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(4) The terms of the sale, transfer or conveyance shall not threaten the City's <br />security or the successor's ability to comply with all HOME Program requirements. <br />C. The City shall grant its approval for a sale, transfer or conveyance subject to such <br />terms and conditions as may be necessary to ensure compliance with Program requirements. <br />d. Developer may only refinance the Development upon a minimum of thirty (30) days' <br />notice to the City. <br />16. Violation of Regulatory Agreement by Developer. Any material breach by Developer or any of <br />its successors of any representation, warranty or covenant hereunder, which is not cured within sixty <br />(60) days after notice thereof given by the City, or if a cure is not possible within sixty (60) days, <br />whose cure is not commenced within sixty (60) days and diligently prosecuted to completion, shall <br />constitute an Event of Default. <br />a. If an Event of Default occurs under this Regulatory Agreement, the Loan Agreement, <br />Deed of Trust or Promissory Note following the expiration of applicable notice and cure periods, the <br />City may give written notice to Developer by certified mail or any express delivery service with a <br />delivery receipt requested. If the breach or violation is not cured to the satisfaction of the City within <br />the time period specified in the notice, which shall not be fewer than sixty (60) days, the City may <br />declare a default and may seek legal remedies including the following: <br />(1) Apply to any state or federal court for an order of specific performance of this <br />Regulatory Agreement, or for such other relief as may be appropriate. <br />(2) Accelerate all amounts, including outstanding principal and interest, due under <br />the Loan and demand immediate repayment thereof. Upon a failure to repay such accelerated <br />amount in full, the City may proceed with a foreclosure in accordance with the provisions of the <br />Deed of Trust and State law regarding foreclosures. <br />(3) The City may seek such other remedies as may be available under law or <br />equity. <br />b. The remedies of the City hereunder are cumulative, and the exercise of one or more <br />of such remedies shall not be deemed an election of remedies and shall not preclude the exercise by <br />the City of any one or more of its other remedies. <br />17. Accountinu Records: Renortinu. <br />a. In a manner subject to City approval, Developer shall maintain, on an accrual or <br />modified accrual basis, a general ledger accounting system that is posted monthly and that accurately <br />and fully shows all assets, liabilities, income and expenses of the Development. All records and <br />books relating to this system shall be kept for a period of at least seven (7) years and in such a <br />manner as to ensure that the records are reasonably protected from destruction or tampering. All <br />records shall be subject to inspection and audit by City or City's authorized agent. <br />b. Commencing with the year that a temporary or permanent certificate of occupancy is <br />issued for the Assisted Unit, Developer shall submit to the City (or such other entity as the City shall <br />2220342.1 Page 6 <br />