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11-13-2024 Council Packet
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11-13-2024 Council Packet
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135242317v3 <br /> <br /> <br />34 <br /> <br />Section 8.08 Counterparts. This Project Loan Agreement may be signed in any number <br />of counterparts with the same effect as if the signatures thereto and hereto were upon the same <br />instrument. <br />Section 8.09 Amounts Remaining in Loan Payment Fund or Other Funds. It is <br />agreed by the parties hereto that any amounts remaining in the Loan Payment Fund or other funds <br />and accounts established under the Funding Loan Agreement upon expiration or sooner <br />termination of the term hereof (and the repayment in full of the Project Loan and all other amounts <br />owing under the Project Loan Documents), shall be paid in accordance with the Funding Loan <br />Agreement. <br />Section 8.10 Effective Date and Term. This Project Loan Agreement shall become <br />effective upon its execution and delivery by the parties hereto, shall be effective and remain in full <br />force from the Effective Date, and, subject to the provisions hereof, shall expire on such date as <br />the Funding Loan Agreement shall terminate. <br />Section 8.11 Cross References. Any reference in this Project Loan Agreement to an <br />“Exhibit,” an “Article,” a “Section,” a “Subsection” or a “Paragraph” shall, unless otherwise <br />explicitly provided, be construed as referring, respectively, to an exhibit attached to this Project <br />Loan Agreement, an article of this Project Loan Agreement, a section of this Project Loan <br />Agreement, a subsection of the section of this Project Loan Agreement in which the reference <br />appears and a paragraph of the subsection within this Project Loan Agreement in which the <br />reference appears. All schedules and exhibits attached to or referred to in this Project Loan <br />Agreement are incorporated by reference into this Project Loan Agreement. <br />Section 8.12 Funding Lender Representative and Loan Servicer as Third-Party <br />Beneficiaries. The parties hereto agree and acknowledge that Funding Lender Representative and <br />Loan Servicer are third-party beneficiaries of this Project Loan Agreement. <br />Section 8.13 Supplemental Financings. Governmental Lender and Fiscal Agent each <br />acknowledges that Loan Servicer (or another originating lender that is generally approved by <br />Freddie Mac to sell mortgages to Freddie Mac) may make additional loans to Borrower secured <br />by additional mortgages on the Project (“Additional Loans”). Governmental Lender and Fiscal <br />Agent each consents to the Additional Loans notwithstanding anything to the contrary in the <br />Project Loan Documents, provided that such loans are subordinate to the repayment of the Project <br />Loan by Borrower. <br />Section 8.14 Non-Liability of Governmental Lender. Governmental Lender shall not <br />be obligated to pay the principal (or Prepayment Premium) of or interest on the Funding Loan, <br />except from Revenues and other money and assets received by Fiscal Agent on behalf of <br />Governmental Lender pursuant to this Project Loan Agreement. Neither the faith and credit nor <br />the taxing power of the Property Jurisdiction or any political subdivision thereof, nor the faith and <br />credit of Governmental Lender or any member is pledged to the payment of the principal (or <br />Prepayment Premium) or interest on the Funding Loan. Governmental Lender shall not be liable <br />for any costs, expenses, losses, damages, claims or actions, of any conceivable kind on any <br />conceivable theory, under or by reason of or in connection with this Project Loan Agreement, the
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