Marina Center Indemnification Agreement

Government / By Hank Sims / Nov. 7, 2009, 11:25 a.m.

FOUR Comments

Comment / By Red / Nov. 7, 2009, 6:45 p.m.

Hmmm. Correct me if I’m out of line here, but it would appear that this document was drafted by lawyers.

Comment / By Anonymous / Nov. 7, 2009, 6:45 p.m.

thanks for posting that, Hank.

Wow—so now the City of Eureka is only vulnerable to threat of litigation from CUE VI. I wonder if they’ve played that card yet?

It says if the City does not cooperate with CUE VI in good faith, or if the City decides to settle a lawsuit re: Marina Center, the agreement will be terminated.

I guess there won’t be too many more decisions put to a vote on this. Why bother having a hearing on the zoning change and the Local Coastal Plan amendment? The city’s only choice is to approve whatever Security National puts forth now. Unbelievable.

No wonder voter turnout in Eureka is so low.

Comment / By Hank Sims / Nov. 7, 2009, 7:25 p.m.

Wow—so now the City of Eureka is only vulnerable to threat of litigation from cue vi.

That was my take a couple of weeks ago.

Comment / By 123@123.com / Nov. 7, 2009, 11:18 p.m.

Boy this indemnification agreement is a joke. Particularly as the city is being indemnified by a special purpose entity that is by design judgment proof if any significant adverse litigation develops.

Where is the guarantee from the primary SN entities that hold significant assets? Where is the insurance provision backing up this indemnification agreement. Where is the prohibition preventing this special purpose Alaskan from transferring the real property and rendering itself a shell?

The scope is also shockingly narrow.

Eureka’s ass is really hanging out on this one.

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