|
6.2 Management Entity. Agency shall have the right to review and approve
<br />the qualifications of the management entity proposed by Owner for the Project. The
<br />contracting of management services to a management entity shall not relieve Owner of
<br />its primary responsibility for proper performance of management duties. The Agency
<br />hereby approves BRIDGE Property Management Company, a California nonprofit
<br />public benefit corporation as the initial management entity for the Project.
<br />6.3 Repair, Maintenance and Security. Throughout the term of this
<br />Agreement, Owner shall at its own expense, maintain the Property and the Project in
<br />good physical condition, in good repair, and in decent, safe, sanitary, habitable and
<br />tenantable living conditions in conformity with all applicable state, federal, and local
<br />laws, ordinances, codes, and regulations. Without limiting the foregoing, Owner
<br />agrees to maintain the Project and the Property (including without limitation, the
<br />residential units, common areas, meeting rooms, landscaping, driveways, parking
<br />areas and walkways) in a condition free of all waste, nuisance, debris, unmaintained
<br />landscaping, graffiti, disrepair, abandoned vehicles/appliances, and illegal activity, and
<br />shall take all reasonable steps to prevent the same from occurring on the Property or at
<br />the Project. Owner shall prevent and/or rectify any physical deterioration of the
<br />Property and the Project and shall make all repairs, renewals and replacements
<br />necessary to keep the Property and the improvements located thereon in good
<br />condition and repair. Owner shall provide adequate security for occupants of the
<br />Project.
<br />6.3.1 Agency's Right to Perform Maintenance. In the event that Owner
<br />breaches any of the covenants contained in Section 6.3, and such default continues for
<br />a period of ten (10) days after written notice from Agency (with respect to graffiti,
<br />debris, and waste material) or thirty (30) days after written notice from Agency (with
<br />respect to landscaping, building improvements and general maintenance), then
<br />Agency, in addition to any other remedy it may have under this Agreement or at law or
<br />in equity, shall have the right, but not the obligation, with prior notice to Owner, to enter
<br />upon the Property and perform all acts and work necessary to protect, maintain, and
<br />preserve the improvements and the landscaped areas on the Property. All costs
<br />expended by Agency in connection with the foregoing, shall constitute an indebtedness
<br />secured by the Deed of Trust, and shall be paid by Owner to Agency upon demand. All
<br />such sums remaining unpaid thirty (30) days following delivery of Agency's invoice
<br />therefor shall bear interest at the lesser of 10% per annum or the highest rate permitted
<br />by applicable law. Notwithstanding anything to the contrary set forth in this Section,
<br />Agency agrees that it will provide Owner with not less than thirty (30) days' written
<br />notice prior to undertaking any work for which Owner will incur a financial obligation.
<br />6.4 Marketing and Management Plan. Not later than one hundred eighty
<br />(180) days prior to completion of Project construction, Owner shall submit for Agency
<br />review and approval, a plan for marketing and managing the Property ("Marketing and
<br />Management Plan" or "Plan"). The Marketing and Management Plan shall address in
<br />detail how Owner plans to market the Restricted Units to prospective Eligible
<br />Households in accordance with fair housing laws and this Agreement, Owner's tenant
<br />iit ~ - = 11
<br />
|