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AgdaPkt 2020-11-16 Special
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AgdaPkt 2020-11-16 Special
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Last modified
11/17/2020 10:54:32 AM
Creation date
11/12/2020 6:50:43 PM
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CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Special
Agency Type
City Council
Date
11/16/2020
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5.A. - Page 206 of 302 <br />f. Notwithstanding anything to the contrary in this Agreement, nothing <br />contained in this Agreement shall constitute a disclaimer, waiver, release or termination of the <br />implied warranties in connection with the Deed pursuant to Section 1113 of the California Civil <br />Code. <br />In connection with this Section 4.5.4, Buyer expressly waives the benefits of Section 1542 of the <br />California Civil Code, which provides as follows: <br />"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE <br />CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO <br />EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE <br />RELEASE AND THAT IF KNOWN TO HIM OR HER WOULD HAVE <br />MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE <br />DEBTOR OR RELEASED PARTY." <br />Thus, notwithstanding the provisions of Section 1542 or of any similar statute, and for the purpose <br />of implementing a full and complete release, Buyer expressly acknowledges that this Agreement <br />is intended to include in its effect, without limitation, all claims which are known and all claims <br />which Buyer does not know or suspect to exist in Buyer's favor at the time of execution of this <br />Agreement and that this Agreement contemplates the extinguishment of all such claims except as <br />expressly set forth in this Agreement. <br />Initials of Buyer: <br />4.6. Buyer Financing Plan for Building F. <br />Prior to Closing, Buyer shall present to Seller for Seller's approval a financing plan for <br />Building F that shall include a sources and uses for Building F, evidence of all loan commitments <br />for any proposed loans, which such commitments shall only be subject to reasonable conditions of <br />closing, evidence of any equity investment commitments, and, if Buyer plans to use Low Income <br />Housing Tax Credits for the financing of Building F, evidence of an allocation of Low Income <br />Housing Tax Credits from the California Tax Allocation Committee ("Building F Financing <br />Plan"). If Buyer is proposing to use 4% Low Income Housing Tax Credits, Buyer shall also show <br />evidence of a bond allocation for Building F. Seller shall approve or disapprove the Building F <br />Financing Plan within thirty (30) days of receipt. Seller agrees that it shall not unreasonably <br />withhold its approval. If Seller disapproves the Building F Financing Plan, Seller shall provide <br />specific reasons for the disapproval If Seller disapproves the Building F Financing Plan, Buyer <br />may, within thirty (30) days of such disapproval, resubmit the Building F Financing Plan <br />addressing the reasons for Seller's disapproval. Seller shall have thirty (30) days to review and <br />approve or disapprove the resubmitted Building F Financing Plan. The process for submission and <br />review of the Building F Financing Plan shall continue until Seller has approved the Building F <br />Financing Plan, provided, however, if Seller has not approved the Building F Financing Plan <br />within twenty four (24) months of the Effective Date of this Agreement, either Party may terminate <br />this Agreement. <br />ATTY/AGR/2020.257/REDWOOD CITY GREYSTAR PURCHASE & SALE AGREEMENT 1306 MAIN ST <br />REV: 11-05-2020 VR <br />1199\11\2925009.5 <br />Page 10 of 84 <br />209 <br />
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