Agmt 2014 Hello Housing - Laserfiche WebLink

Home

(2) Borrower shall not permit the use of the Project for any purpose other than that permitted by this Agreement without the prior written approval of the City. (3) The City may approve a sale, transfer or conveyance provided that all of the following conditions are met: (A) Borrower is in compliance with this Agreement or the sale, transfer or conveyance will result in the cure of any existing violations of this Agreement; (B) the successor-in-interest to Borrower agrees to assume all obligations of the existing Borrower pursuant to this Agreement and the HOME Program; (C) the successor-in-interest demonstrates to the City's satisfaction that it can own and operate the Project in full compliance with all HOME Program requirements; and (D) any terms of the sale, transfer or conveyance shall not threaten the City's security or the successor's ability to comply with all HOME Program requirements. (4) The City may grant any approval for a sale, transfer or conveyance subject only to such terms and conditions as may be necessary to ensure compliance with HOME Program requirements. 2.9 Assignment of City Rights. The City retains the right at its sole discretion to assign all or part of its rights under this Agreement for the purpose of ensuring compliance and enforcement of Borrower's duties and obligations hereunder. In addition, the City may designate an agent to act on its behalf in monitoring compliance and enforcing the provisions hereof. 2.10 Fees. Borrower shall be responsible for payment of all customary fees and charges in connection with the processing of City, and all other applicable permits and approvals for the Project. 2.11 Taxes and Assessments. Following Borrower's acquisition of the Property,Borrower shall pay all real and personal property taxes, assessments and charges and all franchise, income, payroll,withholding,sales,and other taxes assessed against the Property or the Project and payable by Borrower,at such times and in such manner as to prevent any penalty from accruing,or any lien or charge from attaching to the Property; provided, however, that Borrower shall have the right to contest in good faith, any such taxes,assessments,or charges. In the event the Borrower exercises its right to contest any tax, assessment, or charge, the Borrower, on final determination of the proceeding or contest,shall immediately pay or discharge any decision or judgment rendered against it, together with all costs, charges and interest. 2.12 Liens and Stop Notices. Following Borrower's acquisition of the Property,until the expiration of the term of the Regulatory Agreement, Borrower shall not allow to be placed on the Property or any part thereof any lien or stop notice on account of materials supplied to or labor performed on behalf of Borrower. If a claim of a lien or stop notice is given or recorded affecting the Project or the Property, Borrower shall within twenty(20)days of such recording or service: (a) pay and discharge(or cause to be paid and discharged)the same; or(b)effect the release thereof by recording and delivering (or causing to be recorded and delivered) to the party entitled thereto a 2220130.1 Page 9