HRSA 04-11-1996 - Laserfiche WebLink

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• prevent the breach or threatened breach of any of the provisions of the Program Commitment • Agreement, or to enforce the performance thereof, (iii) the right to seek damages, including consequential damages, arising by virtue of the MHFA's sale of its debt securities in reliance on the City's observance and performance of the provisions of the Program Commitment Agreement, and(iv)the right to terminate the Program Commitment Agreement,and upon such termination the City shall have no further rights pursuant hereto, provided, however, that such termination shall not diminish MHFA's rights specified in the Program Commitment Agreement and in the Procedural Manual. All such remedies shall be cumulative, and the exercise by the MHFA of any one or more of them shall not in anyway alter or diminish the MHFA's right to any other remedy provided herein or by law. 14. Contract Documents. All Mortgage transactions between the City and the MHFA pursuant to the Program Commitment Agreement are on a contractual basis. The contract in each instance consisting of the Program Commitment Agreement and the provisions and requirements contained in the Procedural Manual,with all amendments and supplements thereto in any form in effect as of the date of the MHFA's acceptance of the Program Commitment Agreement. 15. Assignment. Neither this Program Application-Commitment Agreement, the Program Commitment Agreement,nor any interest therein is assignable or transferable by the City, or by operation of law, without the prior written consent of the MHFA. 16. Paragraph Captions and Program Headings. The captions and headings of the paragraphs of this Agreement are for convenience only,and shall not be used to interpret or define the provisions thereof. 17. Applicable Law. The Program Commitment Agreement is made and entered into in the State of Minnesota, and all questions relating to the validity, construction, performance and • enforcement hereof shall be governed by the laws of the State of Minnesota. 18. Agreement Conditional Upon MHFA Approval. The Program Commitment Agreement shall be a binding obligation of the MHFA upon its execution by the MHFA and delivery of a copy of the same to the City. In the event that this Program Application-Commitment Agreement is not,for any reason,so executed and delivered by the MHFA on or before the 24 day of March 1996,it shall be null and void and of no force or effect. 19. Issuance of Bonds. The City does hereby authorize the MHFA to issue, on behalf of the City,qualified mortgage bonds, as such term is used in the Internal Revenue Code of 1986, in an amount equal to the Commitment Amount,and the MHFA agrees to so issue such bonds if and when federal law authorizes and the MHFA deems it is economically feasible to do so. (THE REMAINING PORTION OF THIS PAGE IS INTENTIONALLY LEFT BLANK) I City Participation Program Form 95-1 3 (Ver-6/2/95)