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NS-2831
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Last modified
7/18/2016 2:54:04 PM
Creation date
6/7/2012 5:26:18 PM
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City Clerk
Doc Type
Ordinance
Doc #
NS-2831
Date
4/16/2012
Destruction Year
P
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purpose of the Agreement. Legal actions shall be instituted in the Superior Could of the County <br />of Orange, State of California, or in the Federal District Court in the Central District of <br />California, Southern Division. <br />ENCUMBRANCES AND RELEASES ON PROPERTY. <br />8.1 Discretion to Encumber. This Agreement shall not prevent or limit <br />Owner, in any manner, at Owner's sole discretion, from encumbering the Property or arty portion <br />of the Property or any improvement on the Property by any mortgage, deed of trust, or other - <br />security device securing financing with respect to the Property or its improvement. <br />8.2 Entitlement to Written Notice of Default. The mortgagee of a mortgage <br />or beneficiary of a deed of trust encumbering the Property or any part thereof and their successors <br />and assigns shall, upon written request to City, be entitled to receive from City written <br />notification of any default by Owner of the performance of Owner's obligations under the <br />Agreement which has not been cured within thirty (30) days following the date of default. City <br />may modify or add to the provisions of this Section 8.2 at the request of any institutional lender <br />or pension trust providing financing so long as such requested modifications or additions pertain <br />only to the rights of a Mortgagee hereunder and are not otherwise inconsistent with the terms of <br />this Agreement. <br />8.3 Releases. City agrees that upon written request of Property Owner and <br />payment of all fees and performance of the requirements and conditions required of Owner by <br />this Agreement with respect to the Property, or any portion thereof, City may execute and deliver <br />to Owner appropriate release(s) of fiirther obligations imposed by this Agreement in form and <br />substance acceptable to the Orange County Recorder or as may otherwise be necessary to effect <br />the release. <br />9. MISCELLANEOUS PROVISIONS, <br />9.1 Rules of Construction. The singular includes (lie plural, the masculine <br />gender includes the feminine; "shall" is mandatory; "may" is permissive. If there is more than <br />one signer of this Agreement, their obligations are joint and several. <br />9.2 Entire Agreement, Waivers and Amendments. This Agreement <br />constitutes the entire understanding and Agreement of the parties with respect to the matters set <br />forth in this Agreement. This Agreement supersedes all negotiation or previous Agreements <br />between the parties respecting this Agreement. All waivers of the provision of this Agreement <br />must be in writing and signed by the appropriate authorities of City or of Owner. All <br />amendments to this .Agreement must be in writing signed by the appropriate authorities of City <br />and Owner, in a form suitable for recording in the Official Records of Orange County, California. <br />Within ten (10) days following the effective date of this Agreement, a copy of this Agreement <br />shall be-recorded in the Official Records of Orange County, California. Upon the completion of <br />performance of this Agreement or its revocation or termination, an appropriate Certificate of <br />Completion acknowledging such occurrence signed by the appropriate agents of Owner and City <br />shall be recorded in the Official Records of Orange County, California. <br />16 <br />
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