Reso25-02 0024 PC Reso 901 El Camino Real

Browse Search

Page 26 of 42 Section 6.24 Tax Credit Program. Notwithstanding anything contained herein to the contrary, if and for as long as the Property is subject to the requirements of the California and/or Federal Low-Income Housing Tax Credit Program under the provisions of Section 42 of the Code and Section 23610.5 of the California Revenue and Taxation Code, as applicable (collectively, the “Tax Credit Program”) and there is a conflict between the requirements of the Tax Credit Program and the affordability provisions set forth in 2.3 above, inclusive, then the provisions of the Tax Credit Program shall prevail. That notwithstanding, the fact that this Agreement and the Tax Credit Program provide for greater, lesser or different obligations or requirements shall not be deemed a conflict unless the applicable provisions are inconsistent and could not be simultaneously enforced or performed. Section 6.25 Action and Approval. Whenever action and/or approval by City is required under this Agreement, the City Manager or the City Manager's designee may act on and/or approve such matter unless specifically provided otherwise, or unless the City Manager or the City Manager's designee determine in their discretion that such action or approval requires referral to City Council for consideration. Section 6.26 Permitted Transfer. Notwithstanding anything to the contrary in this Agreement, Affordable Developer may, without the consent of the City, assign all of its right, title, interest and obligations under this Agreement to a limited partnership in which Affordable Developer is a general partner, provided that such assignee shall assume in writing all of Affordable Developer's obligations under this Agreement, and provided further that the assignment is effectuated pursuant to an Assignment Agreement in substantially the form attached hereto as Exhibit G-2, incorporated herein by this reference , the Affordable Developer shall provide a copy of such assignment to the City for acknowledgement of conformance with the requirements of this Section 6.26. [Signature Page Follows] ATTY/RESO.0024/PC RESO 901 EL CAMINO REV: 04-11-25 VR