RES 89483 - Laserfiche WebLink

26. Interpretative Provisions. (a) This Agreement will inure to the benefit of and constitute a binding obligation upon Owner and Agent, and their respective successors and assigns. To the extent that this Agreement confers rights upon the City, it will be deemed to inure to the gity's benefit, but without liability in the same manner and with the same effect as though the City were a primary party to this Agreement. (b) This Agreement shall be subject to and subordinate to all rights for the City and CHFA set forth in the Regulatory Agreement and other loan documents of CHFA, the City and any other Lender, if any. It shall be enforceable by, and constitute a binding obligation upon, the Principal Parties and their respective successors and assigns. To the extent that this Agreement confers rights upon the City and CHFA, it is deemed to be enforceable by the City and CHFA, in the same manner and with the same effect as though the City and CHFA were primary parties to the Agreement. (c) This Agreement constitutes the en~re Agreement between Owner and Agent with respect to the management and operation of the Development, and no change shall be valid, unless made by supplemental written agreement, executed by both parties and approved by the City and CHFA. (d) This Agreement is not assignable or transferable, in whole or in part, without the express written permission of the City and CHFA. (e) This Agreement has been executed in several counterparts, each of which shall constitute a complete original Agreement, which may be introduced in evidence or used for any other purpose without production of any of the other counterparts. 27. Owner and Aqent acknowledqe CHFA's rights and responsibilities in approvinq the operations of the Development, ipcludinq without limitation, the financial operations and physical maintenance of the Development, and the selection of tenants and determination of tenant rents. Owner and Agent acknowledqe the ~i~.y's rights and responsibilities in approvinq the operations of the Development, including without limitation, the financial operations and physical maintenance, of the Development, an~ the selection of tenants and determination of tenant rents. In addition to the City's role as a lender holdinq a note secured bY the Development, the City iS the fee owner of the Development site and owns a reversionary interest in the Development. Additionally, the City's fee ownership in the development site is secured by CHFA's two loans to. Owner, the City has contributed substantial equity..in the D~velopment and has provided substantial reserves and quarantees to ensure of economic feasibility financial liability of the Development. In consideration of the financial assistance and interests of th~ City and CHFA in the Development, this Agreement provides the City with extraordinary rights to approve and control Owner's and Agent's performancq hereunder and under the Manaqement Plan and to initiate actions to compel and assure Owner's and Aqent's performance in accordance with the requirements of the City and CHFA. 19:MGMTAGR.EHI (10/27/89) 12