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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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12/10/2020 5:00:39 PM
Creation date
12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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Partner is made within thirty (30) days of such default or, if such removal and substitution <br />cannot reasonably be completed within thirty (30) days, so long as the Limited Partner <br />commences to take action to remove and substitute the General Partner within a reasonable <br />period and thereafter diligently proceeds to complete such substitution; (ii) any transfer of <br />the Property to one or more of the General Partners pursuant to the purchase option, as <br />provided for in the Partnership Agreement; (iii) any transfer of the Limited Partner's <br />interest in connection with a default by the Limited Partner under and in accordance with <br />the Partnership Agreement; and, (iv) any sale, transfer or other disposition of the Limited <br />Partner's interest in the Developer or of an interest in the Limited Partner. <br />16.3 Transfer of Developer Limited Partner's Interest. Notwithstanding <br />anything to the contrary in this Agreement or the Loan Documents, no consent shall be <br />required of the City (and it shall not be deemed a default or an Event of Default under any <br />of the Loan Documents), in connection with the transfer and/or the assignment by the <br />Developer's limited partner of its interest in the Developer to an entity controlled or <br />managed by an entity which is related to or under common control with the Developer's <br />limited partner. <br />16.4 Removal of Developer's General Partner. Notwithstanding anything to <br />the contrary in this Agreement or the Loan Documents, the removal and/or replacement of <br />a General Partner for cause in accordance with the Partnership Agreement shall not require <br />the consent of the City and shall not shall not constitute a default or an Event of Default <br />under this Agreement or the Loan Documents or accelerate the maturity of the Inclusionary <br />Loan. If the Developer's limited partner exercises its right to remove a General Partner, <br />City will not unreasonably withhold its consent to the substitute general partner; provided <br />however, the consent of either the City shall not be required if the substitute general partner <br />is an affiliate of the Developer's limited partner. The substitute general partner shall <br />assume all of the rights and obligations of the removed general partner hereunder. <br />17. CERTIFICATE OF COMPLETION <br />Upon satisfactory completion of the construction and upon the request of <br />Developer, or at its own election, the City shall issue a Certificate of Completion. Such <br />Certificate of Completion shall be, and shall so state, conclusive determination of <br />satisfactory completion of the construction. <br />If City declines to furnish a Certificate of Completion after written request from <br />Developer, the City Project Manager shall, within thirty (30) days after receipt of the <br />request, provide Developer with a written statement of the reasons therefore. The statement <br />shall contain a description of the action Developer must take to obtain a Certificate of <br />Completion. If the reason therefore is that the Developer has not completed a minor portion <br />of the construction, City may, in its sole and absolute discretion, issue the Certificate of <br />Completion upon the posting with City of a bond or other form of security acceptable to <br />the City Project Manager in the amount of the fair value of the uncompleted work. <br />A Certificate of Completion is not evidence of compliance with or satisfaction of <br />the Inclusionary Loan Documents or any obligation of Developer to any other party <br />whatsoever, including any holder of a mortgage or deed of trust. A Certificate of <br />55A-45 <br />
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