DISTRICT. Applicant recognizes and acknowledges the calculations relating to the District’s loss of Maintenance and Operations Revenue under this Agreement will be affected by changes to the timing of construction of the Project and any change to the Qualified Property. As such, Applicant acknowledges that it will bear any and all losses of Maintenance and Operations Revenue suffered by the District as a result of this Agreement, including without limitation any increase in the M&O Amount calculated under Section 4.2 to be paid to the District for losses in Maintenance and Operations Revenue resulting from any change in the timing of construction and/or any change to the Qualified Property. The Parties expressly understand and agree that, for all Tax Years to which the Tax Limitation amount set out in Section 2.4 is applied to Applicant’s Qualified Property that is the subject of this Agreement, the calculation of negative financial consequences will be defined for each applicable Tax Year in accordance with the Applicable School Finance Law, as defined in Section 1.2 above, and that such definition specifically contemplates that calculations made under this Agreement may periodically change in accordance with changes in Applicable School Finance Law. The Parties further agree that printouts and projections produced during the negotiations and approval of this Agreement are: (i) for illustrative purposes only, are not intended to be relied upon, and have not been relied upon by the Parties as a prediction of future consequences to either Party; (ii) based upon current Applicable School Finance Law which is subject to change by statute, by administrative regulation (or interpretation thereof), or by judicial decision at any time; and (iii) may change in future years to reflect changes in Applicable School Finance Law.
DISTRICT. Approved for legal sufficiency DISTRICT OF COLUMBIA, by and through the District of Columbia Office of Department of the Housing and Community Attorney General Development pursuant to Mayor’s Order 2007-209 By: By: Name: Richard Q. Lewis, III Name: Leila Finucane Edmonds Title: Assistant Attorney General Title: Director, Department of Housing and Community Development DEVELOPER By: Name: Title: Exhibits: Exhibit A Property Description Exhibit B Deed Exhibit C Affordability Covenant Exhibit D Declaration of Covenants Exhibit E Letter of Credit Exhibit F Development and Completion Guaranty Exhibit G Schedule of Performance Exhibit H Schedule of Affordable Units JOINDER OF GUARANTOR For the purpose of evidencing their consent and agreement to be bound to the provisions in this Agreement applicable to the Guarantor, hereby executes this Joinder of Guarantor on and as of the date of the Agreement. By: Name: Title: EXHIBIT A Property Description EXHIBIT B [Special Warranty Deed] EXHIBIT C [Affordability Covenant] EXHIBIT D [Declaration of Covenants] EXHIBIT E [Development and Completion Guaranty] EXHIBIT F Office of Attorney General for the District of Columbia Form Letter of Credit ISSUER: Date of Issue: , 2009 [Name of Bank] [Bank Address] IRREVOCABLE STANDBY LETTER OF CREDIT NO. [Insert Number] Beneficiary Applicant District of Columbia, by and through the [Name of Developer] Department of Housing and Community Development 1800 Martin Luther King Avenue, SE Washington, DC 20020 Attention: Director AMOUNT: $ EXPIRY DATE: [Insert Date] subject to renewal provisions herein Ladies and Gentlemen: We hereby establish our Irrevocable Standby Letter of Credit [Insert Number] (“Letter of Credit”) in favor of Beneficiary for the account of Applicant up to an aggregate amount of U.S DOLLARS (U.S. $ ) Available for payment when accompanied by the following three items:
DISTRICT. The District agrees to protect, defend, indemnify and hold the ESD, its officers, agents and employees harmless from any and all claims and losses for bodily injury, including death, and/or property damage to the extent such claims or losses arise or result from the District’s negligent performance under this Agreement.
DISTRICT. DISTRICT may, in its sole discretion, terminate this Grant Agreement for convenience by giving thirty (30) days prior written notice to GRANTEE. GRANTEE shall not incur any unnecessary expenses or costs which are reimbursable under this Grant Agreement during this period except those absolutely necessary to close out all activities related to the Grant Agreement. Any other charges incurred by GRANTEE during this period will not be compensated by DISTRICT unless approved in writing by the Control Officer. The DISTRICT may also terminate this Grant Agreement for cause should GRANTEE default in the performance of this Grant Agreement or materially breach any of its provisions. Such termination shall be by written notice and shall be effective upon receipt by GRANTEE. The DISTRICT may seek whatever legal, equitable, and other remedies available under State law for the GRANTEE’s failure to comply and fully perform under the Grant Agreement.