Limitations on Contracts a. No person or organization shall be a third party beneficiary of this Agreement.
Limitations on Contracts. As between the parties to this Agreement, Section 3.09(a) of the Joint Mortgage shall be construed to read as follows:
Limitations on Contracts. Subject to compliance with the purchasing and contracting policies and procedures of the Corporation (Purchasing and Contracting Policies), Corporation shall not enter into any contract, agreement or memorandum of understanding for the expenditure of funds in excess of the funds provided in its Approved Corporation or Project Budgets. Corporation agrees that the Approved Corporation or Project Budgets shall, to the extent determined by the Board to be reasonable and practicable, include line item entries that specify the total dollar amounts estimated for all executed or to be executed contracts, agreements or any indebtedness or amendments to those contracts, agreements or indebtedness (Contracts) that exceed or are expected to exceed two-hundred and fifty thousand dollars ($250,000) in any given fiscal year. Corporation shall have the right, without the prior approval of the Agency, to enter into agreements and contracts in the usual and ordinary course of business as long as such Contracts are consistent with the Approved Corporation or Project Budgets, and any restrictions contained therein Corporation shall obtain a certification that the necessary funds are currently available and unrestricted, from the City Comptroller before entering into any Contracts. Anything to the contrary herein notwithstanding, Agency agrees that, subject to compliance with the terms of this Agreement, the Bylaws, the Purchasing and Contracting Policies and the Board-approved personnel and related policies, Corporation may enter into a contract of employment for the services ofa President for a period not in excess of three (3) years in accordance with the selection, compensation and other procedures in Article XI, or any successor Section, of the Bylaws. Any such employment contract, however, shall state that it is an obligation of the Corporation only and it is intended that it shall not create an obligation on the part of the Agency or City.
Limitations on Contracts. Each such contract or agreement shall: (a) be in the name of the Project, (b) be assignable, at Owner’s option, to Owner or Owner’s nominee, (c) include a provision of cancellation thereof by Owner or Manager upon not more than thirty (30) days written notice (unless otherwise consented to by Owner), (d) shall require that all contractors provide evidence of sufficient insurance and (d) include a clause that such contract shall be subordinate to the lien of any deed(s) of trust encumbering the Project and that such contracting party shall agree to the assignment of such contract to such lender(s). If this Agreement is terminated pursuant to Section 18, Manager shall, at Owner’s option, assign to Owner or Owner’s nominee all contracts and agreements pertaining to the Project. Manager shall disclose to Owner any affiliation between Manager and any proposed contractor prior to entering into such contract and shall fully and completely disclose any economic benefit, referral fee, revenue sharing arrangement or other economic benefit Manager may receive as a result of such contract or agreement.
Limitations on Contracts. Except as otherwise provided in this Section 3.5.1, the City covenants, for itself, its officers, employees and agents, that, from and after the date that RBOC shall continue to receives Rose Bowl and Golf Course Enterprise Funds to its own accountsas contemplated by Section 5.7.1. City, it shall not, for the term of the Agreement and to the maximum extent permitted by law, enter into any Contract which affects or relates to the RBOC Area without the prior written approval of RBOC. Notwithstanding the foregoing or the provisions of Section 3.5.2, the City reserves the right to refund or refinance currently any outstanding bond debt service Certificates of Participation evidencing lease payments payable by the City for use and occupancy of on behalf of the Rose Bowl Stadium or Brookside Golf Course or other areas within the RBOC Area so long as the City assumes all additional financial burdens as a result of such refunding or refinancing.
