65A - SANTORA BUILDING AD HOC RPT

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r 4. Certification of Improvement of the Property. Developer represents and warrants that the loan amount is not less than funds actually expended by .Developer for improvements to the Property within the approved scope of the Santora Agreement and was expended in furtherance of the obligation therein to rehabilitate the Property for the purposes of developing and mainta.ning a quality restaurant therein. 5. Rights of Agency to Review Costs. Representatives of the Agency shall have the right to review and audit all of the expenses made by Developer which are being reimbursed by the Agreement. To the extent the Agency is not reasonably satisfied with the audit results, Developer shall promptly repay that portion of the loan. 6. Agency Loan Amount and Terms. Subject to the terms and conditions hereinafter set forth, and of the Santora Agreement, Agency agrees to provide Developer a loan ("Loan") in the principal amount of Ten Thousand Dollars ($10,000.00) (the "Loan Amount"). The Loan shall become due or forgiven on the same terms and under the same conditions as apply to the Promissory Note evidencing the loan in the Santora Agreement. Where not inconsistent with the terms hereof, the terms of the Santora Agreement are hereby incorporated herein as if set forth in full. 7. No Assignment. Developer expressly acknowledges and agrees that Agency has only agreed to assist the Developer as a means by which to induce the rehabilitation of the Property. Accordingly, Developer further expressly acknowledges and agrees that this Agreement is a personal right of Developer that is neither negotiable, transferable, nor assignable except as set forth herein. 8. Applicable Law. The laws of the State of California shall govern the interpretation and enforcement of this Agreement. 9. Third Parties. This Agreement is made for the sole benefit of Developer and Agency and the Agency's successors and assigns, and no other person or persons shall have any rights or remedies under or by reason of this Agreement or any right to the exercise of any right or power of the Agency hereunder or arising from any default by Developer, nor shall the Agency owe any duty whatsoever to any claimant for labor performed or materials furnished in connection with the rehabilitation of the Site . 10. Notices. Any notice, tender, demand, delivery, or other communication pursuant to this Agreement shall be in writing and shall be deemed to be properly given if delivered in person or mailed by first class or certified mail, postage prepaid, or sent by telefacsimile or other telegraphic communication in the manner provided in this Section, to the following persons: To Agency: And: Community Redevelopment Agency City of Santa Ana 20 Civic Center Plaza (M-25) P.O. Box 1988 Santa Ana, CA 92702-1 98 8 65A-36