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8H Consent 2016 0104
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8H Consent 2016 0104
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Last modified
1/29/2016 4:28:57 PM
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12/23/2015 9:57:10 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
1/4/2016
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PERM
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_CC Agenda 2016 0104 RG
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2016\Packet 2016 0104
Reso 2016-004
(Reference)
Path:
\City Clerk\City Council\Resolutions\2016
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2 <br />Assignment and Modification –750k HOME <br />pursuant to a Grant Deed. <br />D. Assignor now wishes to assign its rights, title and interest in and obligations under <br />the Loan Documents, as amended hereby, to Assignee, and Assignee wishes to assume Assignor's <br />rights and obligations under the Loan Documents. <br />E. Assignee desires to release Assignor from all obligations in connection with the <br />Loan Documents. <br />F. The Assignee and the City desire to modify the Loan Documents as set forth <br />herein. <br />NOW, THEREFORE, in consideration of the foregoing, of the mutual promises of the <br />parties hereto and for other good and valuable consideration the receipt and sufficiency of which are <br />hereby acknowledged, the parties mutually agree as follows: <br />1. Assignment and Delegation by Assignor. Assignor hereby assigns to Assignee all of <br />Assignor’s rights and delegates to Assignee all of Assignor’s obligations under the Loan <br />Documents. <br />2. Acceptance of Assignment and Delegation. Assignee hereby accepts the above <br />assignment and delegation and hereby assumes all of the rights, obligations, covenants, and <br />agreements of Assignor under the Loan Documents. Any reference to Assignor in the Loan <br />Documents described above shall be deemed a reference to Assignee. <br />3. Release of Assignor. Assignee hereby releases Assignor from all obligations imposed <br />under the Loan Documents. <br />4. Payment of Obligations. Assignee agrees that any amounts due from Assignor pursuant <br />to the Loan Documents shall be assumed by Assignee. <br />5. Modification of Loan Term. The term of the Loan and the Regulatory Agreement shall <br />be extended to the date which is 55 years from the date of recordation of this Agreement (the <br />“Maturity Date”). <br />6. Consent to Assignment. The City hereby consents to the assignment of the Loan <br />Documents from Assignor to Assignee and hereby releases Assignor from all obligations <br />imposed under the Loan Documents. <br />7. Assignor Representations. Assignor represents and warrants to City that: (i) Assignor has <br />the power and authority to execute, deliver and perform its obligations under this Agreement; (ii) <br />the execution, delivery and performance of this Agreement do not violate any rule, regulation, <br />statute, law, order, decree, judgment or the like, or any agreement or instrument to which <br />Assignor is a party, and Assignor is not in breach or default under the Loan Documents; (iii)
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