25C - AGMT HOMEBUYER ASSISTANCE - Laserfiche WebLink

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default under this Agreement. The other party (the "Complaining Party") shall give written notice of default to the party in default, specifying in reasonable detail the matter constituting the default. The party in default shall have 15 days following receipt of notice to cure the default. Except as required to protect against further damages, the, Complaining Party shall not institute proceedings against the party in default unless the matter is not cured within such 15 day period, or, if the default is of a nature requiring more than 15 days to cure, the party in default commences to cure the matter within such, period and diligently pursues such cure to completion within a reasonable time, but in no event more than 45 days after notice of default. Failure to cure the default within the applicable cure period shall entitle the Complaining Party to terminate this Agreement - and/or exercise any remedies available to such party, including,, without limitation; acceleration of payment due on the City Loan. ` . 11. Loan Servicing. The City may contract with a private lender to originate and service the City Loan, and any costs associated therewith shall be paid by the Borrower. ` t 12. Indemnification. Borrower shall indemnify, defend and hold harmless the City, and its respective officers, agents, 'employees, legal counsel, representatives and volunteers, from and, against any loss, liability, claim or judgment relating in any manner to the Property or this Agreement. Borrower shall remain fully obligated for the payment of taxes, liens and assessments relating to the Property. There shall be no reduction in taxes for Borrower, nor any transferor responsibility to the City to make such payments, by virtue of the City. Loan. 13. Insurance.. Borrower shall maintain, during the term of the City Loan, an all-risk property insirrance,policy insuring the Property in an amount equal to the full replacement value of the structures on, the Property. The policy shall name the City as loss payee and shall contain a statement of obligation on behalf of the insurance carrier to notify the City of -any material change, cancellation or termination of coverage at least 30 days in advance of the effective date'of such material change, cancellation or termination. Borrower'shall deliver a copy of the certificate of insurance and loss payee endorsement to the City at the time of escrow closing, and Borrower shall annually deliver a copy of the certificate of insurance and loss payee endorsement to the City, signed by an %.auihorized agent of the insurance carrier and setting forth the general provisions of coverage. The copy of the certificate of insurance and loss payee endorsement shall be delivered to the City as follows: City of Santa Ana, Community Development Agency 20 Civic Center Plaza, M26 P.O. Box 1988 Santa Ana, Ca 92702 Attention: Housing Manager Any certificate of insurance required by this section must be a in a form, content and with an insurance company that is acceptable to the City in its sole discretion. 25C-13