05 - JOINT PH - Vista Del Rio DDA

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with respect to the HOME Units, the HOME Regulations prohibit application of any Project Based Section 8 assistance, Portable Voucher, or other rental subsidy that, cumulatively with the rent to be paid by the tenant household, exceeds an Affordable Rent calculated pursuant to the HOME Regulations. 7.4 Rent Increases. On an annual basis, the Executive Directors shall provide Vista Del Rio with the maximum allowable schedule of Affordable Rents for the Property in accordance with changes in allowable rent and income tables published by HUD and the State of California, provided however that the rent for the HOME units shall in no event be higher than the rent for the equivalent Agency assisted Unit. In no event shall Vista Del Rio charge any tenant more than the Affordable Rents prescribed for the Units pursuant to this Agreement and as directed by the Executive Directors. 8. [RESERVED.] 9. GENERAL PROVISIONS AND WARRANTIES As a material inducement to City and Agency to enter into this Agreement, Vista Del Rio represents and warrants as follows: 9.1 Formation, Qualification and Compliance. Vista Del Rio (a) is a limited partnership, validly existing and in good standing under the laws of the State of California, (b) has all requisite authority to conduct its business and own and lease its properties, and (c) is qualified and in good standing in every jurisdiction in which the nature of its business makes qualification necessary or where failure to qualify could have a material adverse effect on its financial condition or the performance of its obligations under the Loan Documents. Vista Del Rio is in compliance with all Governmental Requirements applicable to its business and has obtained all approvals, licenses, exemptions and other authorizations from, and has accomplished all filings, registrations and qualifications with, any Governmental Authority that are necessary for the transaction of its business. 9.2 Execution and Performance of Loan Documents. 9.2.1 Vista Del Rio has all requisite authority to execute and perform its obligations under the Loan Documents. 9.2.2 The execution and delivery of Vista Del Rio of, and the performance by Vista Del Rio of its obligations under, each Loan Document has been authorized by all necessary action and does not and will not: (a) require any consent or approval not heretofore obtained of any person having any interest in Vista Del Rio; (b) violate any provision of, or require any consent or approval not heretofore obtained under, any articles of incorporation, by-laws or other governing document applicable to Vista Del Rio; (c) result in or require the creation of any lien, claim, charge or other right of others of any kind (other than under the Loan Documents) on or with respect to any property now or hereafter owned or leased by Vista Del Rio; (d) violate any provision of any law presently in effect; or 20 DOCSOC/ 1475221 v5/200272-0004