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If necessary to secure other financing, City may execute a subordination agreement resulting in City's security interest in the Property becoming subject to and of lower priority than the lien of some other security instrument. Such agreement shall be entered into only after City has reviewed and approved the form of the subordination agreement. SECTION 15. CHANGE OF USE Property shall be used as specified under Section 4 for the term of this Agreement. SECTION 16. DEFAULTS: REMEDIES If Contractor shall default in the performance of any other term, covenant, or agreement contained in this Agreement, and such default shall continue unremitting for thirty (30) days after written notice thereof shall have been given to the Contractor by the City, provided, however, that if such default cannot reasonably be cured in 30 days, Contractor shall provide the City with a written explanation of proposed efforts to cure the default and within five (5) days after approval of such explanation by the City, Contractor shall commence to cure and thereafter diligently pursuant such cure, the City shall be entitled to and in addition to all other remedies provided by law or in equity: a. To compel specific performance by Developer of its obligations under this Regulatory Agreement, it being recognized that the beneficiaries of the Developer's obligations hereunder cannot be adequately compensated by monetary damages in the event of the Developer's default; b. To the extent permissible under laws and regulations protecting individual confidentiality, to have access to, to inspect, and to make copies and to audit all books and records of the Developer pertaining to the Project; c. To cause the Developer to pay to the City, if the thirty (30) days cure period has been exceeded and no cure has been achieved, or commenced, as applicable, as a penalty, an amount equal to all rent received by the Developer with respect to HOME Assisted Units, if HOME Assisted Units are knowingly or grossly negligently rented to person who do not comply with the requirements of such HOME Assisted Units. d. To conduct an evaluation of, and direct the Developer with respect to, the management and operation of the Project in accordance with this Agreement. The reasonable expenses of the City or any consultants associated with such evaluation and direction shall be reimbursed by the Developer. The Developer shall follow all such directives, which may, at the option of the City, include replacing existing management with new management. In the event such default includes the failure of the Developer to make any required payment to the City in a timely manner, or the imminent closure of the Project, the City may at its sole discretion select the new management. The City may retain attorneys and consultants to assist in such evaluation and the Developer shall pay the reasonable fees and expenses of such attorneys of consultants and any other expenses incurred by the City in that connection. Notwithstanding any other provision of the law relating to the acquisition, management or disposal of real property by the State, the City shall have the power to do any or all of the following: ~ 0~.