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Exhibit 5
REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT dated as of _________, 1997, is
among CALIFORNIA HOUSING FINANCE L.P., a Delaware limited partnership, (the
"Purchaser"), and CAPITAL PACIFIC HOLDINGS, INC. (the "Company").
WHEREAS, the Purchaser is the beneficial owner of 2,484,340 shares of
common stock, per value $0.10 per share (the "Common Stock") of the Company (the
"Securities").
NOW THEREFORE, the parties hereto do hereby agree as follows:
SECTION 1. DEMAND REGISTRATION.
(a) The Purchaser may at any time after the date one year from the date
hereof request in writing that the Company register under the Securities Act of
1933, as amended (the "Securities Act") all or any portion of the Registrable
Stock (as defined below) for sale in the manner specified in such notice; and
provided, that the aggregate purchase price to the public of such public
offering of the shares of Registrable Stock for which registration has been
requested shall reasonably be anticipated to exceed $1 million; and provided,
further that (i) the Company shall not be obligated to register Purchaser's
Registrable Stock pursuant to this paragraph (a) on more than one occasion, and
(ii) the Company shall not be obligated to effect a shelf registration as such
is defined in Rule 415 under the Securities Act.
(b) Following receipt of any notice delivered in compliance with
paragraph (a) of this Section 1 (a "Demand"), the Company shall use its best
efforts to register under the Securities Act, for public sale in accordance with
the method of disposition specified in such Demand, the number of shares of
Registrable Stock specified in such Demand. Purchaser may request a specific
managing underwriter or underwriters, which shall be of national standing,
subject to the approval of the Company, which approval shall not unreasonably be
withheld or unreasonably delayed. The Company shall be deemed to have satisfied
an obligation to register Registrable Stock pursuant to a Demand when a
registration statement covering at least 90% of the shares of Registrable Stock
specified in the Demand for sale in accordance with the method of disposition
specified in the Demand shall have become effective and the period of
distribution of the registration contemplated thereby has been completed
(determined as hereinafter provided).
(c) The Company shall be entitled to include in any registration
statement filed in response to a Demand made in accordance with this Section 1,
for sale in accordance with the method of disposition specified by the Purchaser
in such Demand, shares of Common Stock to be sold by the Company for its own
account or that of other security holders, except as and to the extent that, in
the opinion of the managing underwriters, such inclusion would adversely affect
the marketing of the Registrable Stock, or the price thereof or the number of
shares to be included for which registration has been requested in connection
with such Demand. Except for registration statements on From X-0, X-0 or any
successor forms thereto, the Company will not file with the Securities and
Exchange Commission (the "Commission") any other registration statement with
respect to its Common Stock, whether for its own account or that of other
security holders, from the date of receipt of a Demand pursuant to this Section
1 until 45 days following the completion of the period of distribution of the
registration contemplated thereby (determined as hereinafter provided).
(d) The Company may at its option elect that any requested registration
pursuant to Section 1(a) be delayed for a period not in excess of 90 days from
the date of such Demand but only if, at the time of such request, the Company is
engaged in a transaction which is material to the Company and the disclosure of
which would have a material adverse effect on the Company.
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(e) Notwithstanding anything to the contrary contained in Section 1, no
Demand may be made within 90 days after the effective date of a registration
statement filed by the Company covering a firm commitment underwritten public
offering in which the Purchaser shall have been entitled to join pursuant to
Section 2 hereof and in which there shall have been effectively registered at
least 50% of the shares of Registrable Stock as to which registration shall, if
any, have been requested.
SECTION 2. INCIDENTAL REGISTRATION.
(a) If the Company at any time proposes to register any of its Common
Stock under the Securities Act for sale to the public, whether for its own
account or for the account of security holders or both, (excluding any
registration statement on Form X-0, X-0 or another form not available for
registering the Registrable Stock for sale to the public), it will each such
time give written notice to the Purchaser. Upon the written request received by
the Company within 20 days after the giving of any such notice by the Company,
to register any of the Registrable Stock, the Company will use its best efforts
to cause the Registrable Stock as to which registration shall have been so
requested to be included in the registration statement proposed to be filed by
the Company, all to the extent requisite to permit the sale or other disposition
(in accordance with its written request) of such Registrable Stock.
