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BMDV-54329\2647924.2 Put Option Agreement - 21 - <br />9.19 Date and Delivery of Agreement. Notwithstanding anything to the <br />contrary contained in this Put Option Agreement, the Parties intend that this Put Option <br />Agreement shall be deemed effective, and delivered for all purposes under this Put Option <br />Agreement, and for the calculation of any statutory time periods based on the date an agreement <br />between Parties is effective, executed, or delivered, as of the Effective Date. <br />9.20 Approvals and Amendments. This Agreement can be amended only by <br />the mutual written consent of the Parties, and the Parties shall not be bound by verbal or implied <br />agreements. The City Manager (or designee) shall have the authority to make approvals, issue <br />interpretations, waive provisions, make and execute further agreements and/or enter into <br />amendments of this Agreement on behalf of the City so long as such actions do not materially or <br />substantially add to the costs incurred or to be incurred by the City as specified herein. The <br />Agency Executive Director (or designee) shall have the authority to make approvals, issue <br />interpretations, waive provisions, make and execute further agreements and/or enter into <br />amendments of this Agreement on behalf of the Agency so long as such actions do not materially <br />or substantially add to the costs incurred or to be incurred by the Agency as specified herein. All <br />other material and/or substantive interpretations, waivers, or amendments shall require the <br />consideration, action and written consent of the City Council and Successor Agency Board. <br />Notwithstanding the foregoing, the City Manager and Agency Executive Director shall maintain <br />the right to submit to the City Council and Successor Agency Board for consideration or action <br />any matter under their authority if they desires to do so. The City Manager and Agency <br />Executive Director may delegate some or all of his or her powers and duties under this <br />Agreement to one or more management level employees of the City/Agency. <br /> <br />[Remainder of page intentionally left blank; signature page to follow.]