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PLANNING COMMISSION DRAFT <br />SUBJECT TO CITY COUNCIL APPROVAL <br />the selection, location, number, use or occupancy of any Homebuyer or resident of the Property <br />or the Affordable Units. <br />TERM OF THIS AGREEMENT <br />5.1 Term. The term of this Agreement ("Term") shall commence on the <br />Effective Date and shall continue until the expiration of the Affordability Term for all Affordable <br />Units, as set forth in Section 3-43.1, above. <br />DEFAULT AND TERMINATION; INDEMNIFICATION <br />6.1 Default. Failure or delay by any Party to perform any term or provision of <br />this Agreement, which is not cured within thirty (30) days after receipt of notice from the other <br />Party specifying the default (or such other period specifically provided herein), constitutes a <br />default under this Agreement; provided, however, if such default is of the nature requiring more <br />than thirty (30) days to cure, the defaulting Party shall avoid default hereunder by commencing to <br />cure within such thirty (30) day period, and thereafter diligently pursuing such cure to <br />completion within an additional sixty (60) days following the conclusion of such thirty (30) day <br />period (for a total of ninety (90) days). Except as required to protect against further damages, the <br />injured Parry may not institute proceedings against the Party in default until the time for cure has <br />expired. Failure or delay in giving such notice shall not constitute a waiver of any default, nor <br />shall it change the time of default. <br />6.2 Remedies. <br />6.2.1 Any individual who sells or rents (including subleasing) an Affordable <br />Unit in violation of the provisions of this Agreement shall be required to forfeit to City all <br />monetary amounts so obtained. <br />6.2.2 City may institute any appropriate legal actions or proceedings necessary <br />to ensure compliance with this Agreement, including but not limited to: <br />(a) Actions to revoke, deny or suspend any permits and/or certificate <br />of occupancy; <br />(b) Actions for injunctive relief, damages, or other monetary relief, <br />and <br />(c) Civil citations or penalties. <br />6.3 Rights and Remedies Cumulative. The rights and remedies of the Parties are <br />cumulative, and the exercise by either Party of one or more of its rights or remedies shall not <br />preclude the exercise by it, at the same or different times, of any other rights or remedies for <br />the same default or any other default by the other Party. <br />6.4 Waiver of Speculative, Consequential, or Punitive Damages. Notwithstanding <br />anything to the contrary contained in this Agreement, in no event shall either Party be liable <br />for speculative, consequential, punitive or other indirect damages, and each Party waives any <br />16 <br />55394.00101\n^^^'�.-.a4,7442998272.1 <br />