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25B - AGMT - CDBG HOUSING LOAN
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25B - AGMT - CDBG HOUSING LOAN
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Last modified
1/28/2016 4:31:05 PM
Creation date
1/28/2016 3:47:48 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25B
Date
2/2/2016
Destruction Year
2021
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8.2 Institution of Legal Actions. In addition to any other rights or remedies, either parry may <br />institute legal action to cure, correct or remedy any default to recover damages for any default, or to <br />obtain any other remedy consistent with the purpose of this Agreement. <br />8.3 Rights and Remedies are Cumulative. Except with respect to rights and remedies <br />expressly declared to be exclusive in this Agreement, the rights and remedies of the parties are <br />cumulative and the exercise by either party of one or more of such rights or remedies shall not <br />preclude the exercise by it, at the same or different times, of any other rights or remedies for the <br />same default or any other default by the other party. <br />8.4 Damages. In the event that the City is liable for damages to Developer, such liability shall <br />not exceed costs incurred by the Developer in the performance of this Agreement and shall not <br />extend to compensation for loss of future income, profits or assets; provided, however, Developer's <br />only remedy for any breach of this Agreement by the City shall be an action for specific <br />performance of such party's obligations. <br />8.5 Nonrecourse Liability. Neither Developer, nor any partner of Developer, shall have any <br />personal liability under this Agreement, or the attached Note and Deed of Trust, and any judgment, <br />decree or order for the payment of money obtained in any action to enforce the obligation of <br />Developer to repay the loan evidenced by such documents shall be enforceable against Developer <br />only to the extent of Developer's interest in the Property. <br />9. GENERAL PROVISIONS AND WARRANTIES <br />As a material inducement to City to enter into this Agreement, Developer represents and <br />warrants as follows: <br />9.1 Formation, Qualification and Compliance. Santa Ana Arts Collective, L.P. is a <br />California limited partnership. Developer is in compliance with all laws applicable to its <br />business and has obtained all approvals, licenses, exemptions and other authorizations from, and <br />has accomplished all filings, registrations and qualifications with, any Governmental Authority <br />that are necessary for the transaction of its business. <br />9.2 Execution and Performance of Loan Documents. <br />9.2.1 Developer has all requisite authority to execute and perform its <br />obligations under the Loan Documents. <br />9.2.2 The execution and delivery by Developer of, and the performance by <br />Developer of its obligations under, each Loan Document that has been authorized by all <br />necessary action and does not and will not: <br />(a) require any consent or approval not heretofore <br />obtained of any person having any interest in Developer; <br />(b) violate any provision of, or require any consent or <br />16 <br />25B -22 <br />
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