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Inst 2007334384
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Inst 2007334384
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Last modified
5/13/2010 12:39:50 PM
Creation date
10/15/2007 3:10:57 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
10/9/2007
Recorded Document Type
Regulatory Agreement
Retention
PERM
Document Relationships
Agmt 2007 Estabrook Senior Housing LP etc
(Reference)
Path:
\City Clerk\City Council\Agreements\2007
Inst 2009067181
(Amended by)
Path:
\City Clerk\City Council\Recorded Documents\2009
Inst 2009195594
(Amended by)
Path:
\City Clerk\City Council\Recorded Documents\2009
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any other charge that may result in a lien on the Property or the Project, and Owner's <br />failure to cure such default within 10 days. <br />(d) Owner's default in the performance of any term, provision or <br />covenant under this Agreement or under any other Agency Document or City Document <br />(other than an obligation enumerated in this Subsection 9.1), and unless such provision <br />specifies a shorter cure period for such default, the continuation of such default for ten <br />(10) days in the event of a monetary default or thirty (30) days in the event of a non- <br />monetary default following the date upon which Agency or City shall have given written <br />notice of the default to Owner, or if the nature of any such non-monetary default is such <br />that it cannot be cured within 30 days, Owner's failure to commence to cure the default <br />within thirty (30) days and thereafter prosecute the curing of such default with due <br />diligence and in good faith, but in no event longer than 60 days from receipt of the <br />notice of default. <br />The limited partners of Owner shall have the right to cure any default of Owner <br />hereunder upon the same terms and conditions afforded to Owner. Provided that <br />Agency and City have been given written notice of the address for delivery of notices to <br />the limited partners, Agency and City shall provide any notice of default hereunder to <br />the limited partners concurrently with the provision of such notice to Owner, and as to <br />the limited partners, the cure periods specified herein shall commence upon the date of <br />delivery of such notice in accordance with Subsection 11.3. <br />9.2 Remedies. If within the applicable cure period, Owner fails to cure a default <br />or fails to commence to cure and diligently pursue completion of a cure, as applicable, or <br />if a cure is not passible, Agency and City may proceed with any of the following <br />remedies: <br />A. Bring an action for equitable relief seeking the specific performance r)f the <br />terms and conditions of this Agreement, and/or enjoining, abating, or <br />preventing any violation of such terms and conditions, and/or seeking <br />declaratory relief; <br />B. Pursuant to the Agency Documents and City Documents, accelerate and <br />declare the balance of the Agency Note and City Note and interest <br />accrued thereon immediately due and payable; <br />C. For violations of obligations with respect to rents for Restricted Units, <br />impose as liquidated damages a charge in an amount equal to the actual <br />amount collected in excess of the Qualifying Rent; <br />D. Pursue any other remedy allowed at law or in equity. <br />Each of the remedies provided herein is cumulative and not exclusive. The <br />Agency and City may exercise from time to time any rights and remedies available to <br />956619-4 15 <br />
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