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HomeMy WebLinkAboutC-2035 o ?v • ^� zo 3 TOLLING AGREEMENT This Tolling Agreement (hereinafter"Agreement") is made and entered into by and between the City of Arcadia ("Arcadia") and the Los Angeles Turf Club, Inc. ("Santa Anita"). Recitals Santa Anita is the owner and operator of Santa Anita Park, a horse racing facility located within Arcadia. Santa Anita obtains water for its operations from Arcadia's municipal water system. Beginning in or about August 2000, Arcadia believes that it began undercharging Santa Anita for water it provided due to an error in reading the water meter that measures water usage by Santa Anita (the "Claim"). In November 2003, Arcadia sent a demand to Santa Anita requesting that Santa Anita pay water charges due and owing to Arcadia in the principal amount of $520,943.67. The parties now desire to attempt to resolve the Claim as well as any other issues related to any undercharge for water provided to Santa Anita by Arcadia. Agreement In consideration of the mutual agreements described herein, Arcadia and Santa Anita agree as follows: 1. Upon execution of this Agreement by both parties (the"Effective Date"), all applicable periods of limitation, whether contractual, statutory or equitable, for the filing of any and all civil actions and counterclaims which any party may have arising from or in any way connected with the Claim shall be tolled from the date of this Agreement through the termination date of this Agreement, as defined below. 2. This Agreement shall terminate on the earliest of the following dates: a. Full settlement of all disputes among the parties evidenced by a written agreement reflecting termination of this Agreement, b. Six months from the Effective Date of this Agreement, or c. Upon the filing of any complaint in the Superior Court of Los Angeles County by either party which asserts any cause of action related to the Claim. 3. The parties further agree that their execution of this Agreement shall not constitute a waiver of any statute of limitations defense that may exist as of the Effective Date of this Agreement. RVLIT\HBG\657578 -1- 4. Each person signing this Agreement represents and warrants that he has full authority and power to bind the party on behalf of which he or she signs IN WITNESS WHEREOF, the Parties have executed this Tolling Agreement effective as of the last date shown below. LOS ANGELES TURF CLUB, INC. Dated: December 9 , 2003 rank DeMarco, Jr. Vice President Assistant Secretary and General Counsel— CITY OF ARCADIA. Dated: December g 2003 By: • William R. Kelley Its: City Manager APPROVED AS TO FORM AND CONTENT: LOS ANGELES TURF CLUB, INC. • Dated: December 9 , 2003 By: ank DeMarco, Jr. General Counsel BEST BEST &KRIEGER LLP PDated: December D1 , 2003 By: 1 Stephen P. Deitsch Attorneys for City of Arcadia RVLIT\HBG\657578 -2-