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Inst 2007072354
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Inst 2007072354
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3/25/2009 12:38:03 PM
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3/25/2009 12:38:02 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
2/1/2007
Recorded Document Type
Declaration of Restrictions
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PERM
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all or any portion of the Project or the Property, and the purchaser at any trustee's sale or <br />foreclosure sale shall not be liable for any violation of any provision hereof occurring prior to the <br />acquisition of title by such purchaser. Such purchaser shall be bound by and subject to this <br />Agreement from and after such trustee's sale or foreclosure sale. Promptly upon determining <br />that a violation of this Agreement has occurred, Agency shall give written notice to the holders of <br />record of any mortgages or deeds of trust encumbering the Project or the Property that such <br />violation has occurred. <br />Default and Remedies. <br />9. ] Events of Default. The occurrence of any one or more of the following events <br />shall canstitute an event of default hereunder ("Event of Default"): <br />(a) The occurrence of a Transfer in violation of Section 8 hereof; <br />(b) Developer's failure to maintain insurance on the Property and the Project <br />as required pursuant to the Ground Lease and the DDA, and the failure of Developer to cure such <br />default within l 0 days. <br />(c) Subject to Developer's right to contest the following charges, Developer's <br />failure to pay taxes or assessments due on the Property or the Project or failure to pay any other <br />charge that may result in a lien on the Property or the Project, and Developer's failure to cure <br />such default within l 0 days. <br />(d) Developer's default in the performance of any term, provision or covenant <br />under this Agreement or under any other Agency Document (other than an obligation enumerated <br />in this Subsection 9.]), and unless such provision specifies a shorter cure period for such default, <br />the continuation of such default for ten (l 0) days in the event of a monetary default or thirty (30) <br />days in the event of anon-monetary default following the date upon which Agency shall have <br />given written notice of the default to Developer, or if the nature of any such non-monetary <br />default is such that it cannot be cured within 30 days, Developer's failure to commence to cure <br />the default 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 l20 days from receipt of the notice of <br />default. <br />The limited partners of Developer shall have the right to cure any default of Developer <br />hereunder upon the same terms and conditions afforded to Developer. Provided that Agency has <br />been given written notice ofthe address for delivery of notices to the limited partners, Agency <br />shall provide any notice of default hereunder to the limited partners concurrently with the <br />provision of such notice to Developer, and as to the ]invited partners, the cure periods specified <br />herein shall commence upon the date of delivery of such notice in accordance with Subsection <br />11.3. <br />9.2 Remedies. If within the applicable cure period, Developer fails to cure a default or <br />fails to commence to cure and diligently pursue completion of a cure, as applicable, or if a cure is <br />not possible, Agency may proceed with any of the following remedies: <br />806740-E 11 <br />
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