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Inst 2011092525
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Inst 2011092525
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Last modified
4/22/2011 4:53:58 PM
Creation date
4/22/2011 4:46:13 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
2/7/2011
Recorded Document Type
Regulatory Agreement
Declaration of Restrictions
Retention
PERM
Document Relationships
Inst 2011092474
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2011
RDA Agmt 2011 Las Palmas Development Partners
(Reference)
Path:
\City Clerk\City Council\Agreements\2011
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anything to the contrary set forth in this Section, Agency agrees that it will provide <br /> Owner with not less than thirty (30) days' written notice prior to undertaking any work for <br /> which Owner will incur a financial obligation. <br /> 6.4 Marketing and Management Plan. Prior to the Effective Date Owner <br /> shall submit for Agency review and approval, a plan for marketing and managing the <br /> Property ( "Marketing and Management Plan" or "Plan "). The Marketing and <br /> Management Plan shall address in detail how Owner plans to market the Restricted Units <br /> to prospective Eligible Households in accordance with fair housing laws and this <br /> Agreement, Owner's tenant selection criteria, and how Owner plans to certify the <br /> eligibility of Eligible Households. The Plan shall also describe the management team <br /> and shall address how the Owner and the management entity plan to manage and <br /> maintain the Property and the Project. The Plan shall include the proposed <br /> management agreement and the form of rental agreement that Owner proposes to <br /> enter into with Project tenants. Owner shall abide by the terms of the Marketing and <br /> Management Plan in marketing, managing, and maintaining the Property and the <br /> Project, and throughout the term of this Agreement, shall submit proposed <br /> modifications to Agency for review and approval. <br /> 6.5 Approval of Amendments. If Agency has not responded to any <br /> submission of the Management and Marketing Plan, the proposed management entity, <br /> or a proposed amendment or change to any of the foregoing within thirty (30) days <br /> following Agency's receipt of such plan, proposal or amendment, the plan, proposal or <br /> amendment shall be deemed approved by Agency. <br /> 6.6 Fees, Taxes, and Other Levies. Owner shall be responsible for payment of <br /> all fees, assessments, taxes, charges, liens and levies applicable to the Property or the <br /> Project, including without limitation possessory interest taxes, if applicable, imposed by <br /> any public entity, and shall pay such charges prior to delinquency. However, Owner <br /> shall not be required to pay any such charge so long as (a) Owner is contesting such <br /> charge in good faith and by appropriate proceedings, (b) Owner maintains reserves <br /> adequate to pay any contested liabilities, and (c) on final determination of the <br /> proceeding or contest, Owner immediately pays or discharges any decision or judgment <br /> rendered against it, together with all costs, charges and interest. Nothing in this Section <br /> 6.6 is intended to prohibit Owner from applying for any exemption from property taxes <br /> and fees that may be available to the owners of low- income housing. <br /> 6.7 Insurance Coverage. Throughout the term of this Agreement Owner shall <br /> comply with the insurance requirements set forth in Exhibit B, and shall, at Owner's <br /> expense, maintain in full force and effect insurance coverage as specified in Exhibit B. <br /> 6.8 Property Damage or Destruction. If any part of the Project is damaged or <br /> destroyed, Owner shall repair or restore the same, consistent with the occupancy and <br /> rent restriction requirements set forth in this Agreement. Such work shall be <br /> commenced as soon as reasonably practicable after the damage or loss occurs and <br /> 1582117.4 11 <br />
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