Agmt 2009 Alameda Housing Associates LP

Home

ARTICLE 11 REPRESENTATIONS; EFFECTNE DATE AND TERM 2, l Developer's Representations. Developer represents and warrants to Agency as follows, and Developer covenants that until the expiration or earlier termination of this Agreement, upon learning of an_y fact or condition which would cause any of the warranties and representations in this Section 2. ] not to be true, Developer shall immediately give written notice of such fact or condition to Agency. Developer acknowledges that Agency shall rely upon Developer's representations made herein notwithstanding any investigation made by or on behalf of Agency. (i) Authority; General Partner. Developer is a limited partnership, duly organized and in good standing under the laws of the State of California. Developer's general partner is BRIDGE Norcal, LLC, a California limited liability company, duly organized and in good standing under the laws of the State of California, whose sole member, MCB Housing, Inc., a California nonprofit public benefit corporation, istax-exempt under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. Developer has the full right, power and authority to undertake all obligations of Developer as provided herein, and the execution, performance and delivery of this Agreement by Developer has been duly authorized b_y all requisite actions. The persons executing this Agreement on behalf of Developer have been duly authorised to do so. ?his Agreement and the other Agency Documents constitute valid and binding obligations of Developer, enforceable in accordance with their respective terms. (ii) No Cont7ict. Developer's execution, delivery and performance of its obligations under this Agreement will not constitute a default or a breach under any contract, agreement or order to which Developer is a party or by which it is bound. (iii) No Litigation or Other Proceeding No litigation or other proceeding (whether administrative or otherwise) is outstanding or has been threatened which would prevent, hinder or delay the ability of Developer to perform its obligations under this Agreement. (iv) No Developer Bankruptcy Developer is not the subject of a bankruptcy or insolvency proceeding. 2.2 Effective Date; Memorandum. The obligations of Developer and Agency hereunder shall be effective as of the Effective Date. The Parties shall execute a Memorandum of this Agreement substantially in the form attached hereto as Exhibit B which shall be recorded in the Official Records upon Developer's acquisition of a leasehold interest in the Property. The Agency will not withhold consent to reasonable requests for subordination of the Memorandum to deeds of trust, regulatory agreements and related documents provided for the benefit of Project lenders approved pursuant io the Financing Plan provided that the instruments effecting such subordination include reasonable protections to the Agency in the event of default.