RecD05 2005-141296 - Laserfiche WebLink

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the public purposes and provisions of applicable federal, state and local laws and requirements. Section 1.02. The Redevelopment Plan. The Redevelopment Plan for the Project Area No.2 (the "Redevelopment Plan") was approved and adopted by the City Council of the City by duly adopted Ordinance in accordance with the provisions of the Community Redevelopment Law of the State of California (the "Community Redevelopment Law"). This Agreement shall be subject to the provisions of the Community Redevelopment Law. The Agency represents and warrants that the uses and improvements to be constructed on the Property (the "Project") in accordance with the Scope of Development attached hereto as Exhibit "E" comply with the provisions of the Community Redevelopment Law. Section 1.03. Parties to the Aqreement. a. The Agency is a public body, corporate and politic, exercising governmental functions and powers, and organized and existing under Chapter 2 of the Community Redevelopment Law, Health and Safety Code Section 33000, et seq. The principal office of the Agency is located at 1017 Middlefield Road, Redwood City, California 94063. As used in this Agreement, the term "Agency" shall be deemed to include the Agency and any assignee and/or successor to the Agency or to its rights, powers and responsibilities under this Agreement. b. The Developer is First Community Housing, a California non-profit public benefit corporation ("FCH"). Within thirty (30) days of the date of this Agreement, the Developer shall provide to the Agency satisfactory evidence of the legal formation and existence of the Developer and the good standing of the Developer with the State of California (the "State") to transact business within the State, to hold title to the Property and to develop the Project, as hereinafter defined. Failure of the Developer, or of the managing general partner of the Developer, upon assignment of this Agreement to a limited partnership, to maintain its status as a non-profit corporation shall be grounds for terminating this Agreement and acceleration of the Note, as defined below. Section 1.04. Prohibition Aqainst Chanqe in Ownership, Manaqement and Control of Developer, or Assiqnment of Aqreement. a. The qualifications and identities of the persons and entities comprising the Developer are of particular concern to the Agency. It is because of these qualifications and identities of 2 REDW\0006\DOC\001-7 3/29/05 3:15 /rove