HABITAT FOR HUMANITY OF ORANGE COUNTY (5)

Home Browse Search

7.9 Bankruptcy. To the best of Developer's knowledge, no attachments, execution proceedings, assignments for the benefit of creditors, insolvency,bankruptcy, reorganization or other proceedings are pending or threatened against Developer,nor are any of such proceedings contemplated by Developer. 7.10 Information Accurate. To the best of Developer's knowledge, all information, regardless of its form, conveyed by Developer to City,by whatever means, is accurate, and correct in all material respects and is sufficiently complete to give City true and accurate knowledge of its subject matter, and does not contain any material misrepresentation or omission. 7.11 Conflicts of Interest.No member, official or employee of the City shall have any personal interest,direct or indirect, in this Agreement, nor shall any such member, official or employee participate in any decision relating to this Agreement which affects his/her personal interests or the interests of any corporation,partnership or association in which he/she has a direct or indirect financial interest.The Developer warrants that it neither has paid nor given, nor will pay or give, any third party any money or other consideration for obtaining this Agreement. 7.12 Nonliability of City Officials and Employees.No member, official or employee of the City shall be personally liable to the Developer in the event of any default or breach by the City or for any amount which may become due to Developer or on any obligations under the terms of this Agreement. 7.13 No Assignment.Developer expressly acknowledges and agrees that the City has only agreed to assist the Developer as a means by which to induce the construction and development of the Project.Accordingly,Developer further expressly acknowledges and agrees that this Agreement is a personal right of Developer that is neither negotiable, transferable,nor assignable except as set forth herein. Developer may assign some or all of its rights under the Agreement only with the prior written consent of the City Project Manager, except that no prior consent is necessary for an assignment by a limited partner of Developer to an affiliate, for the inclusion of tax credit investors in the Agreement. 7.14 Applicable Law. This Agreement shall be interpreted, governed and enforced under federal and California state law with venue in Orange County, California. 7.15 Third Parties.This Agreement is made for the sole benefit of Developer and the City and their successors and assigns, and no other person or persons shall have any rights or remedies under or by reason of this Agreement or any right to the exercise of any right or power of the City hereunder or arising from any default by Developer, nor shall the City owe any duty whatsoever to any claimant for labor performed or materials furnished in connection with the construction of the Property. 7.16 City Approval of Senior Loans; Subordination. Developer shall obtain City's written approval and consent for any Senior Loans. Developer shall provide the City at least thirty(30) days' notice of any request for subordination of the City Deed of Trust. If the City does not respond to a request for approval of a Senior Loan or subordination of the City Deed of Trust within thirty(30) days, then the request shall be deemed disapproved. Developer acknowledges 12 55394.00E01\42414134.1