AgdaPkt 2003-01-08 - Laserfiche WebLink

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q. 4, // 6. Securitv for the Loan. The Loan constitutes an obligation and indebtedness of the Agency, secured by a pledge of the Tax Revenues. Payment of the Loan from Tax Revenues is subordinate to the payment of the principal of and interest on any other notes, bonds or other indebtedness of the Agency, or which is otherwise expressly issued on a senior lien basis to the Loan. 7. Maintenance of Tax Revenues. Agency shall comply with all requirements of the Redevelopment Law to insure the allocation and payment to it of the Tax Revenues, including without limitation, the timely filing of any necessary statements of indebtedness with appropriate officials of the County of San Mateo and (in the case of supplemental revenues and other amounts payable by the State of California) appropriate officials of the State of California. The Agency shall not amend the Redevelopment Plan, or enter into any agreement with the County or any other governmental or private entity, which would have the effect of reducing the amount of Tax Revenues otherwise available to the Agency for payment of the Loan. 8. Further Assurances. Along with the attached Promissory Note, the Agency will adopt, make, execute and deliver any and all such further resolutions, instruments and assurances as may be reasonably necessary or proper to carry out the intention or to facilitate the performance of this Loan Agreement and for the better assuring and confirming unto the City of the rights and benefits provided in this Loan Agreement. 9. Entire Agreement. This Agreement, together with any other written document referred to or contemplated by it, embody the entire Agreement and understanding between the parties relating to the subject matter of it. Neither this Agreement nor any of its provisions may be amended, modified, waived or discharged except in a writing signed by both parties. The City Manager and Executive Director are authorized to approve, on behalf of their respective Party, non - material written amendments to this Agreement or any of its Exhibits. I //I F:Atty /Agr /Agr.088 010703