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VISTA DEL RIO PARTNERS, L.P.
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VISTA DEL RIO PARTNERS, L.P.
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Last modified
1/29/2015 11:14:02 AM
Creation date
1/28/2015 5:32:39 PM
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Contracts
Company Name
VISTA DEL RIO PARTNERS, L.P.
Contract #
A-2009-214
Agency
Community Development
Council Approval Date
7/20/2009
Destruction Year
0
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Notwithstanding anything to the contrary contained in this Note, the City hereby agrees that <br />any cure of any default made or tendered by the Limited Partner shall be deemed to be a cure by <br />Borrower and shall be accepted or rejected on the same basis as if made or tendered by Borrower. <br />Copies of all notices which are sent to Borrower under the terns of this Note shall also be sent to the <br />Limited Partner at an address to be provided in writing to the City by the Limited Partner. <br />24. Insurance and Condemnation. <br />In the event of any fire or other casualty to the Project or eminent domain proceedings <br />resulting in condemnation of the Project or any part thereof, Borrower shall have the right to rebuild <br />the Project, and to use all available insurance or condemnation proceeds therefor, provided that (a) <br />such proceeds are sufficient to keep the City/HOME Loan in balance and rebuild the Project in a <br />manner that provides adequate security to City for repayment of the City /HOME Loan or if such <br />proceeds are insufficient then Borrower shall have funded any deficiency, (b) City shall have the <br />right to approve plans and specifications for any major rebuilding and the right to approve <br />disbursements of insurance or condemnation proceeds for rebuilding under a construction escrow or <br />similar arrangement, and (c) no material default then exists under this Note or the Deed of Trust. If <br />the casualty or condemnation affects only part of the Project and total rebuilding is infeasible, then <br />proceeds may be used for partial rebuilding and partial repayment of the City /HOME Loan in a <br />manner that provides adequate security for repayment of the remaining balance of the City /HOME <br />Loan. <br />25. Force Maieure. <br />Notwithstanding specific provisions of this Note, performance hereunder shall not be deemed <br />to be in default where delays or defaults are due to: war; insurrection; strikes; lock -outs; riots; floods; <br />earthquakes; fires; casualties; acts of God or other deities; acts of the public enemy; epidemics; <br />quarantine restrictions; freight embargoes; lack of transportation; governmental restrictions or <br />priority; litigation; unusually severe weather; inability to secure necessary labor, materials or tools; <br />delays of any contractor or supplier; acts of the other party; acts or failure to act of the City or any <br />other public or governmental City or entity (except that any act or failure to act of City shall not <br />excuse performance by City); or any other causes beyond the reasonable control or without the fault <br />of the party claiming an extension of time to perform. An extension of time for any such cause shall <br />be for the period of the enforced delay and shall commence to run from the time the party claiming <br />such extension gives notice to the other party, provided notice by the party claiming such extension is <br />given within thirty (30) days after the commencement of the cause. Times of performance under this <br />Note may also be extended in writing by the City and the Borrower. <br />26. Assignments. <br />The City, and any assignee of the City, shall have the right to assign this Note and the Deed <br />of Trust securing this Note, without any further act of Borrower. The assignee shall give notice to <br />Borrower as soon as practicable after such assignment. <br />27. Successor Agency and Authority Right to Enforce. <br />The Successor Agency and the Housing Authority of the City of Santa Ana are each intended <br />third party beneficiaries of City's rights under this Note, with full rights (but no obligation) to <br />enforce all of Borrower's obligations hereunder. <br />D -10 <br />DOCSOC/ 1475221 v 10/200272 -0004 <br />
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