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CHFA 44PX <br />6/1/88 <br />Y01088 <br />BORROWER'S ASSIGNMENT OF CONSTRUCTION CONTRACT <br />AND WARRANTIES <br />RIDGE VIEW COMMONS ASSOCIATES , a California T,TMTTEn PARTNERSHIP <br />( "Borrower ") hereby assigns and transfers all right, title and <br />interest it may have or acquire in and to (1) that certain <br />construction contract between Borrower and Bogard Construction. Inc. <br />( "Contractor") dated June 27. , 198R , including <br />but not limited to, all drawings, plans, specifications, <br />architectural renderings and other contract documents related to such <br />contract ( "Construction Contract "), and (2) any construction <br />warranties ,of Contractor which relate to the construction <br />contemplated under the Construction Contract whether such warranties <br />arise from the Construction Contract, as a matter of law, or <br />otherwise, to the California Housing Finance Agency ( "Agency "), a <br />public instrumentality and political subdivision of the State of <br />California, in further consideration for the funding by the Agency of <br />the permanent mortgage loan. <br />Provided that, such assignment shall become effective upon Borrower's <br />default under the permanent promissory note, deed of trust, <br />regulatory agreement, or any other document evidencing or securing <br />the Borrower's obligations to the Agency in connection with the <br />permanent mortgage loan and notice thereof by the Agency to the <br />Borrower, and that until such notice the Borrower shall remain liable <br />for and shall fulfill all its covenants, terms, conditions, <br />agreements and obligations under the Construction Contract and <br />related documents. <br />Failure of the Agency to exercise its rights pursuant to this <br />Assignment in the event of a default by the Borrower shall not be a <br />waiver of such rights. <br />Date: December 15, 1989 <br />This Assignment is accepted: <br />RID I CO ONS, ASSIC ATES <br />(Borr• r)/ <br />erOl <br />By: <br />Name: Catherine A. Merschel <br />Title: Executive Director of RVC: <br />Investments, Inc., a California nonprofit <br />public benefit corporation its general <br />CALIFOR IA HOUSING FINANCE AGENCY partner <br />By: <br />Name: !S / / - /r �.. <br />Title: l 1 - 'C- -1c■ f},. Ace <br />—1— <br />