Alternatively, the Company may include the Registrable Stock as to which
registration shall have been requested by the Purchaser under this paragraph
2(a) in a separate registration statement to be filed concurrently with the
registration statement proposed to be filed by the Company. In the event any
registration statement filed pursuant to this Section 2 shall be, in whole or in
part, in connection with any underwritten public offering, the number of shares
of Registrable Stock to be included in such registration statement may be
reduced or may be excluded from such registration, to the extent that the
managing underwriter(s)shall give their written opinion that such inclusion
would adversely affect the number of shares to be included or the marketing or
price of the securities to be sold thereby the Company or by any security holder
other than Purchaser but for whose account such securities are to be sold
pursuant to the exercise of demand registration rights granted in accordance
with any separate agreement with the Company not in violation of this Agreement.
Such reduction or exclusion shall be pro rata among those security holders
"piggybacking" on such registration period. Notwithstanding the foregoing
provisions of this Section 2, the Company may withdraw any registration
statement referred to in this Section 2 without thereby incurring any liability
to the holders of Registrable Stock. Except as set forth above, there shall be
no limit to the number of registrations that may be requested pursuant to this
Section 2.
(b) In the event that a distribution of Registrable Stock covered by a
registration statement referred to in paragraph (a) above is to be underwritten,
then the distribution of Registrable Stock for the account of the Purchase shall
be underwritten by the same underwriters who are underwriting the distribution
of the securities for the account of the Company and/or any other persons whose
securities are covered by such registration statement, and the holders of
Registrable Stock that are selling shares of Registrable Stock pursuant to such
registration statement shall enter into the agreement with such underwriters
contemplated under Section 3.
(c) Purchaser agrees, if reasonably requested by the managing
underwriters in an underwritten offering to which the provision of this Section
2 apply, not to effect any public sale or distribution of securities of the
Company of the same class as the securities included in the registration
statement relating to such underwritten offering, including a sale pursuant to
Rule 144 under the Securities Act (except as part of such underwritten
offering), during the 10 day period prior to the filing of such registration
statement, and during the period required by such underwriters, not to exceed
the 180 day period beginning on the closing date of each underwritten offering
made pursuant to such registration statement, to the extent timely notified in
writing by the Company or the managing underwriters.
SECTION 3. REGISTRATION PROCEDURES.
If and whenever the Company is required by the provisions of this
Agreement to use its best efforts to effect the registration of any shares of
Registrable Stock under the Securities Act, the Company will:
(a) prepare and file with the Commission a registration statement
(which (i) in the case of an underwritten public offering pursuant to Section 1,
shall be on Form S-1 or other form of general applicability reasonably
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satisfactory to the managing underwriter selected as therein provided and (ii)
shall be filed within 75 days after receipt of requisite requests from holders
of Registrable Stock for registration) with respect to the Registrable Stock and
use its best efforts to cause such registration statement to become and remain
effective for the period of the distribution contemplated thereby (determined as
hereinafter provided);
(b) prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective for
the period of distribution (determined as hereafter provided) and comply with
the provisions of the Securities Act with respect to the disposition of all
Registrable Stock covered by such registration statement in accordance with the
requesting holders' intended method of disposition set forth in such
registration statement for such period;
(c) furnish to each seller of Registrable Stock and to each underwriter
such number of copies of the registration statement and the prospectus included
therein (including each preliminary prospectus) as such persons reasonably may
request in order to facilitate the public sale or other disposition of the
Registrable Stock covered by such registration statement;
(d) use its best efforts to register or qualify the Registrable Stock
covered by such registration statement under the securities or "blue sky" laws
of such jurisdictions as each seller of Registrable Stock or, in the case of an
underwritten public offering, the managing underwriter shall reasonably request
to the extent required by applicable law, and do any and all other acts and
things which may be necessary under such securities or blue sky laws to enable
such seller to consummate the public sale or other distribution in such
jurisdiction to be sold by such seller, except that the Company shall not for
any such purpose be required to qualify generally to transact business as a
foreign corporation or qualify as a dealer in securities in any jurisdiction
where it is not so qualified or to consent to general service of process or
subject itself to taxation in any such jurisdiction;
(e) use its best efforts to list the Registrable Stock covered by such
registration statement with any securities exchange or automated quotation
system on which any security of the Company is then listed;
(f) immediately notify each seller of Registrable Stock and each
underwriter under such registration statement, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the
happening of any event of which the Company has knowledge as a result of which
the prospectus contained in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing;
(g) enter into such reasonable agreements (including an underwriting
