|
hereby approves BRIDGE Property Management Company, a California nonprofit
<br /> public benefit corporation as the initial management entity for the Project.
<br /> 6.3 Repair, Maintenance and Security. Throughout the term of this
<br /> Agreement, Owner shall at its own expense, maintain the Owner's interest in the
<br /> Property and the Project in good physical condition, in good repair, and in decent, safe,
<br /> sanitary, habitable and tenantable living conditions in conformity with all applicable
<br /> state, federal, and local laws, ordinances, codes, and regulations. Without limiting the
<br /> foregoing, Owner agrees to maintain the Project and the Owner's interest in the
<br /> Property (including without limitation, the residential units, common areas, meeting
<br /> rooms, landscaping, driveways, parking areas and walkways) in a condition free of all
<br /> waste, nuisance, debris, unmaintained landscaping, graffiti, disrepair, abandoned
<br /> vehicles/appliances, and illegal activity, and shall take all reasonable steps to prevent
<br /> the same from occurring on the Owner's interest in the Property or at the Project.
<br /> Owner shall prevent and/or rectify any physical deterioration of the Owner's interest in
<br /> the Property and the Project and shall make all repairs, renewals and replacements
<br /> necessary to keep the Owner's interest in the Property and the improvements located
<br /> thereon in good condition and repair. Owner shall provide adequate security for
<br /> occupants of the Project.
<br /> 6.3.1 City's Right to Perform Maintenance. In the event that Owner
<br /> breaches any of the covenants contained in Section 6.3, and such default continues for
<br /> a period of ten (10) days after written notice from City (with respect to graffiti, debris,
<br /> and waste material) or thirty (30) days after written notice from City (with respect to
<br /> landscaping, building improvements and general maintenance), then City, in addition to
<br /> any other remedy it may have under this Agreement or at law or in equity, shall have
<br /> the right, but not the obligation, with prior notice to Owner, to enter upon the Owner's
<br /> interest in the Property and perform all acts and work necessary to protect, maintain,
<br /> and preserve the improvements and the landscaped areas on the Owner's interest in
<br /> the Property. All costs expended by City in connection with the foregoing, shall
<br /> constitute an indebtedness secured by the Deed of Trust, and shall be paid by Owner
<br /> to City upon demand. All such sums remaining unpaid thirty (30) days following
<br /> delivery of City's invoice therefor shall bear interest at the lesser of ten percent (10%)
<br /> per annum or the highest rate permitted by applicable law. Notwithstanding anything to
<br /> the contrary set forth in this Section, City agrees that it will provide Owner with not less
<br /> than thirty (30) days' written notice prior to undertaking any work for which Owner will
<br /> incur a financial obligation.
<br /> 6.4 Marketing and Management Plan. Not later than one hundred eighty
<br /> (180) days prior to completion of Project construction, Owner shall submit for City
<br /> review and approval, a plan for marketing and managing the Owner's interest in the
<br /> Property ("Marketing and Management Plan" or"Plan"). The Marketing and
<br /> Management Plan shall address in detail how Owner plans to market the Restricted
<br /> Units to prospective Eligible Households in accordance with fair housing laws and this
<br /> Agreement, Owner's tenant selection criteria, and how Owner plans to certify the
<br /> eligibility of Eligible Households. The Plan shall also describe the management team
<br /> 144\221\1339451.5
<br /> Page 11
<br />
|