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Agmt04 cinema - closing docs
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Agmt04 cinema - closing docs
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Last modified
7/5/2005 2:27:38 PM
Creation date
12/6/2004 9:14:09 AM
Metadata
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Template:
Agreement
Contractor Name
numerous files
PROJECT NAME
Cinema - closing documents from escrow
RMP File Number
100 bin 24
Date
11/29/2004
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<br /> (t) Agency's rights under Sections 808(B)(2) and 809(B)(5) of the DDA to <br />the Project Drawings shall be subject and subordinate to the liens, rights and interests of Lender <br />in any of the Project Drawings under the Loan Documents. <br /> (g) Agency's rights to reacquire the Project Site or any portion thereof <br />pursuant to Sections 809(B)(4) or 810 of the DDA shall be subject and subordinate to Lender's <br />liens, rights and interests under the Deed of Trust and the other Loan Documents, including, <br />without limitation, Lender's right to receive payment in full of all indebtedness and obligations <br />of Developer under the Loan Documents. <br /> (h) Notwithstanding any provisions to the contrary contained in the DDA, if <br />Lender, any affiliate or any party that acquires a co-lending or participation interest in the Loan, <br />shall acquire Developer's interest under the DDA by enforcement of its rights under the Loan <br />Documents or by deed- in-lieu thereof, Lender, such affiliate or such other party shall have the <br />right to transfer and assign all or any portion of its interest under the DDA, with Agency's <br />consent, to any third party or parties selected by Lender, such affiliate or such other party; <br />provided, however, that (i) Lender, such affiliate, such party that acquires a co-lending or <br />participation interest in the Loan or such transferee shall cure any defaults under the DDA <br />required to be cured (subject to subparagraph (c», and (ii) Agency shall receive an executed <br />counterpart copy of the instrument of transfer, together with the express assumption by such <br />transferee of all of Developer's obligations under the DDA accruing from or after the date of <br />transfer. Agency's consent to such transfer and assignment shall be promptly be given upon the <br />certification to Agency by Lender, such affiliate or such other party that it has determined that <br />the proposed transferee is of good reputation with sufficient financial responsibility to carry out <br />its responsibilities under the DDA. <br /> (i) Developer shall cause the Public Parking Facility to be constructed and <br />completed in a good and workmanlike manner, in compliance with all applicable codes and other <br />laws, free of any mechanics' or materialmen's liens or claims of lien and on or before the date <br />required in order to enable Developer timely to perform its obligations under the BLA to <br />construct and complete the Improvements. <br />6. Lender Representations. Warranties and Certifications. Lender hereby <br />represents, warrants and certifies to Agency and City as follows: <br /> (a) Lender has full power and authority to execute and deliver this <br />Agreement, the Loan Documents to which Lender is a party and all documents and instruments <br />to be executed and delivered by Lender pursuant thereto and to perform Lender's obligations <br />hereunder and thereunder. <br /> (b) This Agreement, the Loan Documents to which Lender is a party and all <br />documents and instruments to be executed and delivered by Lender pursuant thereto have been <br />duly and validly authorized by Lender, duly executed and delivered by Lender and constitute the <br />legal, valid and binding obligations of Lender, enforceable in accordance with their respective <br />terms. <br /> - 7 - <br />. -.- ..... <br />
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