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approve the proposed Management Agent by notifying the Owner in writing. <br />Unless the proposed Management Agent is disapproved by City within thirty (30) <br />days, which disapproval shall state with reasonable specificity the basis for <br />disapproval, it shall be deemed approved. <br />6.2.1 Performance Review. City reserves the right to conduct an annual (or <br />more frequently, if deemed reasonably necessary by City) review of the <br />management practices and financial status of the Project. The purpose of <br />each periodic review will be to enable City to determine if the Project is <br />being operated and managed in accordance with the requirements and <br />standards of this Agreement. The Owner shall cooperate with City in such <br />reviews. <br />6.2.2. Replacement of Management Agent. If, as a result of a periodic review, <br />City determines in its reasonable judgement that the Project is not being <br />operated and managed in accordance with any of the material <br />requirements and standards of this Agreement, City shall deliver notice to <br />Owner of its intention to cause replacement of the Management Agent, <br />including the reasons therefor. Within fifteen (15) days of receipt by <br />Owner of such written notice, City staff and Owner shall meet in good <br />faith to consider methods for improving the financial and operating status <br />of the Project. If after a reasonable period as determined by City (not to <br />exceed sixty (60) days), City determines that the Owner is not operating <br />and managing the Project in accordance with the material requirements <br />and standards of this Agreement, City may require replacement of the <br />Management Agent. <br />If, after the above procedure, City requires in writing the replacement of <br />the Management Agent, Owner shall promptly dismiss the then <br />Management Agent, and shall appoint as the Management Agent a person <br />or entity meeting the standards for a Management Agent set forth in above <br />and approved by City. <br />Any contract for the operation or management of the Project entered into <br />by Owner shall provide that the contract can be terminated as set forth <br />above. Failure to remove the Management Agent in accordance with the <br />provisions of this Section shall constitute default under this Agreement. <br />6.3 Repair, Maintenance and Security. Throughout the term of this Agreement, <br />Owner shall at its own expense, maintain the Property and the Project in good <br />physical condition, in good repair, and in decent, safe, sanitary, habitable and <br />tenantable living conditions in conformity with all applicable state, federal, and <br />local laws, ordinances, codes, and regulations. Without limiting the foregoing, <br />Owner agrees to maintain the Project and the Property (including without <br />limitation, the residential units, common meeting rooms, common areas, <br />landscaping, driveways and walkways) in a condition free of all waste, nuisance, <br />debris, unmaintained landscaping, graffiti, disrepair, abandoned <br />5056752.1 11 <br />