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notice, commence to cure, correct or remedy such failure or delay and shall complete such <br />cure, correction, or remedy with reasonable diligence. Upon a default by Developer which <br />is not cured within thirty (30) days following service of said notice, unless such default <br />cannot reasonably be cured within thirty (30) days, in which case Developer shall have such <br />additional time as reasonably necessary to complete such cure but no more than ninety (90) <br />days, the City shall have the right to terminate this Agreement by delivery of written notice <br />of termination to Developer. <br />6.2 Institution of Legal Actions. In addition to any other rights or remedies, either party <br />may institute legal action to cure, correct or remedy any default to recover damages for any <br />default, or to obtain any other remedy consistent with the purpose of this Agreement. <br />6.3 Rights and Remedies are Cumulative. Except with respect to rights and remedies <br />expressly declared to be exclusive in this Agreement, the right and remedies of the parties <br />are cumulative and the exercise by either party of one or more of such rights or remedies <br />shall not preclude the exercise by it, at the sarne or different times, of any other rights or <br />remedies for the same default or any other default by the other party. <br />6.4 Damages. In the event that the City is liable for damages to Developer, such liability <br />shall not exceed costs incurred by the Developer in the performance of this Agreement and <br />shall not extend to compensation for loss of firture income, profits or assets; provided, <br />however, Developer's only remedy for any breach of this Agreement by the City shall be an <br />action for specific performance of such party's obligations. <br />6.5 Nonrecourse Liability. Neither Developer, nor any partner of Developer, shall have <br />any personal liability under this Agreement, or the attached Note and Deed of Trust, and any <br />judgment, decree or order for the payment of money obtained in any action to enforce the <br />obligation of Developer to repay the loan evidenced by such documents shall be enforceable <br />against Developer only to the extent of Developer's interest in the Property. <br />7. GENERAL PROVISIONS AND WARRANTIES <br />As a material inducement to City to enter into this Agreement, Developer <br />represents and warrants as follows: <br />7.1 Formation, Qualification and Compliance. Orange Housing Development <br />Corporation, the sole member the managing general partner of Developer (a) is a non- <br />profit public- benefit corporation, validly existing and in good standing under the laws of <br />the State of California, (b) has all requisite authority to conduct its business and own and <br />lease its properties, and (c) is qualified and in good standing in every jurisdiction in <br />which the nature of its business makes qualification necessary or where failure to qualify <br />could have a material adverse effect on its financial condition or the performance of its <br />obligations under the Loan Documents. Developer is in compliance with all laws <br />applicable to its business and has obtained all approvals, licenses, exemptions and other <br />authorizations from, and has accomplished all filings, registrations and qualifications <br />with, any Govennnental Authority that are necessary for the transaction of its business. <br />7.2 Execution and ,Performance of Loan Documents. <br />15 <br />