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901.15 Applicable Law. This Agreement shall be interpreted, governed and <br />enforced under federal and state laws. <br />901.16 Third Parties. This Agreement is made for the sole benefit of Developer <br />and the City and Agency and their successors and assigns, and no other person or persons shall have <br />any rights or remedies under or by reason of this Agreement or any right to the exercise of any right <br />or power of the Agency/City hereunder or arising from any default by Developer, nor shall the <br />Agency/City owe any duty whatsoever to any claimant for labor performed or materials furnished in <br />connection with the construction of the Property. <br />901.17 Control of Property. The parties acknowledge that neither the Agency nor <br />City has at any time participated in any manner in the management or operation of the Property, and <br />will not so participate at any time hereafter. <br />902. Obligation to Notify re Changes. Until the final disbursement of the Loans, <br />Developer shall, upon learning of any fact or condition which would cause any of the warranties and <br />representations in this Article 900 not to be true, immediately give written notice of such fact or <br />condition to Agency. Such exception(s) to a representation shall not be deemed a breach by <br />Developer hereunder, but shall constitute an exception which Agency and City shall have a right to <br />approve or disapprove if such exception would have an effect on the value and/or operation of the <br />Property. If Agency and City elect to make any disbursement of the Loans following disclosure of <br />such information, Developer's representations and warranties contained herein shall be deemed to <br />have been made as of such disbursement, subject to such exception(s). If, following the disclosure of <br />such information, Agency and City elect not to make further disbursements of the Loans, then this <br />Agreement shall automatically terminate, and neither party shall have any further rights, obligations <br />or liabilities hereunder. The representations and warranties set forth in this Article 900 shall survive <br />the final disbursement of the Loans and continue for the Term hereof. <br />1000. CONDITIONS FOR CONSTRUCTION <br />1001. Permits and Approvals. Developer shall diligently obtain all permits, including all <br />building permits, licenses, approvals, exemptions and other authorizations of Governmental Agencies <br />required in connection with the construction and conversion of the Property. <br />1002. Commencement and Completion of Construction. The construction of the Project <br />shall be considered complete for purposes of this Agreement only when (a) all work described has <br />been completed and fully paid for, and (b) all work requiring inspection or certification by <br />Governmental Authority has been completed and all requisite certificates, approvals and other <br />necessary authorizations (including required final certificates of occupancy) have been obtained. <br />1003. Change Orders. The contract for construction shall not be modified except pursuant <br />to change orders. All change orders: <br />(a) shall be in writing, numbered in sequence, signed by Developer and <br />submitted to City prior to the proposed effectiveness thereof and accompanied by any working <br />drawings and a written narrative of the proposed change. <br />(b) Shall be subject to the Executive Director's and Senior Lender's prior <br />written approval of the Executive Director and Bank. <br />32 <br />25F-38