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815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
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815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
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8/24/2015 11:03:28 AM
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8/19/2015 2:54:59 PM
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Company Name
815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS)
Contract #
A-2015-029
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
2/17/2015
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expiration of the Loan Agreement and any and all amendments hereto, or for five years <br />after the conclusion or resolution of any and all audits or litigation relevant to the Loan <br />Agreement, whichever is 'later. The City, the State, the Office of the Auditor General of <br />HUD, and /or their representatives shall have unrestricted reasonable access to all <br />locations, books, and records for the purpose of monitoring, auditing, or otherwise <br />examining said locations, books, and records with or without prior notice. <br />d. If so directed by the City, the State or HUD upon termination of the Loan <br />Agreement, Developer shall cause all records, accounts, documentation and all other <br />materials relevant to the work to be delivered to the City, the State or HUD, as depository. <br />e. All records, accounts, documentation and other materials relevant to the <br />Project shall be accessible at any time to the authorized representatives of the City, the <br />State or HUD, on reasonable prior notice, for the purpose of examination or audit. <br />f. Pursuant to 24 CFR Part 44, the City shall perform an annual audit at the <br />close of each calendar year in which these Restrictions are in effect. Developer shall <br />reasonably cooperate with City in performing such audit. <br />16. The City is a beneficiary of the terms and provisions of these Restrictions <br />and the covenants herein, both for and in their own right and for the purposes of protecting <br />the interests of the community and other parties, public or private, for whose benefit these <br />Restrictions and the covenants running with the land have been provided. The City shall <br />have the right if the covenants are breached, to exercise all rights and remedies, and to <br />maintain any actions or suits at law or in equity or other proper proceedings to enforce the <br />curing of such breaches to which they or any other beneficiaries of these Restrictions and <br />covenants are entitled. <br />17. The covenants and agreements contained herein shall run with the land and <br />not be personal obligations of Developer. Upon the sale, conveyance or other transfer of <br />the Property (a "Transfer ") and the assumption of the obligations hereunder by a <br />transferee, Developer's liability for performance shall be terminated as to any obligation to <br />be performed hereunder after the date of such Transfer. <br />18. The Loan Agreement and all of its attachments shall be enforceable by <br />City in accordance with the terns thereof. Each of the Loan Agreement, the Affordability <br />Restrictions on Transfer of Property, the City/1IOME Loan Note and the City /HOME <br />Deed of Trust provide a means of enforcement by the City if Developer is in breach of its <br />obligations hereunder and thereunder, including liens on the Property, use and deed <br />restrictions and covenants running with the land [24 CFR 92.504 (c) (13)]. <br />9of10 <br />
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