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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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Last modified
12/10/2020 5:00:39 PM
Creation date
12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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(a) any filed litigation or claim affecting or relating to the <br />Property involving an amount in excess of $5,000 litigation or claim that might subject <br />Developer or any general partner to liability in excess of $5,000 whether covered by <br />applicable insurance or not; <br />(b) any dispute between Developer and a Governmental <br />Authority relating to the Property, the adverse determination of which might materially <br />affect the Property; <br />(c) any change in Developer's principal place of business; <br />(d) any aspect of the Improvements that is not in substantial <br />conformity with the plans or code; <br />(e) any event which after the giving of all required notices and <br />the expiration of all applicable cure periods, would constitute an Event of Default; <br />(f) any material default by Developer or any other party under <br />any Senior Loan document, or the receipt by Developer of any notice of default under any <br />Senior Loan document; <br />(g) the creation or imposition of any mechanics' or <br />materialmans' lien or other lien against the Property which might materially affect the <br />Property, which is not bonded over or released; and/or <br />(h) any material adverse change in the financial condition of <br />Developer. <br />15.4 Further Assurances. Developer shall execute and acknowledge (or cause <br />to be executed and acknowledged) and deliver to City all documents, and take all actions, <br />reasonably required by City from time to time to confirm the rights created or now or <br />hereafter intended to be created under the Inclusionary Loan Documents; to protect and <br />further the validity, priority and enforceability of the Inclusionary Deed of Trust; to subject <br />to the Deed of Trust any property intended by the terms of any Loan Document(s) to be <br />covered by the Inclusionary Deed of Trust or otherwise to carry out the purposes of the <br />Inclusionary Loan Documents and the transactions contemplated thereunder. <br />15.5 Annual Financial Statements. Developer shall deliver the following to <br />City within one hundred and fifty (150) days after the end of each Calendar Year: (a) a <br />certified public accountant reviewed balance sheet for Developer as of the end of such <br />Calendar Year and a certified public accountant reviewed statement of profit and loss for <br />Developer and for Developer's operations in connection with the Property for such <br />Calendar Year, together with all supporting schedules; (b) a certificate of such certified <br />public accountant that such documents were reviewed by such certified public accountant <br />in accordance with generally accepted accounting principles and otherwise comply with <br />generally accepted accounting principles review requirements; and, (c) a certificate of <br />Developer's chief financial officer that such documents: (i) were prepared in accordance <br />with generally accepted accounting principles applied on a consistent basis or in <br />55A-43 <br />
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