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901.15 Applicable Law. This Agreement shall be interpreted, governed and <br />enforced under federal and state laws. <br />901.16 Third Parties. This Agreement is made for tho solo benefit of Developer <br />and the City and Agency and their successors and assigns, and no other person or persons shall have <br />any rights or remedies under or by reason of this Agreement or any right to the exercise of any right <br />or power of the Agency/City hereunder or arising from any default by Developer, nor shall the <br />Agency/City owe any duty whatsoever to any claimant for labor performed or materials furnished in <br />connection with the construction of the Properly. <br />901.17 Control of Property. The parties aCkll;pvledge that neither the Agency nor <br />City has at any time participated in any manner in the mariagGiv~tl~, or operation of the Property, and <br />will not so pattieipate at any time hereafter. <br />r <br />902. Obligation to Notify re Changeq~ ~''tJntil the final disbursement of the Loans, <br />Developer shall, upon learning of any fact or eontllYion which would cause any of the warranties and <br />representations in this Article 900 not to be hue, air}mcdiatcly give written n9tice of such fact or <br />condition to Agency. Such exception(s) to a representatiou.'Shall not be deemed a breach by <br />Developer hereunder, but shall constitute an exception whteh Agency and City shrill have a right to <br />approve or disapprove if such except{on ,would have an cffoc~ on the value and/or operation of the <br />Property. If Agency and City elect to rriake ariy.llisbursemetit~of the Loans following disclosure of <br />such information, Developer's rcpresenfafi`gns arid. 4g~rranties `cont=ained herein shall be deemed to <br />have been made as of such drsbursement, siiliject to siieli~exception(s). • If, following the disclosure of <br />such information, Age~Gy aStd Gtt,Y elect no"# to, malCefurther-disbursainents of the Loans, then this <br />Agreement shall mlom~tieally terininate, and neither party shall have any further rights, obligations <br />or liabilities hereunder ~T'JIe representations and GVa~fanties set forth in this Article 900 shall survive <br />,:,:.•. <br />the fn~al disbursement oftherLoans aric) continue for'sthe Term hereof. <br />1000. <br />lOgl. Permits ani1:,Q~pprovals; Developer shall diligently obtain all permits, including all <br />building per~tiixs, licenses, approvals, exettiptions and other authorizations of Governmental Agencies <br />required in connection with the constniclion and conversion of the Property. <br />1002. Commencement~.afd Completion of Construction. The construction of the Project <br />shall be considered cotflplete for' ptiirposes of this Agreement only when (a) all work described has <br />been completed and fully paid.-for, and (b)all work requiring inspecfion or ce~•tification by <br />Governmental Authority has,>i~~en completed and all requisite certificates, approvals and other <br />necessary authorizations (including required final certificates of occupancy) have been obtained. <br />1003. Change Orders, The contract for construction shall not be modified except pursuant <br />to change orders. All change orders: <br />(a) shall be in writing, numbered in sequence, signed by Developer and <br />submitted to City prior to the proposed effectiveness thereof and accompanied by any working <br />drawings and a written narrative of the proposed change. <br />(b) Shall be subject to the Executive Director's and Senior Lender's prior <br />written approval of the Executive Director and Bank. <br />32 <br />