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80A - JOINT - LOAN AGMT AMCAL
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02/07/2017
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80A - JOINT - LOAN AGMT AMCAL
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Last modified
2/2/2017 4:09:44 PM
Creation date
2/2/2017 3:55:17 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
2/7/2017
Destruction Year
2022
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(30) days, so long as the Limited Partner commences to take action to remove and substitute the <br />General Partner with a reasonable period and thereafter diligently proceeds to complete such <br />substitution; (ii) any transfer of the Property to the Managing General Partner pursuant to the <br />right of first refusal or to one or more of the General Partners pursuant to the purchase option, as <br />provided for in the Partnership Agreement; (iii) any transfer of the Limited Partner's interest in <br />connection with a default by the Limited Partner under and in accordance with the Partnership <br />Agreement; and (iv) any sale, transfer or other disposition of the Limited Partner's interest in the <br />Developer or of an interest in the Limited Partner. <br />17. CERTIFICATE OF COMPLETION <br />Upon satisfactory completion of the construction and upon the request of Developer, or at <br />its own election, the City shall issue a Certificate of Completion. Such Certificate of Completion <br />shall be, and shall so state, conclusive determination of satisfactory completion of the <br />construction. <br />If City declines to furnish a Certificate of Completion after written request from <br />Developer, the City Project Manager shall, within thirty (30) days after receipt of the request, <br />provide Developer with a written statement of the reasons therefore. The statement shall contain <br />a description of the action Developer must take to obtain a Certificate of Completion. If the <br />reason therefore is that the Developer has not completed a minor portion of the construction, City <br />may, in its sole and absolute discretion, issue the Certificate of Completion upon the posting with <br />City of a bond or other form of security acceptable to the City Project Manager in the amount of <br />the fair value of the uncompleted work. <br />A Certificate of Completion is not evidence of compliance with or satisfaction of the <br />Inclusionaiy Loan Documents or any obligation of Developer to any other party whatsoever, <br />including any holder of a mortgage or deed of trust. A Certificate of Completion is not "notice of <br />completion" referred to in Section 3093 of the California Civil Code. <br />18. INIDEMNIFICATION <br />18.1 Nonliability of City. Developer acknowledges and agrees that: <br />(a) The relationship between Developer and the City is and shall remain <br />solely that of Developer and lender. City neither undertakes nor assumes any responsibility to <br />review, inspect, supervise, approve (other than for aesthetics) or inform Developer of any matter <br />in connection with the construction, including matters relating to: (i) the performance of the <br />construction work, (ii) architects, contractors, subcontractors and materialmen, or the <br />workmanship of or materials used by any of them, or (iii) the progress of the construction; and <br />Developer shall rely entirely on its own judgment with respect to such matters and acknowledges <br />that any review, inspection, supervision, approval or information supplied to Developer by City <br />in connection with such matters is solely for the protection of City and that neither Developer nor <br />any third party is entitled to rely on it; <br />wl,� <br />
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