Reso 1997-021 to 025 - Laserfiche WebLink

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Section 14. Change of Use. Property shall be used as specified under Section 3 for the term of this Agreement. Section 15. Defaults- Remedies. If the Developer shall fail to observe or perform, in the sole discretion of the City, any covenant, condition or agreement contained herein, or on its part to be observed or performed, for a period of thirty (30) days after written notice from the City specifying such failure and requesting that it be remedied, unless the City shall agree in writing to an extension of such time prior to its expiration, which consent shall not be unreasonably withheld in the event that the failure specified in the notice cannot be corrected within the applicable period and the Developer has instituted corrective action within the applicable period and has diligently pursued such corrective action, then and in such event (an "Event of Default"), the City shall be entitled to and in addition to all other remedies provided by law or in equity: a. to compel specific performance by the Developer of its obligations under this Regulatory Agreement, it being recognized that the beneficiaries of the Developer's obligations hereunder cannot be adequately compensated by monetary damages in the event of the Developer's default; b. to the extent permissible under laws and regulations protecting individual confidentiality, to have access to, to inspect, and to make copies and to audit all books and records of the Developer pertaining to the Project. C. to cause the Developer to pay to the City, if the thirty (30) day cure period has been exceeded and no cure has been achieved, as a penalty, an amount equal to all rent received by the Developer with respect to Units, if Units are knowingly or grossly negligently rented to persons who do not comply with the requirements of such Units. d. to conduct an evaluation of, and direct the Developer with respect to, the management and operation of the Project. The expenses of the City or any consultants associated with such evaluation and direction shall be reimbursed by the Developer. The Developer shall follow all such directives, which may, at the option of the City, include replacing existing management with new management. In the event such default includes the failure of the Developer to make any required payment to the City in a timely manner, or the imminent closure of the Project, the City may at its sole discretion select the new management. The City may retain attorneys and consultants to assist in such evaluation and the Developer shall pay the reasonable fees and expenses of such attorneys and consultants and any other expenses incurred by the City in that connection. 0