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Agmt 2006 Mercy Housing California XXXIII (4)
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Agmt 2006 Mercy Housing California XXXIII (4)
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5/10/2007 1:08:01 PM
Creation date
5/10/2007 1:07:32 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
6/19/2006
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PERM
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RDA Reso 2006-003
(Approved by)
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\City Clerk\City Council\Resolutions\2006
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<br />b. Representations. All representations and warranties of Developer <br />contained herein or in any other Agency Document or certificate delivered in connection with <br />the transactions contemplated by this Agreement shall be true and correct in all material <br />respects as of the Close of Escrow. <br /> <br />c. Execution and Recordation of Documents. Developer shall have <br />executed and acknowledged and delivered to escrow the Agency Documents and all other <br />instruments or documents required in connection with the transactions contemplated by the <br />Agency Documents. <br /> <br />d. Authorization. Developer shall have provided Agency with certified <br />copies of resolutions authorizing Developer's execution of the Agency Documents and such <br />additional certificates as Agency shall reasonably require. <br /> <br />e. Satisfaction of Conditions Precedent. Developer shall have satisfied all <br />of Developer's obligations set forth in Article I and III. <br /> <br />f. Lender's Title Policy. The Title Company shall, upon payment ofthe <br />premium therefor, be ready to issue an AL T A Lender's Policy of Title Insurance for the benefit <br />and protection of Agency ("Lender's Title Policy") in form reasonably satisfactory to Agency. <br /> <br />3.8.2 Developer's Conditions to Closing. Developer's obligation to proceed with the <br />Closing is subject to Agency's satisfaction or Developer's waiver of the following conditions: <br /> <br />a. No Default. Agency shall not be in default under the terms of this <br />Agreement, and all representations and warranties of Agency contained herein shall be true and <br />correct in all material respects. <br /> <br />b. Execution of Documents. Agency shall have executed and <br />acknowledged Ground Lease, the Memorandum of Lease, the Loan Agreement and the <br />Regulatory Agreement and any other documents required hereunder, and shall have delivered <br />such documents into escrow. <br /> <br />c. Owner's Title Policy. The Title Company shall, upon payment ofthe <br />premium therefor, be ready to issue an Owner's Title Insurance Policy for the benefit and <br />protection of Developer ("Title Policy") showing a leasehold interest in the Property and the <br />Improvements vested in Developer, subject only to Permitted Exceptions. <br /> <br />ARTICLE IV <br /> <br />CONDITION OF THE SITE; ENVIRONMENTAL MATTERS <br /> <br />4.1 Access to Site; Inspections. During the period between the Effective Date and the date <br />of commencement of the Ground Lease ("Commencement Date"), Agency shall provide <br />Developer and agents, contractors and consultants with access to the Property and <br />Improvements for the purpose of conducting surveys, obtaining data and making tests necessary <br />to investigate the soils and environmental condition of the Property and the condition of the <br />existing improvements. Agency may require Developer to execute a right of entry agreement <br /> <br />803698-6 <br /> <br />10 <br />
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