this Termination Agreement, the <br /> Parties agree as follows: <br /> ARTICLE 1: PURPOSES <br /> 1.1 The principal purposes of this Agreement are as follows: <br /> a. To provide a means whereby the Parties can terminate the Site Participation <br /> Agreement as it applies to the Carveout Area in accordance with Article 12 Termination and <br /> Article 8 Final Allocation of Costs; <br /> b. To provide a means whereby the Parties release certain rights they may have as <br /> between or among themselves with the respect to the Carveout Area for certain costs and any <br /> claims with respect to the actions performed under the Site Participation Agreement; <br /> c. To provide a means whereby the Parties release certain rights they may have <br /> as between or among themselves from liability for future remedial activity at Carveout Area; and <br /> d. To provide a means whereby the Parties reaffirm the survival of certain <br /> provisions of the Site Participation Agreement. <br /> 2 <br />
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