agreement, if applicable) which shall be customary in form, substance and scope
for such an arrangement between such underwriter and companies of the Company's
size and investment stature and take all such other reasonable actions in
connection therewith in order to expedite and facilitate the disposition of the
Registrable Stock to be registered;
(h) whether or not the offering is underwritten and at the request of
any seller of Registrable Stock, (i) furnish such reasonable representations and
warranties to such seller and the underwriters, if any, as are customary in
primary underwritten offerings and (ii) use best efforts to obtain (A) an
opinion of counsel representing the Company for the purposes of such
registration, addressed to the underwriters, if any, and to such seller in form
and substance as is customarily given to underwriters in an underwritten public
offering and to such other effects as reasonably may be requested by counsel for
the underwriters or by such seller or its counsel and (B) a letter dated such
date from the independent public accountants retained by the Company, addressed
to the underwriters, if any, and to such seller, in form and substance as is
customarily given by independent certified public accountants to underwriters in
an underwritten public offering, and such letter to additionally cover such
other financial matters (including information as to the period ending no more
than five business days prior to the date of such letter) with respect to such
registration as such underwriters reasonably may request;
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(i) make available upon reasonable notice for inspection at a
reasonable time and in a reasonable manner by each seller of Registrable Stock,
any underwriter participating in any distribution pursuant to such registration
statement, and any attorney, accountant or agent retained by such seller of
Registrable Stock or underwriter, all financial and other records, pertinent
corporate documents and properties of the Company reasonably requested by such
Seller, underwriter, attorney, accountant or agent, and cause the Company's
officers, directors and employees to supply all information reasonably requested
by any such seller, underwriter, attorney, accountant or agent for use solely in
connection with such registration statement and its due diligence efforts
relating thereto; provided, however, that any records, information or documents
that are designated by the Company in writing as confidential shall be kept
confidential by such seller and such seller shall inform such other persons of
the confidential nature of such information or documents unless disclosure of
such records, information or documents is required by court or administrative
order or such information or document becomes generally available to the public
through no breach of this provision; provided, further, if such seller,
underwriter, attorney, accountant or agent is ordered to disclosure any of such
records, documents or information, such seller will and request such
underwriter, attorney, accountant or agent to provide the Company with prompt
written notice of such requirement so that the Company at its expense may seek a
protective order or other appropriate remedy and/or waive compliance with this
provision; and in the event that such protective order or other remedy is not
obtained, or that the Company waives compliance with this proviso, such seller
agrees and will request such underwriter, attorney, accountant or agent to agree
to furnish only that portion of such records, documents or information which
such seller, underwriter, attorney, accountant or agent is legally required to
disclose in the opinion of the special counsel or counsel representing such
seller, underwriter, accountant or agent; provided, further, the Company shall
have no obligation to provide or make available information to the extent such
disclosure shall materially interfere with the business or operations of the
Company; and
(j) otherwise use its best efforts to comply with all applicable rules
and regulations of the Commission, and make available to its security holders,
as soon as reasonably practical, but not later than 18 months after the
effective date of the registration statement, an earning statement covering the
period of at least 12 months beginning with the first full fiscal quarter after
the effective date of such registration statement, which earning statement shall
satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of
the Commission's regulations thereunder.
For purposes of Sections 1 and 2, the period of distribution of
Registrable Stock in a firm commitment underwritten public offering shall be
deemed to extend until such underwriter has completed the distribution of all
securities purchased by it but in no event in excess of 120 days, and the period
of distribution of Registrable Stock in any other registration shall be deemed
to extend until the earlier of the sale of all Registrable Stock covered thereby
or 120 days after the effective date thereof.
In connection with each registration pursuant to this Agreement, the
sellers of Registrable Stock will furnish to the Company in writing such
information with respect to themselves and the proposed distribution by them as
shall be reasonably requested by the Company in order to assure compliance with
federal and applicable state securities laws.
In connection with each registration pursuant to Section 1 or 2
covering an underwritten public offering, the Company and each seller of
Registrable Stock agree to enter into an underwriting agreement as contemplated
by paragraph (g) above. Without limiting the generality of the foregoing, if
such underwriting agreement contains restrictions upon the sale of securities of
the Company, other than the securities which are to be included in the proposed
distribution, then such restrictions shall be binding upon the sellers of
Registrable Stock, but not for a period exceeding 180 days from the effective
date of the registration statement and, if requested by the Company, such
sellers shall enter into a written agreement to that effect.
