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Inst 2014298535
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Inst 2014298535
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11/10/2015 10:26:32 AM
Creation date
2/6/2015 9:57:09 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
12/1/2014
Recorded Document Type
Declaration of Restrictions
Regulatory Agreement
Retention
PERM
Document Relationships
Inst 2014298534
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2014
Inst 2014298536
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2014
Inst 2014298537
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2014
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• <br /> any default of Owner hereunder upon the same terms and conditions afforded to <br /> Owner, subject to any additional rights set forth in the OPA. Provided that City has <br /> been given written notice of the address for delivery of notices to the limited partners <br /> and the Project lenders City shall provide any notice of default hereunder to such <br /> parties concurrently with the provision of such notice to Owner, and as to the limited <br /> partners and Project lenders, the cure periods specified herein shall commence upon <br /> the date of delivery of such notice in accordance with Subsection 11.3. <br /> 9.2 Remedies. Upon the occurrence of an Event of Developer Default and its <br /> continuation beyond any applicable cure period, City may proceed with any of the <br /> following remedies: <br /> (a) Bring an action for equitable relief seeking the specific performance <br /> of the terms and conditions of this Agreement, and/or enjoining, abating, or preventing <br /> any violation of such terms and conditions, and/or seeking declaratory relief; <br /> (b) Accelerate and declare the balance of the Note and interest <br /> accrued thereon immediately due and payable and proceed with foreclosure under the <br /> Deed of Trust; <br /> (c) For violations of obligations with respect to rents for Restricted <br /> Units, impose as liquidated damages a charge in an amount equal to the actual amount <br /> collected in excess of the Affordable Rent; <br /> (d) Pursue any other remedy allowed at law or in equity. <br /> Each of the remedies provided herein is cumulative and not exclusive. The City <br /> may exercise from time to time any rights and remedies available to it under applicable <br /> law or in equity, in addition to, and not in lieu of, any rights and remedies expressly <br /> provided in this Agreement. <br /> 10. Indemnity. Owner shall indemnify, defend (with counsel approved by City) and <br /> hold the City and its elected and appointed officers, officials, employees, agents, and <br /> representatives (collectively, the "Indemnitees") harmless from and against all liability, <br /> loss, cost, expense (including without limitation attorneys' fees and costs of litigation), <br /> claim, demand, action, suit, judicial or administrative proceeding, penalty, deficiency, <br /> fine, order, and damage (all of the foregoing collectively "Claims") arising directly or <br /> indirectly, in whole or in part, as a result of or in connection with Owner's construction, <br /> management, or operation of the Owner's interest in the Property and the Project or any <br /> failure to perform any obligation as and when required by this Agreement. Owner's <br /> indemnification obligations under this Section 10 shall not extend to Claims resulting <br /> from the gross negligence or willful misconduct of one or more Indemnitees. The <br /> provisions of this Section 10 shall survive the expiration or earlier termination of this <br /> Agreement. It is further agreed that City does not and shall not waive any rights against <br /> Owner that it may have by reason of this indemnity and hold harmless agreement <br /> because of the acceptance by City, or the deposit with City by Owner, of any of the <br /> insurance policies described in this Agreement or the OPA. <br /> 144\221\1339451 5 <br /> Page 16 <br />
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