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Regulatory Agmt 15101 Washington Ave 07192022
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Regulatory Agmt 15101 Washington Ave 07192022
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6/26/2024 5:30:28 PM
Creation date
6/24/2024 1:56:34 PM
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CM City Clerk-City Council
Document Date (6)
7/19/2022
Recorded Document Type
Regulatory Agreement
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PERM
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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 />vehicles/appliances, and illegal activity, and shall take all reasonable steps to <br />prevent the same from occurring on the Property or at the Project. Owner shall <br />prevent and/or rectify any physical deterioration of the Property and the Project <br />and shall make all repairs, renewals and replacements necessary to keep the <br />Property and the improvements located thereon in good condition and repair. <br />Owner shall provide adequate security services for occupants of the Project. <br />6.3.1 City s Right to Perform Maintenance. In the event that Owner breaches <br />any of the covenants contained in Section 6.3, and such default continues <br />for a period of thirty (30) days after written notice from City (with respect <br />to graffiti, debris, and waste material) or thirty (30) days after written <br />notice from City (with respect to landscaping, building improvements and <br />general maintenance), then City, in addition to any other remedy it may <br />have under this Agreement or at law or in equity, shall have the right, but <br />not the obligation, to enter upon the Property and perform all acts and <br />work necessary to protect, maintain, and preserve the improvements and <br />the landscaped areas on the Property. <br />6.3.2 Costs. All costs expended by City in connection with the foregoing, shall <br />constitute an indebtedness secured by the Deed of Trust, and shall be paid <br />by Owner to City upon demand. All such sums remaining unpaid thirty <br />(30) days following delivery of City's invoice therefor shall bear interest <br />at the rate of 10% per annum. <br />6.4 Marketing and Management Plan. Not later than 180 calendar days following the <br />issuance of the first building permit for the Project, Owner shall submit for City <br />review and approval, a plan for marketing and managing the Property <br />("Marketing and Management Plan"). The Marketing and Management Plan shall <br />address in detail how Owner plans to market the Restricted Units to prospective <br />Eligible Households in accordance with fair housing laws and this Agreement, <br />Owner's tenant selection criteria, and how Owner plans to certify the eligibility of <br />Eligible Households. The Plan shall also describe the management team and shall <br />address how the Owner and the management entity plan to manage and maintain <br />the Property and the Project. The Plan shall include the proposed management <br />agreement and the form of rental agreement that Owner proposes to enter into <br />12 <br />
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