80A - JT PH VISTA DEL RIO HOUSING

Home Browse Search

so long as the removal and substitution of the defaulting General Partner is made within thirty (30) days of such default or, if such removal and substitution cannot reasonably be completed within thirty (30) days, so long as the Limited Partner commences to take action to remove and substitute the General Partner with a reasonable period and thereafter diligently proceeds to complete such substitution; (ii) any transfer of the Property to the Managing General Partner pursuant to the right of first refusal or to the General Partners pursuant to the purchase option, as provided for in the Partnership Agreement; (iii) Any Transfer of the Limited Partner's interest in connection with a default by the Limited Partner under and in accordance with the Partnership Agreement; and (iv) any sale, transfer or other disposition of an interest in a limited partner of the Vista Del Rio. 17. CERTIFICATE OF COMPLETION Upon satisfactory completion of the Construction and upon the request of Vista Del Rio, or at its own election, the City of Santa Ana shall issue a Certificate of Completion. Such Certificate of Completion shall be, and shall so state, conclusive determination of satisfactory completion of the Construction. If City declines to furnish a Certificate of Completion after written request from Vista Del Rio, the Executive Director shall, within thirty (30) days after receipt of the request, provide Vista Del Rio with a written statement of the reasons therefore. The statement shall contain a description of the action Vista Del Rio must take to obtain a Certificate of Completion. If the reason therefore is that the Vista Del Rio has not completed a minor portion of the Construction, City may, in its sole and absolute discretion, issue the Certificate of Completion upon the posting with City of a bond or other form of security acceptable to the Executive Director in the amount of the fair value of the uncompleted work. A Certificate of Completion is not evidence of compliance with or satisfaction of the Loan Documents or any obligation of Vista Del Rio to any other party whatsoever, including any holder of a mortgage or deed of trust. A Certificate of Completion is not "notice" of completion" referred to in Section 3093 of the California Civil Code. 18. INDEMNIFICATION 18.1 Nonliability of Agency and City. Vista Del Rio acknowledges and agrees that: (a) The relationship between Vista Del Rio and City is and shall remain solely that of borrower and lender, City neither undertakes nor assumes any responsibility to review, inspect, supervise, approve (other than for aesthetics) or inform Vista Del Rio of any matter in connection with the Construction, including matters relating to: (i) the performance of the Construction Work, (ii) architects, contractors, subcontractors and materialmen, or the workmanship of or materials used by any of them, or (iii) the progress of the Construction; and Vista Del Rio shall rely entirely on its own judgment with respect to such matters and acknowledges that any review, inspection, supervision, approval or information 32 80A-108