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SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT)
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SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT)
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Last modified
2/14/2018 2:53:31 PM
Creation date
8/24/2017 4:41:53 PM
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Contracts
Company Name
SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT)
Contract #
A-2017-173
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
7/5/2017
Expiration Date
7/5/2047
Destruction Year
0
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(unless extended pursuant to Section 19.5) and thereafter diligently restores the <br />Property in accordance with this Agreement; <br />(f) Work on the construction ceases for thirty (30) consecutive days for <br />any reason (other than governmental orders, decrees or regulations, acts of God or <br />any other deity, strikes or other causes beyond Developer's reasonable control), <br />provided that the same do not, in the aggregate and in the City's reasonable <br />judgment, threaten to delay the completion of the construction beyond the required <br />completion date set forth in this Agreement; <br />(g) Developer is enjoined or otherwise prohibited by any Governmental <br />Authority from constructing and/or occupying the improvements and such <br />injunction or prohibition continues unstayed for sixty (60) days or more for any <br />reason; <br />(h) Developer is dissolved, liquidated or terminated, or all or <br />substantially all of the assets of Developer are sold or otherwise transferred without <br />the City Project Manager's prior written consent; <br />(i) Developer is the subject of an order for relief by a bankruptcy court, <br />or is unable or admits its inability to pay its debts as they mature, or makes an <br />assignment for the benefit of creditors; or Developer applies for or consents to the <br />appointment of any receiver, trustee, custodian, conservator, liquidator, <br />rehabilitator or similar officer for it or any part of its property; or any receiver, <br />trustee, custodian, conservator, liquidator, rehabilitator or similar officer is <br />appointed without the application or consent of Developer and the appointment <br />continues undischarged or unstayed for ninety (90) days; or Developer institutes or <br />consents to any bankruptcy, insolvency, reorganization, arrangement, readjustment <br />of debt, dissolution, custodianship, conservatorship, liquidation, construction or <br />similar proceeding relating to it or any part of its property; or any similar <br />proceeding is instituted without the consent of Developer and continues <br />undismissed or unstayed for ninety (90) days; or any judgment, writ, warrant of <br />attachment or execution, or similar process is issued or levied against any property <br />of Developer and is not released, vacated or fully bonded within ninety (90) days <br />after its issue or levy; or <br />0) (i) any of the Senior Loan documents is revoked or terminated, in <br />whole or in part and for any reason (except due to repayment of such loans), without <br />the City Project Manager's prior written consent, or (ii) an Event of Default occurs <br />under the Senior Loan Documents and the Senior Lender declares that a default has <br />occurred. <br />In addition, if an Event of Default occurs hereunder, prior to taking any remedy under this <br />Agreement or any other document evidencing or securing the Loan, City shall first give <br />notice of the occurrence of such Event of Default to the Limited Partner and the Limited <br />Partner shall have not less than 30 days to cure such Event of Default, provided if in order <br />to cure such Event of Default the Limited Partner gives notice to the City that Limited <br />Partner must remove and replace the general partner or general partners of Developer, <br />
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