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prevent the breach or threatened breach of any of the provisions of the Program Commitment <br /> Agreement, or to enforce the performance thereof, (iii)the right to seek damages, including <br /> 411). <br /> . consequential damages,arising by virtue of the MHFA's sale of its debt securities in reliance on <br /> the City's observance and performance of the provisions of the Program Commitment Agreement, <br /> and(iv)the right to terminate the Program Commitment Agreement,and upon such termination the <br /> City shall have no further rights pursuant hereto,provided,however,that such termination shall <br /> not diminish MHFA's rights specified in the Program Commitment Agreement and in the <br /> Procedural Manual. All such remedies shall be cumulative,and the exercise by the MHFA of any <br /> one or more of them shall not in anyway alter or diminish the MHFA's right to any other remedy <br /> provided herein or by law. <br /> 14. Contract Documents. All Mortgage transactions between the City and the MHFA <br /> pursuant to the Program Commitment Agreement are on a contractual basis. The contract in each <br /> instance consisting of the Program Commitment Agreement and the provisions and requirements <br /> contained in the Procedural Manual,with all amendments and supplements thereto in any form in <br /> effect as of the date of the MHFA's acceptance of the Program Commitment Agreement. <br /> 15. Assignment. Neither this Program Application-Commitment Agreement, the <br /> Program Commitment Agreement,nor any interest therein is assignable or transferable by the City, <br /> or by operation of law,without the prior written consent of the MHFA. <br /> 16. Paragraph Captions and Program Headings. The captions and headings of the <br /> paragraphs of this Agreement are for convenience only,and shall not be used to interpret or define <br /> the provisions thereof. <br /> 17. Applicable Law. The Program Commitment Agreement is made and entered into in <br /> the State of Minnesota,and all questions relating to the validity,construction,performance and <br /> enforcement hereof shall be governed by the laws of the State of Minnesota. <br /> 18. Agreement Conditional Upon MHFA Approval. The Program Commitment <br /> Agreement shall be a binding obligation of the MHFA upon its execution by the MHFA and <br /> delivery of a copy of the same to the City. In the event that this Program Application-Commitment <br /> Agreement is not,for any reason,so executed and delivered by the MHFA on or before the 15th <br /> day of June,1993,it shall be null and void and of no force or effect. <br /> 19. Issuance of Bonds. The City does hereby authorize the MHFA to issue,on behalf <br /> of the City,qualified mortgage bonds,as such term is used in the Internal Revenue Code of 1986, <br /> in an amount equal to the Commitment Amount,and the MHFA agrees to so issue such bonds if <br /> and when federal law authorizes and the MHFA deems it is economically feasible to do so. <br /> (THE REMAINING PORTION OF THIS PAGE IS INTENTIONALLY LEFT BLANK) <br /> City Participation Program Form 93-1 3 (Ver-5/11/93) <br />