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Affordable Rent shall increase to Affordable Rents for households earning 60% of the Area <br />Median Income in accordance with the rent limits set forth by the California Tax Credit <br />Allocation Committee (TCAC) for households earning 60% of the Area Median Income. <br />8. RESERVED. <br />9. GENERAL PROVISIONS AND WARRANTIES <br />As a material inducement to City to enter into this Agreement, Developer <br />represents and warrants as follows: <br />9.1 Formation, Oualification and Compliance. JHC-North Harbor LLC, the <br />managing general partner of Developer (a) is a limited liability company, validly existing <br />and in good standing under the laws of the State of California, (b) has all requisite <br />authority to conduct its business and own and lease its properties, and (c) is qualified and <br />in good standing in every jurisdiction in which the nature of its business makes <br />qualification necessary or where failure to qualify could have a material adverse effect on <br />its financial condition or the performance of its obligations under the Loan Documents. <br />Developer is in compliance with all laws applicable to its business and has obtained all <br />approvals, licenses, exemptions and other authorizations from, and has accomplished all <br />filings, registrations and qualifications with, any Governmental Authority that are <br />necessary for the transaction of its business. <br />9.2 Execution and Performance of Loan Documents. <br />9.2.1 Developer has all requisite authority to execute and perform its <br />obligations under the Loam Documents. <br />9.2.2 The execution and delivery of Developer of, and the performance <br />by Developer of its obligations under, each Loan Document has been authorized by all <br />necessary action and does not and will not: <br />(a) require any consent or approval not heretofore <br />obtained of any person having any interest in Developer; <br />(b) violate any provision of, or require any consent or <br />approval not heretofore obtained under, any articles of incorporation, by-laws or other <br />governing document applicable to Developer; <br />(c) result in or require the creation of any lien, claim, <br />charge or other right of others of any kind (other than under the City Loan Documents) <br />on or with respect to any property now or hereafter owned or leased by Developer; <br />ray <br />(d) violate any provision of any law presently in effect; <br />(e) constitute a breach or default under, or permit the <br />14 <br />