25H - AGMT - AFFORDABLE HOUSING 2151 E 1ST ST

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15,7 `iumilc Inspection Report:. Developer shall delivter as ten-nite report perktining to the Property to the City every= fifth (5ll') year hegonaaing January 2019. . 16. OTIIRR NECxATIVE COVENAN "1'S While auiy aohlig atiara or Developer sunder the City Note or City Deed of "1'rusi . rtmlain outstanding! the following pi- ovusions shall apply, except to the extent that Executive Director- otherwv'isc consents in writing: 16.1 Default on Serapor Loan. 17evchlper dials Brat deC;uah call any of the Senior boon do(:uments, provided however, that Developer shaaH have such period as i:s provided in the Senior Loan Liocanlel)IS during which to effeCtuatc as care, pta.? Sale or Lease of Propeutw'. Unless and until D(,, eloper has rec6ved a Certificate of Completion for the rehabilila tion I'rasna City, Developer shall not sell, le +axe, sublease or otherwise ftaarrs9i01, all or "'my part of the Property or any interest therein Without the prior written Colaserrt of the Executive Director, while consent may be wwrtltheld in :hQ Fxucuti -ve Director's reat;onahle diserelion, In Conn daion with the fbl-Q cain'g consent redluiremctlt.s, Developer acknmvleulgvs that City relied upon Developer's particular expertise ill entering mlo this Agreement and continues to rely on such expertise to cl,asute the satlsfiacto y completion of the rehabilitation. Notwithstanding, m-iythili,p„ to the contrary contained he * *rcila, a " tt,uasll;,C shall not nrUlcude (f) tl transfer aria General Partner's interest rn Duveloprer when made ill connection with the exercisee by the Developer's limited partner (tile "Limited Partner") of its rights upon 2a deLault by a General Paruwr under the 7 )eveloper's Partnership Agreement (the. "Partnership Agreement ") or upon a General Partner's wiilydrawvaal in vrolatirrn of,the Pau- tnership ALpre(mient, so long as the renaovad and substiullfon of the dedaultmg Creieraul Partner is made within thirty (10) drays orsuch derrrult or, if such removal and substitution ctannot reasonably be completed within thirty (30) days, sus long as the Limited Partner commences to t'alw it?taia[1 to r'enjove arlat str'bstitilte the (jcl ",rail Partner wv'rth a reasonable penodl and thereafter ditigently proceeds to complete such suhstitaltion, (ii) aray tr ansficar orthe Property to the Managing CCeneral Partner pursuant to the eight op piust relish or to the Genera[ Partners pursuaanl to the purchase option, as provided for In the Partnership A,p,>7-eerncrit; (m) any transfer (if the Limited Pautrler's interest ill connection with a del"aault by the Limited Partner snider and in accordance with the Partnership Agrecarrerat; and (iv) arty sale, transfer or other disposition of'an interest ill a limited parmer of the Developer. IT CERTIFICATE OF C"Clli'I:i °I,I^ TION Up oll satisfactory e:- onlppe;tion of the rehabilitation amid upon the request of' Dvwdoper, or at its own election, the City or Santo Ana sliaa:ll issue a Certificate or Completion Such C'ertificatc of Completion shall be.. and shall so state, concluasive determination of s:ruslaetdrr`y Completion ofthe reb,rbllitaution. 25 11 -39