SECTION 4. EXPENSES.
(a) All expenses incurred by the Company in complying with Sections 1
through 3, including, without limitation, all registration and filing fees,
printing expenses, fees and disbursements of counsel and independent public
accountants for the Company, fees and expenses (including reasonable counsel
fees) incurred in connection
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with complying with state securities or "blue sky" laws, fees of the National
Association of Securities Dealers, Inc., fees of a national securities exchange,
transfer taxes, fees of transfer agents and registrars, costs of insurance of
Registrable Stock and all other secondary shares, but excluding any Selling
Expenses, are called "Registration Expenses." "Selling Expenses" as used herein
means all underwriting discounts and selling commissions applicable to the sale
of Registrable Stock.
(b) Except as set forth in the next sentence, all Registration Expenses
and Selling Expenses in connection with each registration statement prepared or
filed under Section 1 shall be borne by Purchaser. All Registration Expenses and
Selling Expenses incurred in connection with each registration statement
prepared or filed under Sections 1 (only in the event the Company elects to
include other Common Stock pursuant to Section 1(c)) and 2 shall be borne by the
Purchaser and the Company (and any other participating sellers) as they are
incurred (including their proportionate share of the reasonable fees and
expenses of counsel to the Company) in proportion to the number of shares to be
sold by each.
SECTION 5. INDEMNIFICATION AND CONTRIBUTION.
(a) In the event of a registration of any of the Registrable Stock
under the Securities Act pursuant to Section 1 or 2, the Purchaser shall
indemnify and hold harmless the Company, each person, if any, who controls the
Company within the meaning of the Securities Act, each officer of the Company
who signs the registration statement, each director of the Company, each
underwriter and each person who controls any underwriter within the meaning of
the Securities Act, against all losses, claims, damages or liabilities, joint or
several, to which the Company or such officer, director, underwriter or
controlling person may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in the registration statement under
which such Registrable Stock was registered under the Securities Act pursuant to
Sections 1 or 2, any preliminary prospectus or final prospectus contained
therein, or any amendment or supplement thereof, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading,
and shall pay or reimburse the Company and each such officer, director,
underwriter and controlling person for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that Purchaser shall be
liable hereunder in any such case if and only to the extent that any such loss,
claim, damage or liability arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in reliance upon
and in conformity with information pertaining to Purchaser, furnished to the
Company by Purchaser in writing and stated specifically for use in such
registration statement or prospectus, amendment or supplement; provided,
however, that the obligation of the Purchaser hereunder shall be limited to an
amount equal to the net proceeds received by the Purchaser from such securities
sold in such registration.
(b) In the event of a registration of any of the Registrable Stock
under the Securities Act pursuant to Section 1 or 2, the Company shall indemnify
and hold harmless, to the full extent permitted by law, Purchaser, each member,
partner, officer, trustee or director of the Purchaser, each underwriter of such
Registrable Stock thereunder and each other person, if any, who controls such
Purchaser or underwriter within the meaning of the Securities Act or the
Securities and Exchange Act of 1934, as amended (the "Exchange Act"), against
any losses, claims, damages, liabilities or expenses, joint or several, to which
such Purchaser, person, underwriter or controlling person may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of any material fact contained
in any registration statement under which such Registrable Stock was registered
under the Securities Act pursuant to Sections 1 or 2, any preliminary prospectus
or final prospectus contained therein, or any amendment or supplement thereof,
or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and shall pay or reimburse Purchaser, and
each member, partner, officer, trustee or director thereof, each such
underwriter and each such controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however, that the
Company shall not be liable in any such case if and to the extent that any such
loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission so made in
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conformity with information furnished in writing by Purchaser, any such
underwriter or any such controlling person, as the case may be, and stated to be
specifically for use in such registration statement, prospectus, amendment or
supplement.
