2019-035 - Orange County Housing Finance Trust

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Section 8. Amendments and Additional Parties. (a) This Agreement may not be amended or modified exce t by a vote of two-thirds of all of the Parties through formal action approving sou, an amendment by the Parties' respective governing bodies. 0) No addition to, or alteration of, the terms of this Agreement, whether by written or oral underctanding of the parties„ their officers, employees or agents, shall be valid or effective uialcss made in the form of a written amendment which is formally adopted and executed by the Parties in the same manner as this Agreement, Section 9.1" on -Liability for Obligations of OCHFT. The debts, liabilities and obligations of OCHFT shall not bra the debts, liabilities and obli antioaaat of any of the Parties or perso nal debts, liabilities and obliggatirana of"tlae treaters, officers or employees of OCHFT; provided that a Party may, by aaa agreement separate from this Agreement„ contract for, or assume. responsibility for, specific debts, liabilities, or obligations of OCk1FT. Section 10. Admission and Withdrawal of Parties. (€n) Adin rtof New Parties. It is recognized that additional�,parties rather than the original parties, array wish to join OCHFT. The Cocaraty a5f Orange and any Orange County city ivay become a party to OCHFT upon such terms and. conditions as established by the F3oard of Directors. An arrange County city shall become a party to OCHFT ks , they adoption by the city council of this Agreement and the execution ofaa written as dendum thereto agreeing to the term of this Agreement and agracing to tiny additional terms and conditions that may he established by the Hoard of Directors. (b)' ` lithdrawal Lam QCl F1. Parties may withdraw f •om OCHFT at ally time upon their governing board's adoption of resolution that so states the paarty`s intent to leave OCHFT. The withdrawal of any party, either voluntary or involuntary, unless otherwise provided by the Ban rd of Directors, shall be conditioned as follows: (1) In the cage of to voluntary withdrawal, written notice shall be given to OCHFT six months prior to the effective date of withdrawal; and (2) Unless otherwise provided by a unanimous ^erode of the Board of Directors, withdrawal shall result in the forfeiture of that party's rights and claims relating to distribution of property and fiends upon termination of OCHFT asset forth in Section 2 above,. Seetio n 11. Notices. Notices required or permitted hereunder shall be suff dent1�r given if made in writing and delivered caither pea -tonally cat by registered car ccrtilied mail, postage pre aid, to the persons and entities. listed herein at the fallowing addresses, or to such other address as may be designated to 0CHF"T for formal notice: Resolution No. 2019-035 Page 13 of 16