|
(d) any default, alleged default or potential default on the part of Borrower under any of the
<br />CC&R's (together with a copy of each notice of default, alleged default or potential default received from
<br />any other party thereto);
<br />(e) any notice of default, alleged default or potential default on the part of Borrower received
<br />from any tenant or occupant of the Project under or relating to its lease or occupancy agreement (together
<br />with a copy of any such notice), if, in the aggregate, notices from at least fifteen percent (l~%) of the
<br />tenants at the Project have been received by Borrower with respect to, or alleging, the same default,
<br />alleged default or potential default;
<br />(fl any change or contemplated change in (i) the location of Borrower's or General Partner's
<br />executive headquarters or principal place of business; (ii) the legal, trade, or fictitious business names
<br />used by Borrower or General Partner; or (iii) the nature of the trade or business of Borrower; and
<br />(g) any default, alleged default or potential default on the part of any general or limited
<br />partner (including, without limitation, General Partner and the Equity Investor) under the Partnership
<br />Agreement.
<br />Section 5.24. Compliance with Other Agreements; Legal Requirements.
<br />(a) Borrower shall timely perform and comply with, and shall cause General Partner to
<br />timely perform and comply with the covenants, agreements, obligations and restrictions imposed on them
<br />under the Partnership Agreement, and Borrower shall not do or permit to be done anything to impair any
<br />such party's rights or interests under any of the foregoing.
<br />(b) Borrower will comply and, to the extent it is able, will require others to comply with, all
<br />Legal Requirements of all Governmental Authorities having jurisdiction over the Project or construction
<br />and/or rehabilitation of the Improvements, and will furnish Funding Lender with reports of any official
<br />searches for or notices of violation of any requirements established by such Governmental Authorities.
<br />Borrower will comply and, to the extent it is able, will require others to comply, with applicable CC&R's
<br />and all restrictive covenants and all obligations created by private contracts and leases which affect
<br />ownership, construction, rehabilitation, equipping, fixturing, use or operation of the Project, and all other
<br />agreements requiring a certain percentage of the Units to be rented to persons of low or moderate income.
<br />The Improvements, when completed, shall comply with all applicable building, zoning and other Legal
<br />Requirements, and will not violate any restrictions of record against the Project or the terms of any other
<br />lease of all or any portion of the Project. Funding Lender shall at all times have the right to audit, at
<br />Borrower's expense, Borrower's compliance with any agreement requiring a certain percentage of the
<br />Units to be rented to persons of low or moderate income, and Borrower shall supply all such information
<br />with respect thereto as Funding Lender may request and otherwise cooperate with Funding Lender in any
<br />such audit; provided, however, that prior to the occurrence of an Event of Default, Borrower shall have no
<br />obligation to bear the expense of more than One (1) such audit every three years. Without limiting the
<br />generality of the foregoing, Borrower shall properly obtain, comply with and keep in effect (and promptly
<br />deliver copies to Funding Lender of) all permits, licenses and approvals which are required to be obtained
<br />from Governmental Authorities in order to construct, occupy, operate, market and lease the Project.
<br />Section 5.25. Completion and Maintenance of Project. Borrower shall cause the construction
<br />or rehabilitation, as the case maybe, of the Improvements, to be prosecuted with diligence and continuity
<br />and completed substantially in accordance with the Plans and Specifications, and in accordance with the
<br />Construction Funding Agreement, free and clear of any liens or claims for liens (but without prejudice to
<br />Borrower's rights of contest under Section 10.16 hereof) ("Completion") on or before the Completion
<br />Date. Borrower shall thereafter maintain the Project as a residential apartment complex in good order and
<br />C:1UsersltadlDesktoplSanta Ana HA Washington Place 43
<br />BLA.doc
<br />DRAFT 11/28/12 8:41AM
<br />
|