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2015_0209_CCpacket
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2015_0209_CCpacket
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Attachment A <br />other Joint Powers Agreement partner unless there remain outstanding loan amounts issued <br />under this Agreement that are subject to assessment. If there remain outstanding loan amounts <br />issued under this Agreement and the written termination notice has been sent, then effective <br />immediately upon receipt of the termination notice the Port Authority may not enter into any <br />further loans under this Agreement; and subject to this limitation the Agreement shall remain in <br />full force and effect until the assessments for each and every outstanding loan issued under this <br />Agreement have been collected and received or as defined hereafter the City has been deemed to <br />satisfy its assessment and collection obligation under this Agreement (“Assessment <br />Satisfaction”). For purposes of this section only, the completion of a foreclosure proceeding, <br />including the foreclosure sale and the property owner’s failure to redeem or waiver of <br />redemption rights, shall be deemed Assessment Satisfaction. Furthermore, under this section <br />only and only as between the City and the Port Authority, if on a loan amount issued under this <br />Agreement the City has used best efforts to collect an assessment for three or more years with no <br />success or no reasonable likelihood of pending success, then for that particular loan the status <br />shall be deemed Assessment Satisfaction. <br /> 10. This Agreement may be amended by the Port Authority and the City, at any time, <br />by an instrument executed by both of them. The Port Authority or the City may not amend this <br />Agreement, however, if the effect of the amendment would impair the rights of the holder of the <br />Loan(s) or Bond(s), unless the holder has consented to the amendment. <br /> 11. This Agreement may be executed in any number of counterparts, each of which <br />when taken together will constitute a single agreement. <br />\[Remainder of page intentionally left blank\] <br />5 Joint Powers Agreement <br /> <br />
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