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2890662.3 44 <br />such plan, proposal or amendment, the plan, proposal or amendment shall be deemed <br />approved by City. <br />6.6 Fees, Taxes, and Other Levies. Owner shall be responsible for payment of <br />all fees, assessments, taxes, charges, liens and levies, including without limitation <br />possessory interest taxes, if applicable, imposed by any public entity, authority or utility <br />company with respect to the Property or the Project, and shall pay such charges prior to <br />delinquency. However, Owner shall not be required to pay any such charge so long as <br />(a) Owner is contesting such charge in good faith and by appropriate proceedings, (b) <br />Owner maintains reserves adequate to pay any contested liabilities, and (c) on final <br />determination of the proceeding or contest, Owner immediately pays or discharges any <br />decision or judgment rendered against it, together with all costs, charges and interest. <br />Nothing in this Section 6.6 shall prevent Owner from applying for all applicable tax <br />exemptions including the welfare exemption from property tax for low-income housing. <br />6.7 Insurance Coverage. Prior to issuance of building permits for the Project, <br />and continuing throughout the term of this Agreement Owner shall comply with the <br />insurance requirements set forth in the Loan Agreement, and shall, at Owner’s expense, <br />maintain in full force and effect insurance coverage as specified in the Loan Agreement; <br />provided however, during such time that lenders or low-income housing tax credit <br />investors providing financing for the Project impose insurance requirements that are <br />inconsistent with the requirements set forth in the Loan Agreement, Owner may satisfy <br />the requirements of this Section by meeting the requirements of such lenders or <br />investors. Notwithstanding the foregoing, throughout the term hereof, Owner shall <br />comply with the provisions of the Loan Agreement pertaining to (i) provision to City of <br />proof of insurance for the Project, (ii) naming of City as additional insured, and <br />(iii) provision to City of notice of cancellation or reduction in coverage. <br />6.8 Property Damage or Destruction. If any part of the Project is damaged or <br />destroyed, Owner shall repair or restore the same, consistent with the occupancy and <br />rent restriction requirements set forth in this Agreement. Such work shall be <br />commenced within 120 days after the damage or loss occurs and shall be completed <br />within one year thereafter (or such longer time as the City may approve with respect to <br />commencement or completion) provided that insurance proceeds are available to be <br />applied to such repairs or restoration within such period and the repair or restoration is <br />financially feasible. During such time that lenders or low-income housing tax credit <br />investors providing financing for the Project impose requirements that differ from the <br />requirements of this Section the requirements of such lenders and investors shall <br />prevail. <br />7. Recordation; No Subordination. This Agreement shall be recorded in the Official <br />Records of Alameda County. Owner hereby represents, warrants and covenants that <br />with the exception of the City Documents (as defined in the Loan Agreement) and <br />easements of record, absent the written consent of City, this Agreement shall not be <br />subordinated in priority to any lien (other than those pertaining to taxes or assessments), <br />encumbrance, or other interest in the Property or the Project. If at the time this <br />66