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55C - RESO - SA ARTS COLLECTIVE
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55C - RESO - SA ARTS COLLECTIVE
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Last modified
6/29/2017 5:23:56 PM
Creation date
6/29/2017 5:15:07 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55C
Date
7/5/2017
Destruction Year
2022
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it shall not be deemed a default or an Event of Default under any of the Loan Documents), in <br />connection with the transfer and/or the assignment by the Developer's limited partner. <br />21.18 Removal of Developer's General Partner. Notwithstanding anything to the contrary in <br />this Agreement or the Loan Documents, the removal and/or replacement of a General Partner for <br />cause in accordance with the Partnership Agreement shall not require the consent of the City and <br />shall not constitute a default or an Event of Default under this Agreement or the Loan Documents <br />or accelerate the maturity of the HOME Loan. If the Developer's limited partner exercises its right <br />to remove a General Partner, City will not unreasonably withhold its consent to the substitute <br />general partner; provided however, the consent of either the City shall not be required if the <br />substitute general partner is an affiliate of the Developer's limited partner. The substitute general <br />partner shall assume all of the rights and obligations of the removed general partner hereunder. <br />21.19 Subsequent Approvals. Except where otherwise indicated, all subsequent approvals <br />identified in this Agreement, other than approvals by the City Council of the City of Santa Ana, <br />shall not be unreasonably withheld, delayed or conditioned. <br />55C-173 <br />
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