77-038 - Laserfiche WebLink

Home Browse Search

ficate of Completion by the Agency for the ~roperty,'Redeveloper will remain fully responsible to the Agency and provided'that such joint venture, partnership or other entity agrees.in writing to be bound by all of the provisions of this Agreement. Section 503(b) (4) of Part II shall not apply to or limit the amount of capital or equity contribution by any person or entity participating in the development entity. Notwithstanding the foregoing provisions of this Section 8(b) the Redeveloper shall be entitled to convey title to the Phase I Parcel to Rosswood Villa Apartments, A California Limited Partner- ship, at such time as HUD shall issue its initial endorsement of mortgage guarantee insurance for the Phase I Parcel provided tha%, at all times prior to recordation of a Certificate of Completion for the Property,'the Redeveloper shall remain fully responsible to the Agency andprovided that the Rosswood Villa Apartments Limited Partnership agrees in writing to be bound by all of the provisions of this Agreement. Prior to conveyance of ~he. Phase I Parcel as set forth in the Schedule of Performance, the Redeveloper shall ' provide the Agency with a copy of the Rosswood Villa Apartments. Limited Partnership Agreement in order that the Agency may be assured that the general partners of such Limited Partnersh%p are the same as such general partners constituting the Redeveloper. Whenever the term "Redeveloper" is used herein, such term shall include any permitted.assignee as herein provided.. (c) Tax Exemption. The ProPerty sha~l not be removed from the proper~y tax ro].l~ and shall not be exempted from property tax payments, except under programs now or hereafter enacted by the State of California for the general relief of. homeowners. Redeveloper for itself and for its successors and assigns agrees not to file an application for exemption from Property ta~ asess- ment and payment, except for those exemptions which may now exist or hereafter be enacted by the State of California for the gen- eral relief of homeowners. This in no way limits Redeveloper's right to question or seek reduction of any assessed valuation of the Property. (d) Bodily Injury and Property Damage Insurance. Before commencement of an~' work of improvemen't 'u~on 'the' Pro6erty, the Redeveloper shall furnish or cause to be furnished to the Agency duplicate originals Or appropriate certificates of bodily injury and property damage insurance policies in the amount of at least $500,000 for any person, $2,000,000 for any occurrence and' $300, 000 property damage, naming the ~gency, the Authority and the City as co-insureds. (e) }!aintenance of Land Prior to Construction. The Redeve- loper shal~--~a~-l~--6~-~red land he acquires and the cleared land he owns within'the Project Area in a neat and orderly con- dition between the date of acquisition and the commencement of construction. (f) Execution of Documeuts. Tho Agency, Authority and the Redeveloi)er agree to exe-~te---'-~'~-and all documents that may be necessary or properly required by HUD in connection with this Project. -21- :~ ? ".!