FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 to Developer's activities, for a period of not less than five (5) years after the affordability period ends. 16. OTHER COVENANTS While any obligation ol'Developer under the Cily Note or Cily Deed of'Trusl remain outstanding, thee following provisions shall apply, except to the extent that Executive Director otherwise consents in writing: 101 Default (in Senior Loan. Developer shall not default on any of the Senior Loan documents, provided however, that Developer shall have Such period as is provided in the Senior Loan Documents dtuing which to effectuate a ctue. 16.2 Sale or Lease of Property. Unless and until Developer has reecivccl a Certilicate ol'Complelion for the conslruclion from City, Developer shall not sell, lease, sublease or otherwise transfer all or any part of the Property or any interest therein without the prior written consent of the. Executive Director, which consent may be withheld in the Executive Director's reasonable discretion. In connection with the foregoing consent re(iuirements, Developer acknowledges that City relied upon Developer's particular expertise in entering into this Agreement and continues to rely on Such expertise to ensure the satisfactory completion ol`Ihe constntction- Notwithstanding anything to the contrary contained herein, a "transfer" shall not include (i) a transfer of any general partner's interest in Developer when shade in connection with the exercise by the Developer's limited partner (the "Limited Paruher") of its rights upon a default by it general parincr tinder the Developer's Paronctship Agreement or upon a general partner's withdrawal in violation of the Partnership Agreement, so long as the removal and substitution of the defaulting general partner is made within thirty (30) days of such default or, if such removal and suhstitution cannot reasonably be completed within thirty (30) days, so long as the Limited farmer commence, to take action to remove and substitute the general partner with a reasonable period and thereafter diligently piocccds to complete such Substitution; (it) ally tranSfet' Ot the Property to the managing general partner of Developer pursuant to the right of first refusal or to the general partners of Developerpursuanl to the purchase option, as provided &n- in the Partnership Ag-ccrment; (in) any transfer of the Limited Partncl's interest in accordance with the Partnership Agrectttcrlt; and (iv) any sale, transfer orother disposition of an interest in a limited partner of the Developer. IT CLUT1FICAUFOFCONIPLEPION Upon satisfactory completion of the construction and upon the rcquc,t of Developer, or at its own election, the City of Santa Ana shall issue a Certificate of Completion. Such Cerlificale of Conhplelion shall be, and shall so stale, conclusive determination ofsalisftCttny an»pletion of the construction - If City declines to furnish a Certificate of Completion alicr writtern request front Developer, the Executive Director shall- within thirty (30) days after receipt of the request, provide Developer with a written statement of the reasons therefore- The City Council 36 21 — 40 4/20/2021