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Inst 2017141888
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Inst 2017141888
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7/24/2017 2:06:59 PM
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7/24/2017 2:06:50 PM
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CM City Clerk-City Council
Document Date (6)
7/24/2017
Recorded Document Type
Regulatory Agreement
Declaration of Restrictions
Retention
PERM
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acquisition of title by such purchaser. Such purchaser shall be bound by and subject to this <br />Agreement from and after such trustee's sale or foreclosure sale. Promptly upon determining that <br />a violation of this Agreement has occurred, City shall give written notice to the holders of record <br />of any mortgages or deeds of trust encumbering the Project or the Property that such violation <br />has occurred. <br />9. Default and Remedies. <br />9.1 Events of Default. The occurrence of any one or more of the following events <br />shall constitute an event of default hereunder ("Event of Default"): <br />(a) The occurrence of a Transfer in violation of Section 8 hereof; <br />(b) Owner's failure to maintain insurance on the Owner's interest in the <br />Property and the Project as required hereunder, and the failure of Owner to cure such default <br />within 10 days. <br />(c) Subject to Owner's right to contest the following charges, Owner's failure <br />to pay taxes or assessments due on the Property or the Project or failure to pay any other charge <br />that may result in a lien on the Property or the Project, and Owner's failure to cure such default <br />within thirty (30) days. <br />(d) Owner's default in the performance of any term, provision or covenant <br />under this Agreement or under any other City Document (other than an obligation enumerated in <br />this Subsection 9. 1), and unless such provision specifies a shorter cure period for such default, <br />the continuation of such default for ten (10) days in the event of a monetary default or sixty (60) <br />days in the event of a non -monetary default following the date upon which City shall have given <br />written notice of the default to Owner, or if the nature of any such non -monetary default is such <br />that it cannot be cured within sixty (60) days, Owner's failure to commence to cure the default <br />within sixty (60) days and thereafter prosecute the curing of such default with due diligence and <br />in good faith, but in no event longer than one hundred twenty (120) days from receipt of the <br />notice of default. <br />The limited partners of Owner shall have the right to cure any default of Owner <br />hereunder upon the same terms and conditions afforded to Owner. Provided that City has been <br />given written notice of the address for delivery of notices to the limited partners, City shall <br />provide any notice of default hereunder to the limited partners concurrently with the provision of <br />such notice to Owner, and as to the limited partners, the cure periods specified herein shall <br />commence upon the date of delivery of such notice in accordance with Subsection 11.3. <br />9.2 Remedies. If within the applicable cure period, Owner fails to cure a default or <br />fails to commence to cure and diligently pursue completion of a cure, as applicable, or if a cure is <br />not possible, City may proceed with any of the following remedies: <br />(a) Bring an action for equitable relief seeking the specific performance of the <br />terms and conditions of this Agreement, and/or enjoining, abating, or preventing any violation of <br />such terms and conditions, and/or seeking declaratory relief; <br />144\259\1892895.5 11 <br />
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