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required or permitted under this Agreement such approval, notice direction, consent, request or other action shall be in writing. 19. Amendments. This Agreement shall not be altered or amended except by a writing executed by the parties hereto. 20. Severability. If any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. 21. Binding on Successors. This Agreement shall bind, and the benefits thereof shall inure to, the respective parties hereto, their legal representatives, executors, administrators, successors and assigns; provided, however, that the Borrower may not assign this Agreement or any of its obligations hereunder, voluntarily or by operation of law, without the prior written approval of the Agency. In the event the Borrower transfers title, possession or control of the Development to a third party, the Borrower covenants to require as a condition of transfer that such third party agrees to be bound by and to operate the Development in accordance with this Agreement. The Agency is deemed to be the beneficiary of such conditions and agreements with the right to enforce them against any such third party. 22. Recordation. This Agreement shall be acknowledged by each of the parties and recorded in the official records of the county in which the Development is located. 23. Election of Remedies; Events of Default. The remedies of the Agency hereunder and under the Note, the Deed of Trust or any other instrument providing for or evidencing or securing the Loan are cumulative, and the exercise of one or more of such remedies shall not be deemed an election of remedies and shall not preclude the exercise by the Agency of any one or more of its other remedies. 24. Waiver by Agency. No waiver by the Agency of any breach of or default under this Agreement shall be deemed to be a waiver of any other or subsequent breach thereof or default hereunder. 25. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of California. 26. Notices. Written communication by and between the as follows unless and until communicated a different address CHFA 53SLP /RIDGEVIEW 12/2/88 V01517(DNB) -15- notices and other written parties hereto shall be addressed a party hereto has, in writing, to the other party hereto: