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10B Action 2012 0117
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10B Action 2012 0117
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1/20/2012 5:54:50 PM
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1/10/2012 5:11:24 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
1/17/2012
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_CC Agenda 2012 0117 CS+RG
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\City Clerk\City Council\Agenda Packets\2012\Packet 2012 0117
Reso 2012-006
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Path:
\City Clerk\City Council\Resolutions\2012
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incurred in connection with the acquisition of the Property, the rehabilitation of the <br />Improvements, and the maintenance, management and operation of the Project, and none of such <br />costs and expenses shall be the obligation of the City. <br />3.6 Financing Plan. As set forth in the attached Exhibit E , Borrower has provided <br />City with a financing plan for the Project ( "Financing Plan ") which, among other items, <br />describes: (i) the estimated costs of the Project, including acquisition costs and hard and soft <br />rehabilitation costs, (ii) identification of all sources of acquisition, rehabilitation, and permanent <br />financing, (iii) projected rehabilitation and absorption periods. By its execution of this <br />Agreement, City hereby approves the Financing Plan. The Parties agree that the Financing Plan <br />may be modified by mutual written agreement of the Parties. The Parties each agree that they <br />will not unreasonably withhold consent to a modification of the Financing Plan, provided that <br />Borrower demonstrates to the reasonable satisfaction of City that such changes are necessary due <br />to changes in market conditions, development and operating costs, rehabilitation costs, interest <br />rates or availability of mortgage financing. <br />3.7 Development Schedule. Borrower shall commence and complete rehabilitation of <br />the Improvements, and shall satisfy all other obligations of Borrower under this Agreement <br />within the time periods set forth herein, as such time periods may be extended upon the mutual <br />written consent of the Parties. Borrower shall commence work on the rehabilitation of the <br />Improvements within sixty (60) days following the Effective Date, and Borrower shall diligently <br />prosecute to completion the rehabilitation of the Project within twelve (12) months following the <br />Effective Date. Subject to force majeure, Borrower's failure to commence or complete <br />rehabilitation of the Improvements in accordance with the time periods specified in this Section <br />3_7 foregoing shall be an Event of Borrower Default hereunder. <br />3.8 Inspections. For the purpose of ensuring compliance with this Agreement, <br />Borrower shall permit representatives of the City to enter upon the Property to inspect the <br />Improvements following forty -eight (48) hours prior written notice (except in the case of <br />emergency in which case such notice as may be practical under the circumstances shall be <br />provided). <br />3.9 City Disclaimer. Borrower acknowledges that the City is under no obligation, and <br />City neither undertakes nor assumes any responsibility or duty to Borrower or to any third party, <br />to in any manner review, supervise, or inspect the progress of work or the operation of the <br />Project. Borrower and all third parties shall rely entirely upon its or their own supervision and <br />inspection in determining the quality and suitability of the materials and work, the performance <br />of architects, subcontractors, and material suppliers, and all other matters relating to the <br />rehabilitation of the Improvements and operation of the Project. Any review or inspection <br />undertaken by the City is solely for the purpose of determining whether Borrower is properly <br />discharging its obligations under this Agreement, and shall not be relied upon by Borrower or <br />any third party as a warranty or representation by the City as to the quality of the design or <br />construction of the Improvements or otherwise. <br />3.10 Construction Plans. Borrower shall submit to City's Building Department <br />detailed construction plans for the rehabilitation of the Improvements (the "Construction <br />Plans "). As used herein "Construction Plans" means all construction documents upon which <br />1755895.2 7 <br />
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