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WESTVIEW HOUSE L (3).P
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WESTVIEW HOUSE L (3).P
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Last modified
7/6/2022 11:57:00 AM
Creation date
7/6/2022 11:54:11 AM
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Contracts
Company Name
WESTVIEW HOUSE L.P
Contract #
A-2022-085
Agency
Community Development
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substance satisfactory to City, together with all endorsements and binders required, naming <br />City as the insured, in a policy amount of not less than the City/Rental Rehabilitation <br />Program Loan Amount, showing Developer as the fee owner of the Property and insuring <br />the City/Rental Rehabilitation Program Loan Deed of Trust to be a valid lien on the <br />Property. This Agreement, the City/Rental Rehabilitation Program Loan Note, and <br />City/Rental Rehabilitation Program Loan Deed of Trust shall be subordinate to the Senior <br />Loan Note, Senior Loan Deed of Trust and the other Senior Loan Documents. <br />(c) Intentionally Omitted. <br />(d) Management Plan. The Developer shall have submitted and the City <br />shall have approved a Management Plan ("Management Plan"). The Management Plan <br />shall include a management contract with a manager approved in writing by the City for <br />management of the Project and a plan for long-term marketing, operation, maintenance, <br />repair and security of the Project, method of selection of tenants, and for rental policies in <br />compliance with any applicable requirements, policies and procedures and with the <br />Affordability Restrictions on Transfer of Property, along with any other policies or <br />procedures required by the City. The Management Plan shall also include an initial budget <br />for the Project. City hereby approves FPI Management, Inc. as the initial property manager. <br />(e) Documents Recorded. This Agreement, the City/Rental <br />Rehabilitation Program Loan Deed of Trust and the Affordability Restrictions on Transfer <br />of Property shall have been recorded in the Official Records of the County. This <br />Agreement, and the City/Rental Rehabilitation Program Loan Deed of Trust shall be <br />subordinate to the Senior Loan Note, the Senior Loan Deed of Trust, and the other Senior <br />Loan Documents. <br />(1) Request for Notice. For the benefit of City, Escrow Holder shall <br />have recorded a request for notice of default of the Senior Loan (the "Request for Notice <br />of Default"). <br />(g) Insurance. City shall have received evidence satisfactory to the City <br />that all of the policies of insurance required by Section 19 of this Agreement are in full <br />force and effect. <br />(h) Representations and Warranties. The representations and warranties <br />of Developer contained in this Agreement and the other Loan Documents shall be correct <br />in all material respects as of the Close of Escrow as though made on and as of that date, <br />and if requested by the Executive Director, City shall have received a certificate to that <br />effect signed by Developer's Representative. <br />(i) No Default. No Event of Default by Developer shall have <br />occurred, and no event shall have occurred which, with the giving of notice or the passage <br />of time or both, would constitute an Event of Default by Developer under this Agreement, <br />and if requested by the Executive Director, City shall have received a certificate to that <br />effect signed by Developer's Representative. <br />6.2. Disbursement Procedures for Loan. <br />10 <br />Westview House <br />City Rental Rehabilitation Program Loan Agreement <br />
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