FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 statement shall amtain a description of the action Developer must talce to obtain a Certificate of Completion. if the reason therefore is that the Developer has not completed a minur portion of the Construction, City tnay, in its reasonable discrctiun, i_suc the Certificate of Completion upon the posting with City of a bond or other torm of security acceptable to the Executive Director in the amount of the fair value of the uncompleted work - A Certificate of Completion is not evidence of compliance with or satisfaclioil of the Loan Documents or any obligation of Developer to any other party whatsoever, including any holder of a mortgage or deed of must- A Certificate of Completion is riot "notice of completirnn" referred to in Section 9192 of the Cali fomia Civil Code- 1 8. INDEMNIFICATION 1 tt,1 Nonliability, of City. Developer acknowledges and agrees lhal: (a) The relationship between Developer and City is and shall remain solely thal ofborrower and lender, City neither undertakes nor assutrles any responsibility to review, inspect, supervise, approve (outer Than for aesthetics) or inform Developer of any matter in connection with the construction, including matters rehiring to: (i) the performance ol' the alnsu-uction work, (ii) architects, corurac.tors, subcotivactuiss and matciialtncn, ur the wurlernanship ul' ur ruaterials used by any of them, or (iii) the progress of the construction; and Developer shall rely entirely on its own judgment with respect to such matlei-s and acknowledges that any review, inspection, supervision, approval or infilrnation supplied to Developer by City in connection with such rnattas is solely for the protection of City and that neither Developer nor any third patty is cluillcd to rely oil w (h) Notwithstanding any other provision of any Loan Document (i) the City is not a partner, joint venture, alter -ego, manager, controlling person or other business associate or participant of any kind of Developer and City does not intend to ever assume any such stanis; (ii) Cit-v's activities in connection with the Loan(s) shall not be "outside the scope of the activities ofa lender of nnoncy" within the meaning of California Civil Code Section 3434, as modified or recodified Boni tinge to lime, and City does not inland to CVCi-assume any responsibility to any person for the quality or satcty of the Property; and (iii) City shall not he deemed responsible tiir or a participaru in ally acts, omissions or decisions of Developer; (c) City shall not be directly or indirectly liable or responsible for any loss or injury of any kind to any person or property restdling from any eonst-uctiun on, or occupancy or use of, the Property, whether arising, tium: (i) any dcta:t in any building, grading, landscaping or other onsite or ottsite improvement; (ii) any act or omission of Developer or any of Developer's agents, employees, independent contractors, licensees or invitees, or (iii) any accident un the Property or any fire or other casualty or hazard thctcon:and (d) By accepting or approving, anything required to be performed or given to City under the Loan Docunents, including any certificate, financial statement, City Council 37 21 — 41 4/20/2021