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7 <br /> <br />Without the written consent of the STATE, the GRANTEE’S interest in and <br />responsibilities under this CONTRACT shall not be assignable by the GRANTEE <br />either in whole or in part. <br /> <br />N. Use of Grant Monies <br /> <br />GRANTEE shall not use any grant funds (including any portion thereof) for the <br />purpose of making any leverage loan, pledge, promissory note or similar financial <br />device or transaction, without: 1) the prior written approval of the STATE; and 2) <br />any financial or legal interests created by any such leverage loan, pledge, <br />promissory note or similar financial device or transaction in the project property <br />shall be completely subordinated to this CONTRACT through a Subordination <br />Agreement provided and approved by the STATE, signed by all parties involved in <br />the transaction, and recorded in the County Records against the fee title of the <br />project property. <br /> <br />O. Section Headings <br /> <br />The headings and captions of the various sections of this CONTRACT have been <br />inserted only for the purpose of convenience and are not a part of this CONTRACT <br />and shall not be deemed in any manner to modify, explain, or restrict any of the <br />provisions of this CONTRACT. <br /> <br />P. Waiver <br /> <br />Any failure by a party to enforce its rights under this CONTRACT, in the event of a <br />breach, shall not be construed as a waiver of said rights; and the waiver of any <br />breach under this CONTRACT shall not be construed as a waiver of any <br />subsequent breach. <br /> <br />III. SPECIAL PROVISIONS <br /> <br />On March 4, 2022, Governor Gavin Newsom issued Executive Order N-6-22 (the EO) <br />regarding Economic Sanctions against Russia and Russian entities and individuals. <br />“Economic Sanctions” refers to sanctions imposed by the U.S. government in response <br />to Russia’s actions in Ukraine, as well as any sanctions imposed under state law. The <br />EO directs state agencies to terminate contracts with, and to refrain from entering any <br />new contracts with, individuals or entities that are determined to be a target of Economic <br />Sanctions. This Executive order extends to recipients of any State Grants (Grantee). <br />Grantees include those who have contracted or will contract to receive State grants <br />funds. Accordingly, should the State determine that a Grantee is a target of Economic <br />Sanctions or is conducting prohibited transactions with sanctioned individuals or <br />entities, that shall be grounds for termination of this agreement. The State shall provide <br />the Grantee advance written notice of such termination, allowing the Grantee at least 30 <br />calendar days to provide a written response. Termination of any contract found to be <br />in violation of this Executive Order shall be at the sole discretion of the State. <br /> <br />DocuSign Envelope ID: EE265C6E-130F-453B-A7CE-44C45D1541E6