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I Assignment by Assignor Assignor hereby assigns to Assignee all of Assignor's rights <br /> and obligations under the Predevelopment LIHF Loan. <br /> 2. Acceptance of Assignment Assignee hereby accepts the above assignment and hereby <br /> assumes all of the rights, obligations, covenants, and agreements of Assignor under the <br /> Predevelopment L1HF Loan. <br /> 3 Termination of Obligations Related to the Predevelopment LIHF Loan Assignor, <br /> Assignee and City all hereby acknowledge and agree that upon execution of the New LIHF Note <br /> and all documents related to the New LIHF Loan, the assumed rights and obligations related to <br /> the Predevelopment LIHF Loan shall be superseded and governed by such documents <br /> 4. Release of Assignor Assignee hereby releases Assignor from all obligations imposed <br /> under the Predevelopment LIHF Loan <br /> 5 Payment Obligations, Disbursements Assignee hereby assumes the obligation to repay <br /> to the City the Predevelopment LIHF Loan The obligation to repay the Predevelopment LIHF <br /> Loan and other sums to be advanced by City will be evidenced by the New LIHF <br /> Note. Assignor and Assignee each acknowledge that as of the date of this Agreement (i) upon <br /> the execution and delivery of the New LIHF Note, City shall have no obligation to disburse <br /> additional funds pursuant to the Predevelopment LIHF Loan or the Predevelopment LIHF Note. <br /> 6 Consent to Assignment. The City hereby consents to the assignment of the <br /> Predevelopment LIHF Loan from Assignor to Assignee and hereby releases Assignor from all <br /> obligations imposed under the Predevelopment LIHF Loan effective upon Assignee's <br /> assumption of such obligations City acknowledges and agrees that as of the date of this <br /> Agreement, Assignor is not in default under the HOME Loan Documents or the Predevelopment <br /> LIHF Note <br /> 7 Assignor Representations Assignor represents and warrants to City and Assignee that- <br /> (i) Assignor has the power and authority to execute, deliver and perform its obligations under <br /> this Agreement; (it) the execution, delivery and performance of this Agreement do not violate <br /> any rule, regulation, statute, law, order, decree,judgment or the like, or any agreement or <br /> instrument to which Assignor is a party, and Assignor is not in breach or default under the <br /> Predevelopment LIHF Note, (111) Assignor has no defenses, setoffs, claims, counterclaims or <br /> causes of action of any kind or nature against City relative to the Predevelopment LIHF Note, or <br /> this Agreement, and (iv) Assignor has not received any notice from any governmental agency <br /> relating to any alleged violation of law, ordinance, rule or regulation <br /> 8 Assignee Representations Assignee represents and warrants to City that (i) Assignee is <br /> a duly organized, validly existing limited partnership in good standing under the laws of the State <br /> of California; (ii) Assignee has the power and authority to execute, deliver and perform its <br /> obligations under the New LIHF Loan Agreement and this Agreement, (iii) the execution, <br /> delivery and performance of the New LIHF Loan Agreement and this Agreement do not violate <br /> any rule, regulation, statute, law, order, decree,judgment or the like, or any agreement or <br /> 2 <br />