(c) Promptly after receipt of an indemnified party hereunder or written
notice of any claim or the commencement of any action or proceeding, such
indemnified party shall, if a claim in respect thereof is to be made against the
indemnifying party hereunder, notify the indemnifying party in writing thereof,
but the omission so to notify the indemnifying party shall not relieve it from
any liability which it may have to such indemnified party other than under this
Section 5 and shall only relieve it from any liability which it may have to such
indemnified party under this Section 5 if an to the extent the indemnifying
party is prejudiced by such omission. In case any such action shall be brought
against any indemnified party and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate in
and, to the extent it shall wish, to assume and undertake the defense thereof
with counsel reasonably satisfactory to such indemnified party, and, after
notice from the indemnifying party to such indemnified party of its election so
to assume and undertake the defense thereof, the indemnifying party shall not be
liable to such indemnified party under this Section 5 for any legal expenses
subsequently incurred by such indemnified party in connection with the defense
thereof other than reasonable costs of investigation and of liaison with counsel
so selected; provided, however, that if the defendants in such action include
both the indemnified party and the indemnifying party and the indemnified party
shall have reasonably concluded that there may be reasonable defenses available
to it which are different from or additional to those available to the
indemnifying party or if the interests of the indemnified party reasonably may
be deemed to materially conflict with the interests of the indemnified party,
the indemnified party shall have the right to select a separate counsel and to
assume such legal defenses and otherwise to participate in the defense of such
action, with the reasonable expenses and fees of such separate counsel and other
expenses related to such participation to be reimbursed by the indemnifying
party as incurred. No indemnifying party, in the defense of any such claim or
litigation against an indemnified party, shall consent to entry of any judgment
or enter into any settlement which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of a
release from all liability in respect of such claim or litigation, unless such
indemnified party shall otherwise consent in writing. An indemnifying party who
is not entitled to, or elects not to, assume the defense of a claim shall not be
obligated to pay the fees and expenses of more than one counsel for all parties
indemnified by such indemnifying party with respect to such claim, unless any
indemnified party reasonably concludes that there may be legal defenses
reasonably available to such indemnified party with respect to such claim which
are different from or additional to those available to any other such
indemnified parties or that a material conflict of interest may exist between
such indemnified party and any other such indemnified parties with respect to
such claim, in which event the indemnifying party shall be obligated to pay the
reasonable fees and expenses of such additional counsel or counsels.
(d) In order to provide for just and equitable contribution to joint
liability under the Securities Act in any case in which either (i) any holder of
Registrable Stock exercising registration rights under Sections 1 or 2, or any
controlling person of any such holder, makes a claim for indemnification
pursuant to this Section 5 but it is judicially determined (by the entry of a
final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case notwithstanding the fact that
this Section 5 provides for indemnification in such case, or (ii) contribution
under the Securities Act may be required on the part of any such selling holder
or any such controlling person in circumstances for which indemnification is
provided under this Section 5; then, and in each such case, the Company and such
holder shall contribute to the aggregate losses, claims, damages or liabilities
including legal fees and expenses incurred by such party to which they may be
subject (after contribution from others) in such proportion as is appropriate to
reflect both the relative benefit received by such holder and the relative fault
of the Company and each holder; provided, however, that, in any such case, no
person or entity guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any
person or entity who was not guilty of such fraudulent misrepresentation. For
purposes of the preceding sentence, the relative benefit received by such holder
shall be deemed to be in the same proportion as the public offering price of
such holder's Registrable Stock offered by the registration statement bears to
the public offering price of all securities offered by such registration
statement; and the relative fault of the Company and such holder shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a
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material fact or omission of a material fact relates to information supplied by
the Company, by such holder or by any controlling person of any such holder and
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.
(e) The indemnity obligations herein shall survive the transfer of the
Registrable Stock by the Purchaser.
SECTION 6. DEFINITIONS.
"Person" shall mean an individual, corporation, trust, partnership,
joint venture, unincorporated organization, government agency or any agency or
political subdivision thereof, or other entity.
an "Affiliate" of a person shall mean someone that directly, or
indirectly through one or more intermediaries, controls, or is controlled by, or
is under common control with, such person.
"Registrable Stock" means (a) any of the Securities and any other
securities of the Company of the same class, and (b) any securities (of the
Company or any other Person) issued or issuable with respect to any of the
Securities by way of stock dividend or stock split, a dividend or other
distribution, in connection with a combination of shares, recapitalization,
reclassification, merger, consolidation or other reorganization or otherwise.
