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55A - AGMT LEGACY APARTMENTS
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12/15/2020
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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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are breached, to exercise all rights and remedies, and to maintain any actions or suits at law or in <br />equity or other proper proceedings to enforce the curing of such breaches to which it or any other <br />beneficiary designated by the City is entitled. <br />H. The covenants and agreements contained herein shall run with the land and shall <br />remain in effect for the term of the Agreement. Upon the sale, conveyance or other transfer of the <br />Property (a "Transfer") and the assumption of the obligations hereunder by a transferee, <br />Developer's liability for performance shall be terminated as to any obligation to be performed <br />hereunder after the date of such Transfer. <br />L Upon a Transfer of the Property, the transferee will be obligated to meet with the <br />City prior to closing of the Transfer to review the terms of these Restrictions and requirements of <br />the transferee therein. Any failure of transferee to meet with the City as required would constitute <br />a default under these Restrictions. <br />J. The Agreement and all of its attachments shall be enforceable by the City in <br />accordance with the terms thereof. Each of the Loan Documents, provide a means of enforcement <br />by the City if Developer is in breach of its obligations hereunder and thereunder, including liens <br />on the Property, deed restrictions and covenants running with the land. <br />K. The City agrees to provide Developer's Investor Limited Partner (as defined in the <br />Agreement) with notice of and an opportunity to cure any default. Any cure made or tendered by <br />the Investor Limited Partner shall be deemed a cure by Developer. <br />[Signature Page on the Following Page] <br />17 <br />55A-80 <br />
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