25B - AGMT - 815 N HARBOR LOAN - Laserfiche WebLink

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notice, conunence to cure, correct or remedy such failure or delay and shall complete such cure, correction, or remedy with reasonable diligence. Upon a default by Developer which is not creed within thirty (30) days following service of said notice, unless such default cannot roasonably be cured within thirty (00) days, in which case Developer shall have such additional time as reasonably necessary to complete such cure but no more than ninety (40) flays, the City shall have the right to terminate this Agreement by delivery of written notice of termination to Developer. 6.2 Institutiou of LcEal Actions. In addition to any o lrur rights or remedies, either party may institute legal action to cure, correct or remedy any default to recover darnages for any default, or to obtain any otherremedy consistent with the purpose of this Agreement. 6:3 Rights and Renredles are Cumulative. Except with respect to rights and remedies expressly declared to be exclusive in This Agreement, the right and remedies of the patties arc cumulative and the exercise by either party of one or more of such lights or remedies shall not preclude the exercise by it, at the same or different times, of any other rights or remedies for the -surge default or any other default by the other panty. 6.4 Damage& in the event that the City is liable for darnages to Deveioper, such liability shall not exceed costs incarred by the Developer in the peforrance o f this Agreemmt and shall not extend to compensation for loss of future income, profits or assets; provided, however, Developer 's only t'emedy for any breach ofthis Agreementby the City shall bean action for specific performance of such party's obligations. 6.5 Nonrecourse Liability. Neither Developer, nor any partner of Developer, shall have any personal liability under this Agreement, or the attached Note and Deed of Trust, and airy judgatrant, decree or order for the pay3norat of mrincy obtained in any action to enforce the obligation of Developer to repay the loan evidenced by such documents shrill be enforceable against Developer only to the extent ofDeveloper "s interest in the Property. 7, GENERAL PROVI=5TONS ANL1 WARRANTIES As a material inducernent to City to enter into this Agreement, Developer represents and warrants as follows. T t Formation, Qualification and Compliance, Orange Haausitag Development Corporation, the sole member the managing general partner of Developer (a) is a non- profit public-benefit corporation, validly existing and in good standing sander the laws of the State of California, (h) has all requisite authority to conduct its business and own trod lease its properties, and (o;) is qualified and in good, standing in every jurisdiction in which the nature o£its business makes qualification necessary or Nvhere failure to qualify corder have ,a material adverse effect on its financial condition or the performance in its obligations under the Loan DoCumcriti, Developer is in compliance with all laws applicable to its business kind has obtained all approvals, licenses, exemptions and other authorizations horn, and has accomplished all fi3ings, registrations and qualifications with any Cioverxunental Authority that are necessary £or the transaction of its business. 7;2 Execution and Performance of Loan Documents. 15 25B -21