FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

Home Browse Search

EXHIBIT 3 Affordahle Rent shall increase to Affordable Rents for 11On5eholds earning 00'/n ofthe Area Median Income in accordance with the rent limits set Ibrth by the Calilimiia Tax Credit Allucaliun Committcc (TCAC) Ibr huuscholds earning 60'G, of the Area Median Income. S. IMSERVED. 9. GENERAL PROVISIONS AND WARRANTIES As a material inducement to City to enter into this Agreement, Developer represents and warrants as follows- 9.1 Formation, Oualil'icalion and Contnlianee, !HC-Nordt Harbor LLC_ die managing general partner of Developer (a) is a limited liability company, validly existing and in ;ood standing under the laws of the State of California, (b) has all requisite authority w conduct its business and own and lease its properties, and (c) is qualilied and in good standing in every jurisdiction in which the nature of its business makes qualification necessary or where failure to qualify could have a material adverse effect on its financial condition or the performance of its obligations under the Loan Documents. Developer is in compliance with all laws applicable to its business and has obtained all approvals, licenses, exemptions and other authorizations from, and has accomplished all filings, registrations and qualilieations with, any Goverrnnemal Authority that are nccessuy fur the transaction of its business. 9.2 Execution and Performance of Loan Documents. 9.11 Developer has all requisite authority to execute and perform its obligations under the Loan Documents. 922 The execution and delivery of Developer of, and the performance by Developer of its obligations under, each Loan DOCUment has been authorized by all necessary action and does not and will not: (a) require any consent or approval not heretofore obtained of any person having any interest in Developer; (b) violate any provision of, or require any consent or approval not heretofore obtained under, any articles of incorporation, by-laws or other governing document applicable to Developer; (c) result in orrequire the creation ofany lien, claim, char-c or outer right of other of any hind (other than uncletic City Loan Documents) Oil or with respect to any property now or hercatter owned or leased by Developer; or (d) violate any provision of any law presently in effect; (e') constitute a breach or default under, nr permit the City Council 14 21 — 18 4/20/2021