Inst 2014298538 - Laserfiche WebLink

Home

(4) The 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. c. The City shall grant its approval for a sale, transfer or conveyance subject to such terms and conditions as may be necessary to ensure compliance with Program requirements. d. Developer may only refinance the Development upon a minimum of thirty(30) days'notice to the City. 16. Violation of Regulatory Agreement by Developer. Any material breach by Developer or any of its successors of any representation,warranty or covenant hereunder, which is not cured within sixty(60)days after notice thereof given by the City, or if a cure is not possible within sixty(60)days, whose cure is not commenced within sixty(60) days and diligently prosecuted to completion, shall constitute an Event of Default. a. If an Event of Default occurs under this Regulatory Agreement,the Loan Agreement,Deed of Trust or Promissory Note following the expiration of applicable notice and cure periods, the City may give written notice to Developer by certified mail or any express delivery service with a delivery receipt requested. If the breach or violation is not cured to the satisfaction of the City within the time period specified in the notice, which shall not be fewer than sixty(60) days,the City may declare a default and may seek legal remedies including the following: (1) Apply to any state or federal court for an order of specific performance of this Regulatory Agreement, or for such other relief as may be appropriate. . (2) Accelerate all amounts, including outstanding principal and interest, due under the Loan and demand immediate repayment thereof Upon a failure to repay such accelerated amount in full,the City may proceed with a foreclosure in accordance with the provisions of the Deed of Trust and State law regarding foreclosures. (3) The City may seek such other remedies as may be available under law or equity. b. The remedies of the City hereunder are cumulative, and the exercise of one or more of such remedies shall not be deemed an election of remedies and shall not preclude the exercise by the City of any one or more of its other remedies. 17. Accounting Records; Reporting. a. In a manner subject to City approval, Developer shall maintain, on an accrual or modified accrual basis, a general ledger accounting system that is posted monthly and that accurately and fully shows all assets, liabilities, income and expenses of the Development. All records and books relating to this system shall be kept for a period of at least seven(7) years and in such a manner as to ensure that the records are reasonably protected from destruction or tampering. All records shall be subject to inspection and audit by City or City's authorized agent. 144\221\1488729.2