Any Registrable Stock will cease to be Registrable Stock when (i) a registration
statement covering such Registrable Stock has been declared effective by the SEC
and the Registrable Stock has been disposed of pursuant to such effective
registration statement, or (ii) the Registrable Stock is sold under
circumstances in which all of the applicable conditions of Rule 144 (or any
similar provisions then in force) under the Securities Act are met if, as a
result of or following any sale referred to in this clause (ii), such securities
are freely transferable without restriction under the Securities Act.
SECTION 7. MISCELLANEOUS.
(a) Parties in Interest: Assignment. All covenants and agreements
contained in this Agreement by or on behalf of any of the parties hereto shall
bind and inure to the benefit of the respective successors and assigns of the
parties hereto whether expressed or not. No party may assign its rights
hereunder without the prior written consent of the other parties hereto, except
the Purchaser may assign all of such rights to a single Affiliate.
(b) Waiver. Any of the terms or conditions of this Agreement may be
waived at any time and from time to time in writing by the party entitled to the
benefits thereof without affecting any other terms or conditions of this
Agreement.
(c) Notices, Etc. All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given, if delivered in person or by courier, telegraphed, telexed or by
facsimile transmission or mailed by certified or registered mail, postage
prepaid:
If to the Company: Capital Pacific Holdings, Inc.
0000 XxxXxxxxx Xxxx., Xxxxx 000
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
Telecopy No. (000) 000-0000
Attention: Xxxx Xxxxxxxxxxx
with a copy to:
Xxx Xxxxxxxxx, Esq.
Wiley, Rein & Fielding
0000 X Xxxxxx, X.X.
Xxxxxxxxxx, X.X. 00000
Telecopy No. (000) 000-0000
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If to the Purchaser:
x/x Xxxxxxxx Xxxxxxx Xxxxxxxxxx, X.X.X.
Xxx Xxxxxxxx Xxxxx
Xxxxx 0000
Xxx Xxxxxxxxx, Xxxxxxxxxx 00000
Telecopy No.: (000) 000-0000
Attention: Xxxxx Xxxxxxx
with a copy to:
Xxxxxxxx Xxxxxx Xxxxx & Xxxx
One Chase Xxxxxxxxx Xxxxx
00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxx X. Xxxx, Esq.
Telecopy No. (000) 000-0000
Any party may, by written notice to the other parties, change the address or
telecopy number to which notices to such party are to be delivered or mailed or
sent by facsimile transmission.
All such notices or other communications shall be effective and be deemed to
have been given as of the date on which so hand-delivered or on the third
business day following the date on which so mailed, or if delivered by facsimile
transmission, when sent and the sender receives evidence of complete
transmission without error.
(d) Entire Agreement: Amendment. This Agreement sets forth the entire
agreement and understanding of the parties in respect of the subject matter
hereof and supersedes all prior agreements, arrangements and understandings
relating to the subject matter hereof, both oral and written. No representation,
promise, inducement or statement of intention has been made by either of the
parties hereto which is not embodied in this Agreement, or in the written
statements, certificates or other documents delivered pursuant hereto and
neither of the parties hereto shall be bound by or liable for any alleged
representation, promise, inducement or statement of intention not to set forth.
This Agreement may be amended or modified only by a written instrument executed
by the parties hereto or by their successors and assigns.
(e) General. This Agreement (i) shall be construed and enforced in
accordance with the laws of the State of Delaware without giving effect to the
choice of law principles thereof; and (ii) may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. The Section and other
headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement.
(f) Severability. To the extent that any provision of this Agreement
which does not materially affect the intent of the parties hereto shall be
invalid or unenforceable, it shall be considered deleted therefrom and the
remainder of such provision and of this Agreement shall be unaffected and shall
continue in full force and effect.
[SIGNATURE PAGE FOLLOWS]
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SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT
IN WITNESS WHEREOF, the Company and the Purchaser have executed this Agreement
as of the day and year first above written.
CAPITAL PACIFIC HOLDINGS, INC.
By:
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Name: Xxxx Xxxxxxxxxxx
Title: Chairman
CALIFORNIA HOUSING FINANCE, L.P.
By: CALIFORNIA HOUSING FINANCE L.L.C.,
its General Partner
By: FARALLON CAPITAL MANAGEMENT L.L.C.,
its Managing Member
By:
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Name: Xxxxx Xxxxxxx
Title: Managing Member
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