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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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• <br /> (d) A default arises under any loan secured by a mortgage, deed of <br /> trust or other security instrument recorded against the Property and remains uncured <br /> beyond any applicable cure period such that the holder of such security instrument has <br /> the right to accelerate repayment of such loan; <br /> (e) A default arises under the Loan Agreement, the Note, the Deed of <br /> Trust or any other Agency Document (as defined in the Loan Agreement) and remains <br /> uncured beyond the expiration of all applicable cure periods. <br /> (f) Owner's default in the performance of any term, provision or <br /> • covenant under this Agreement (other than an obligation enumerated in this Subsection <br /> 9.1), and unless such provision specifies a shorter cure period for such default, the <br /> continuation of such default for ten (10) days in the event of a monetary default or thirty <br /> (30) days in the event of a non - monetary default following the date upon which Agency <br /> shall have given written notice of the default to Owner, or if the nature of any such non - <br /> monetary default is such that it cannot be cured within 30 days, Owner's failure to <br /> commence to cure the default within thirty (30) days and thereafter prosecute the curing <br /> of such default with due diligence and in good faith, but in no event longer than ninety <br /> (90) days from receipt of the 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 has been given written notice of the address for delivery of notices to the limited <br /> partners, Agency shall provide any notice of default hereunder to the limited partners <br /> concurrently with the provision of such notice to Owner, and as to the limited partners, <br /> the cure periods specified herein shall commence upon the date of delivery of such <br /> notice in accordance with Subsection 11.3. <br /> 9.2 Remedies. Upon the occurrence of an Event of Default and its <br /> continuation beyond any applicable cure period, Agency may proceed with any of the <br /> following remedies: <br /> • <br /> A. Bring an action for equitable relief seeking the specific performance of 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. Accelerate and declare the balance of the Note and interest accrued <br /> thereon immediately due and payable and proceed with foreclosure under <br /> the Deed of Trust; <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 Affordable Rent; <br /> 1582117.4 15 <br />
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