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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) <br />days' notice to the City. <br />16. Violation of Regulatory Agreement by Developer. Any material breach by Developer or <br />any of its successors of any representation, warranty or covenant hereunder, which is not cured <br />within sixty (60) days after notice thereof given by the City, or if a cure is not possible within <br />sixty (60) days, whose cure is not commenced within sixty (60) days and diligently prosecuted to <br />completion, shall constitute an Event of Default. <br />a. If an Event of Default occurs under this Regulatory Agreement, the Loan <br />Agreement, Deed of Trust or Promissory Note following the expiration of applicable notice and <br />cure periods, the City may give written notice to Developer by certified mail or any express <br />delivery service with a delivery receipt requested. If the breach or violation is not cured to the <br />satisfaction of the City within the time period specified in the notice, which shall not be fewer <br />than sixty (60) days, the City may declare a default and may seek legal remedies including the <br />following: <br />(1) Apply to any state or federal court for an order of specific performance of <br />this Regulatory Agreement, or for such other relief as may be appropriate. . <br />(2) Accelerate all amounts, including outstanding principal and interest, due <br />under the Loan and demand immediate repayment thereof. Upon a failure to repay such <br />accelerated amount in full, the City may proceed with a foreclosure in accordance with the <br />provisions of the 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 <br />more of such remedies shall not be deemed an election of remedies and shall not preclude the <br />exercise by the City of any one or more of its other remedies. <br />17. Accounting Records; Reporting. <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 <br />accurately and fully shows all assets, liabilities, income and expenses of the Development. All <br />records and books relating to this system shall be kept for a period of at least seven (7) years and <br />in such a manner as to ensure that the records are reasonably protected from destruction or <br />tampering. All records shall be subject to inspection and audit by City or City's authorized <br />agent. <br />144\221\1488729.2