WESTVIEW HOUSE L (6).P - Laserfiche WebLink

Home Browse Search

eligible for relocation assistance which approval will not be unreasonably withheld, conditioned or delayed. 6.4. Termination for Failure of Condition. If (a) any of the conditions set forth herein are not timely satisfied within no more than ninety (90) days of the date of this Agreement or waived by the Executive Director, and (b) City is not in default under this Agreement, City may terminate this Agreement without any further liability on its part by giving written notice of termination to Developer. Upon the giving of such notice, all principal, interest and other amounts owing under the City/Inclusionary Housing Program Loan Note shall be immediately due and payable, regardless of any other specified due date. 6.5. [Reserved.] 6.6. [Reserved.] 6.7. Waiver of Conditions. The conditions set forth pertaining to City's obligation to make disbursements of the rehabilitation or construction portion are for City's benefit only and the Executive Director may waive all or any part of such rights by written notice to Developer. 6.8. Waiver of Disbursement Conditions. A waiver of a disbursement condition may only be provided with written approval by the City. 6.9. Modification of Disbursement Conditions and Procedures. The Executive Director shall have the authority to modify the disbursement conditions and procedures set forth herein in order to conform them to the payment provisions of the Construction Contract. 6.10. Other Terms and Conditions of Loan. (a) The City/Inclusionary Housing Program Loan Note shall become immediately due and payable, in the event of any of the following: (i) failure to complete the Project within four (4) years of the Close of Escrow; (ii) Restricted Units must achieve initial occupancy within 18 months of the issuance of the Certificate of Completion; (iii) violation of any of the use covenants and restrictions contained in this Agreement after the expiration of any applicable notice and cure periods; (iv) an Event of Default by Developer which is not timely cured after expiration of any applicable notice and cure periods pursuant to the terms of this Agreement. (b) Community Development Partners, a California corporation and developer of the Project, shall contribute $100,000 of its Developer Fee it has otherwise earned to a surrounding community benefit, within the guidelines for allowable uses pursuant to Santa Ana Ordinance No. NS-3019. The contribution must be issued no later 12 Westview House City Inclusionary Housing Program Loan Agreement