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(b) The cost to undertake remediation work with respect to hazardous <br />materials or to address other physical conditions of the Property make development of the <br />Project financially infeasible; <br />(c) The Developer does not receive commitments which guaranty <br />disbursement of funds in accordance with the development schedule approved pursuant to this <br />Agreement, for all financing necessary to acquire and construct the Project despite the <br />Developer's good faith efforts to obtain such financing; or <br />(d) The fee owner of the Property fails to transfer a Ground Leasehold Interest <br />to Developer, despite Developer's good faith and diligent efforts to acquire the Ground leasehold <br />Interest. <br />Upon the City's receipt of notice of termination from Developer pursuant to this Section, <br />this Agreement, the Security Agreement, the City Note and HOME Note shall terminate and <br />neither party shall have any additional rights and obligations under this Agreement, the Security <br />Agreement, the City Note or the HOME Note. <br />5.10 Forgiveness. If the Developer elects to terminate the Agreement pursuant to the <br />preceding Section 5.9 and provided that Developer is not in default under this Agreement, upon <br />Developer's delivery to Agency of all Assigned Documents (as defined in the Security <br />Agreement), the City shall forgive all disbursed Predevelopment Component funds. <br /> <br />ARTICLE VI. <br /> <br />USE OF THE PROPERTY <br />The provisions of this Article 6 shall apply following Developer's acquisition of the Ground <br />Leasehold Interest. <br /> <br />6.1 Use; Senior Affordable Housing. Developer covenants and agrees for itself and <br />its successors and assigns that the Property shall be used for the development and operation of a <br />senior residential rental project in accordance with the terms and conditions of this Agreement <br />and the Regulatory Agreement. <br />6.2 Maintenance. Developer shall at its own expense, maintain the Property, the <br />Improvements and related landscaping and common areas in good physical condition, in good <br />repair, and in decent, safe, sanitary, habitable and tenantable living conditions in conformity with <br />all applicable state, federal, and local laws, ordinances, codes, and regulations. Without limiting <br />the foregoing, Developer agrees to maintain the Project and the Property (including without <br />limitation, the residential units, common areas, landscaping, driveways, parking areas and <br />walkways) in a condition free of all waste, nuisance, debris, unmaintained landscaping, graffiti, <br />disrepair, abandoned vehicles/appliances, and illegal activity, and shall take all reasonable steps <br />to prevent the same from occurring on the Property or at the Project. Developer shall prevent <br />and/or rectify any physical deterioration of the Property and the Project and shall make all <br />repairs, renewals and replacements necessary to keep the Property and the Improvements in <br />144\259\1892880.4 <br />20