Laserfiche WebLink
The covenants contained in this Agreement shall remain in effect as follows: environmental <br />covenants set forth in Sections 208.5, 208.6 and 208.7 shall remain in effect in perpetuity. <br />a. The covenants pertaining to use of the Sites which are set forth in Section 401 <br />shall remain in effect for the term of the Redevelopment Plan. <br />b. The covenants pertaining to the use of the Sites as affordable housing set forth in <br />Section 403 shall remain in effect for a period of not less than forty-five (45) years from the date <br />that the property is conveyed to a Low Income Household. <br />c. The covenants pertaining to maintenance of the .Sites and all improvements <br />thereon, as set forth in Section 404, shall remain in effect for the term of forty-five (45) years. <br />d. The covenants against discrimination, as set forth in Section 405 shall remain in <br />effect in perpetuity. <br />500. DEFAULTS AND REMEDIES <br />501. Default Remedies. Subject to the extensions of time set forth in Section 602 of <br />this Agreement, failure by either party to perform any action or covenant required by this <br />Agreement within the time periods provided herein following notice and failure to cure as <br />described hereafter, constitutes a "Default" under this Agreement. A party claiming a Default <br />shall give written notice of Default to the other party specifying the Default complained of. <br />Except as otherwise expressly provided in this Agreement, the claimant shall not institute any <br />proceeding against any other party, and the other party shall not be in Default if such party <br />within thirty (30) days from receipt of such notice immediately, with due diligence, commences <br />to cure, correct or remedy such failure or delay and shall complete such cure, correction or <br />remedy with diligence. <br />502. Institution of Legal Actions. In addition to any other rights or remedies and <br />subject to the restriction otherwise set forth in this Agreement, either party may institute and <br />action at law or equity to seek specific performance of the terms of this Agreement, or to cure, <br />correct or remedy any Default, to recover damages for any Default, or to obtain any other <br />remedy consistent with the purpose of this Agreement. Such legal actions must be instituted in <br />the Courts of the County of Orange, State of California, or in the District of the United States <br />District Court in which such county is located. <br />503. Termination by the Developer. In the event that the Developer is not in default <br />under this Agreement and the Agency does not tender title to the Sites pursuant to the Grant <br />Deed in the manner and condition and by the date provided in this Agreement; or one or more of <br />the Developer's Conditions Precedent to the Closing is not fulfilled on or before the time set <br />forth in the Schedule of Performance and such failure is not caused by the Developer; or in the <br />event of any default of the Agency prior to the Closing which is not cured within the time set <br />forth in Section 501 hereof, and any such failure is not cured within the applicable time period <br />after written demand by the Developer, then this Agreement may, at the option of the Developer, <br />be terminated by written notice thereof to the Agency. From the date of the written notice of <br />600457905v2 3 3 1 <br />