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Inst 2016039305
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Inst 2016039305
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Last modified
3/10/2016 6:01:47 PM
Creation date
3/10/2016 6:01:46 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
2/1/2016
Recorded Document Type
Assignment
Loan Agreement
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PERM
Document Relationships
Reso 2016-004
(Approved by)
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\City Clerk\City Council\Resolutions\2016
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11.4 Neither Assignee nor its partners shall have personal liability for repayment of the <br /> Loan, and the sole recourse of City with respect to the repayment of the Loan shall be to the <br /> Property, Assignee's interest in the Project and any other collateral held by City as security for <br /> the Loan. <br /> 11.5 City agrees that, notwithstanding any provision in the Loan documents to the <br /> contrary, insurance and condemnation proceeds shall be used to rebuild or restore the Property <br /> provided that(i) if such proceeds are not reasonably sufficient to so rebuild or repair, sufficient <br /> additional funds are provided from other sources to rebuild or restore the Property and (ii) City <br /> shall have the right to reasonably approve plans and specifications for any major rebuilding and <br /> the right to reasonably approve disbursement of such proceeds under a construction escrow or <br /> similar arrangement, subject to the prior rights of any senior lenders. <br /> 12. Repayment. Notwithstanding anything to the contrary contained in the Loan Documents, <br /> no payments or principal or interest shall be due prior to the Maturity Date. The principal <br /> balance of the Loan and all accrued and unpaid interest thereon shall be due in full upon the <br /> Maturity Date(as extended pursuant to this Agreement). <br /> 13. Effective Date. The assignment set forth above shall be effective as of the date the Grant <br /> Deed(described in Recital C above) is recorded in the Official Records of the County of <br /> • Alameda. <br /> 14. Counterparts. This Agreement may be signed by different parties hereto in counterparts <br /> with the same effect as if the signatures to each counterpart were upon a single instrument. All <br /> counterparts shall be deemed an original of this Agreement. <br /> 15. Additional Documents. The Assignor, the Assignee and the City agree to execute or <br /> provide such documents and instruments, as may be necessary to effectuate the intent of this <br /> Agreement. <br /> 16. Governing Law. This Agreement shall be governed by and construed in accordance with <br /> the laws of the State of California. <br /> 5 <br /> Assignment and Modification—750k HOME <br />
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