3A Public Hearing 2010 0503 - Laserfiche WebLink

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April 15, 2010 - Final days prior written notice of the cancellation or reduction in coverage of a policy. The insurance shall extend to the City, Redevelopment Agency, other City agencies and their respective elective and appointive boards, commissions, officers, agents, employees, volunteers and representatives and to Developer performing work on the Project. Section 12.03. Bankruptcy. The obligations of this Agreement shall not be dischargeable in bankruptcy. Section 12.04. Mortgagees. This Agreement shall be superior and senior to any lien placed upon the Project Site, or any portion thereof, after the date of recording this Agreement, including the lien for any deed of trust or Mortgage. A Mortgagee in legal possession of the Project Site or portion thereof shall only be entitled to use of Project Site or to construct any improvements on the Project Site in accordance with the Project Approvals and this Agreement if Mortgagee fully complies with the terms of this Agreement. Section 12.05. Third Party Beneficiaries. This Agreement is made and entered into for the sole protection and benefit of the Developer and the City and their successors and assigns. No other person shall have any right of action based upon any provision in this Agreement. City and Developer hereby renounce the existence of any third party beneficiary to this Agreement and agree that nothing contained herein shall be construed as giving any person third party beneficiary status. Section 12.06. Waiver. Failure by a party to insist upon the strict performance of any of the provisions of this Agreement by the other party, irrespective of the length of time for which such failure continues, shall not constitute a waiver of such party's right to demand strict compliance by such other party in the future. No waiver by a party shall be effective or binding upon such party unless made in writing by such party and no such waiver shall be implied from any omission by a Party to take any action. No express written waiver of any Default shall affect any other Default, or cover any other period of time, other than any Default and/or period of time specified in such express waiver. Any invocation of any such right or remedy shall not constitute a waiver or election of remedies with respect to any other permitted or available right or remedy allowed under this Agreement. Section 12.07. Findings. City hereby finds and determines that execution of this Agreement furthers public health, safety and general welfare and that the provisions of this Agreement are consistent with the General Plan. Section 12.08. Severability. If any term or provision of this Agreement, or the application of any term or provision of this Agreement to a particular situation, is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining terms and provisions of this Agreement, or the application of this Agreement to other situations, shall continue in full force and effect unless 1410321.1 32