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<br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 826-5567 <br /> <br />THIRD AMENDMENT OF MEMORANDUM OF UNDERSTANDING <br /> <br />2 <br /> <br />(Fancher/Kaser Partners) <br /> <br />3 THIS THIRD AMENDMENT ("Third Amendment") is hereby entered into this 10th day <br /> <br />4 <br />5 <br />6 <br /> <br />,2001, by and between the Redevelopment Agency of the City of <br /> <br />of July <br /> <br />Riverside, a public body. corporate and politic ("Agency") and Charles E. Fancher, a sole <br /> <br /> <br />proprietor and Craig Kaser. a sole proprietor. doing business as Fancher/Kaser Partners. in order to <br /> <br />7 <br /> <br />modify and amend the terms and provisions to that certain Memorandum of Understanding <br /> <br />8 <br />9 <br /> <br />("MOU") as follows: <br /> <br />RECITALS <br /> <br />10 <br /> <br />A. On May 16.2000. the Agency entered into a Memorandum of Understanding ("MOU") <br /> <br />II <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br /> <br />with The Fancher Companies (TFC) relating to the development of a mixed-use project within <br /> <br />Downtown Riverside. <br /> <br />B. On September 6, 2000. the Agency and TFC entered into a First Amendment of <br /> <br />Memorandum of Understanding ("First Amendment") to permit further negotiations toward the <br /> <br /> <br />completion of a Limited Right to Negotiate ("LRN") for the potential development of a mixed-use <br /> <br /> <br />project within Downtown Riverside. <br /> <br />C. On March 15,2001. the parties entered into a Second Amendment ofMOU ("Second <br /> <br />Amendment") to amend the terms and provisions to that certain MOU and to assign the interest in <br /> <br />the MOU to Fancher/Kaser Partners ("F & K Partners"). <br /> <br />D. The parties have been in discussion and are continuing to work together in good faith <br /> <br />21 <br /> <br />toward the creation of a LRN. However. despite the good faith exercise of their best efforts. the <br />parties have not been able to complete negotiations for the LRN for consideration and approval <br />within the time period set forth in the MOU. <br />E. The Agency and F & K Partners desire to extend the terms ofthe MOU to permit further <br /> <br />22 <br />23 <br />24 <br /> <br />25 <br />26 <br />27 <br /> <br />negotiations as set forth herein. <br /> <br />NOW, THEREFORE, in consideration of the promises made and recited herein. the parties <br /> <br /> <br />do hereby enter into the Third Amendment of Memorandum ("Third Amendment"), which further <br /> <br />~1f-1-IO-O I <br />aA- , <br />