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• <br /> • <br /> 6.5 Approval of Amendments. If City has not responded to any submission of <br /> the Management and Marketing Plan, the proposed management entity, or a proposed • <br /> amendment or change to any of the foregoing within thirty (30) days following City's <br /> receipt of such plan, proposal or amendment, the plan, proposal or amendment shall be <br /> deemed approved by City. <br /> 6.6 Fees, Taxes, and Other Levies: Owner shall be responsible for payment <br /> of all fees, assessments, taxes, charges, liens and levies applicable to the Owner's <br /> interest in the Property or the Project, including without limitation possessory interest <br /> taxes, if applicable, imposed by any public entity, and shall pay such charges prior to <br /> delinquency. However, Owner shall not be required to pay any such charge so long as <br /> (a) Owner is contesting such charge in good faith and by appropriate proceedings, (b) <br /> Owner maintains reserves adequate to pay any contested liabilities, and (c) on final <br /> determination of the proceeding or contest, Owner immediately pays or discharges any <br /> decision or judgment rendered against it, together with all costs, charges and interest. <br /> • <br /> • 6.7 Insurance Coverage. Throughout the term of this Agreement Owner shall <br /> comply with the insurance requirements set forth in Exhibit C, and shall, at Owner's <br /> expense, maintain in full force and effect insurance coverage as specified in Exhibit C. <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 /> shall be completed within one (1) year thereafter or as soon as reasonably practicable, <br /> provided that insurance proceeds are available to be applied to such repairs or <br /> restoration within such period and the repair or restoration is financially feasible. During • <br /> such time that lenders or low-income housing tax credit investors providing financing for <br /> the Project impose requirements that differ from the requirements of this Section the • <br /> requirements of such lenders and investors shall prevail. <br /> • <br /> 7. Recordation; Subordination. This Agreement shall be recorded in the Official <br /> Records of Alameda County. The City agrees that pursuant to Health and Safety Code <br /> Section 33334.14(a)(4), it will not withhold consent to reasonable requests for <br /> subordination of this Agreement to deeds of trust provided for the benefit of lenders <br /> identified in the financing plan approved in connection with the OPA, provided that the <br /> subordination agreement includes reasonable protections to the City in the event of <br /> default consistent with the requirements of Health and Safety Code Section <br /> 33334.14(a)(4). <br /> 8. Transfer and Encumbrance. • <br /> . 8.1 Restrictions on Transfer and Encumbrance. During the term of this • <br /> Agreement, except as permitted pursuant to the OPA or this Agreement.Owner shall <br /> not directly or indirectly, voluntarily, involuntarily or by operation of law make or attempt <br /> any total or partial sale, transfer, conveyance, assignment or lease (collectively, <br /> "Transfer") of the whole or any part of the Owner's interest in the Property, the Project, <br /> 18 65 X25\1339451.3 12 <br />