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25I - AGMT - LOAN AGMT 940 MINNIE LP
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25I - AGMT - LOAN AGMT 940 MINNIE LP
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3/13/2014 2:38:25 PM
Creation date
3/13/2014 2:29:51 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25I
Date
3/18/2014
Destruction Year
2019
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7.4 Maintenance of the Property. Solely at Developer's expense, Developer agrees to <br />maintain the Property in a clean and orderly condition and in good condition and repair and <br />keep the Property free from any accumulation of debris and waste materials. If at any time <br />Developer fails to maintain, or cause to be maintained, the Property as required by this <br />section, and said condition is not corrected after the expiration of a reasonable period of time <br />not to exceed thirty (30) days from the date of written notice from the City, unless such <br />condition cannot reasonably be cured within thirty (3 0) days, in which case Developer shall <br />have such additional time as reasonably necessary to complete such cure, the City may <br />perform the necessary maintenance and Developer shall pay all reasonable costs incurred for <br />such maintenance. The City shall inspect the Property annually after the date of issuance of <br />the Certificate of Completion as described in Article 17 of this Agreement. During the <br />affordability period, the Property must meet all applicable State and local codes. The <br />Property must be free of all health and safety defects during the affordability period. <br />7.6 Obligation to Refrain from Discrimination. Developer covenants and agrees for <br />itself, its successors, its assigns and every successor in interest to the Property or any part <br />thereof, that there shall be no discrimination against or segregation of any person or group of <br />persons on account of race, color, creed, religion, sex, mental or physical disability, marital <br />status, ancestry or national origin in the sale, lease, sublease, transfer, use, occupancy, tenure <br />or enjoyment of the Property nor shall Developer itself or any person claiming under or <br />through him establish or permit any such practice or practices of discrimination or <br />segregation with reference to the selection, location, number, use or occupancy of tenants, <br />lessees, subtenants, sublessees or vendees of the Property. The foregoing covenants shall <br />run with the land and shall remain in effect for the term of the Agreement. <br />8. DEFAULTS AND REMEDIES <br />8.1 Event of Default. Failure or delay by either party to perform any term of provision of <br />this Agreement within the time periods provided herein for such performance constitutes a <br />default under the Agreement. If any party defaults in performance of its obligations, <br />covenants or agreements hereunder, the defaulting party shall be entitled to cure the default <br />in accordance with this section. The injured party shall give written notice of default to the <br />party in default, specifying the default complained of by the injure party. Delay in giving <br />such notice shall not constitute a waiver of any default nor shall it change the time of <br />default. The defaulting party must, within thirty (30) days following service of said written <br />notice, commence to cure, correct or remedy such failure or delay and shall complete such <br />cure, correction, or remedy with reasonable diligence. Upon a default by Developer which <br />is not cured within thirty (30) days following service of said notice, unless such default <br />cannot reasonably be cured within thirty (30) days, in which case Developer shall have such <br />additional time as reasonably necessary to complete such cure but no more than ninety (90) <br />days, the City shall have the right to terminate this Agreement by delivery of written notice <br />of termination to Developer. <br />8.2 Institution of Legal Actions. In addition to any other rights or remedies, either party <br />may institute legal action to cure, correct or remedy any default to recover damages for any <br />default, or to obtain any other remedy consistent with the purpose of this Agreement. <br />15 <br />251 -21 <br />
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