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75A - 301 EAST JEANETTE LANE
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03/02/2009
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75A - 301 EAST JEANETTE LANE
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1/3/2012 4:23:09 PM
Creation date
2/24/2009 2:29:24 PM
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City Clerk
Doc Type
Agenda Packet
Item #
75A
Date
3/2/2009
Destruction Year
2014
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Upon such acquisition of the Owner's right, title and interest hereunder as described in the <br />preceding sentence by either Mortgagee, or the assignee or nominee of Mortgagee, or the <br />purchaser from Mortgagee, assignee or nominee, the City shall immediately execute and deliver a <br />new First Amendment or amend this First Amendment with such party, upon the written request <br />therefor by such party given not later than one hundred twenty (120) days after such party's <br />acquisition of the Owner's right, title and interest hereunder. Subject to the terms of Section 8.4 <br />above, such new or amended agreement shall be substantially the same in form and content to the <br />provisions of this First Amendment, except with respect to the parties thereto, and the <br />elimination of any requirements which have been fulfilled by the Owner prior thereto, and said <br />agreement shall have priority equal to the priority of this First Amendment. Upon execution and <br />delivery of such new or amended agreement, the City shall cooperate with the new owner, at the <br />sole expense of said new owner, in taking such action as maybe necessary to cancel and <br />discharge this First Amendment and to remove Owner named herein from the Sky Lofts <br />Property. <br />8.6 Releases. The City agrees that upon written request of Property Owner <br />and payment of all fees and performance of the requirements and conditions required of Owner <br />by this First Amendment with respect to the Sky Lofts Property, or any portion thereof, the City <br />shall execute and deliver to Owner appropriate release(s) of further obligations imposed by this <br />First Amendment in form and substance acceptable to the Orange County Recorder or as may <br />otherwise be necessary to effect the release. <br />9. MISCELLANEOUS PROVISIONS. <br />9.1 Rules of Construction. The singular includes the plural; the masculine <br />gender includes the feminine; "shall" is mandatory; "may" is permissive. If there is more than <br />one signer of this First Amendment, their obligations are joint and several. <br />9.2 Entire Agreement, Waivers and Amendments. This First Amendment <br />constitutes the entire understanding and agreement of the parties with respect to the matters set <br />forth in this First Amendment. This First Amendment supersedes all negotiation or previous <br />agreements between the parties respecting this First Amendment, including without limitation the <br />Original Agreement and/or the Amended Agreement. All waivers of the provision of this First <br />Amendment must be in writing and signed by the appropriate authorities of the City or of Owner. <br />All amenchnents to this First Amendment must be in writing signed by the appropriate <br />authorities of the City and Owner, in a form suitable for recording in the Official Records of <br />Orange County, California. Upon the completion of performance of this First Amendment or its <br />revocation or termination, an appropriate Certificate of Completion acknowledging such <br />occurrence signed by the appropriate agents of Owner and the City shall be recorded in the <br />Official Records of Orange County, California. <br />9.3 Sky Lofts Project as a Private Undertaking. It is specifically <br />understood by the parties that: (a) the Sky Lofts Project is a private development for purposes of <br />Government Code Section 65864 et seq.; (b) the City has no interest in or responsibilities for or <br />duty to third parties concerning any improvements to the Sky Lofts Property or in connection <br />14 <br />75A-198 <br />
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