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<br />annually on July 15 for the duration of this Declaration <br />of Affordability Covenants; and <br /> <br />2) Occupancy Report. Biannually on every June 30tl and <br />December 31st of every year this Declaration is in <br />effect, the Declarant shall submit an Occupancy Report. <br />The form of the Occupancy Report shall be in the <br />discretion of the Developer, so long as the Occupancy <br />Report contains at minimum, the following items: <br /> <br />i) Total number of Units of the Project that are <br />occupied; <br />ii) Total number of Units of the Project that are <br />vacant; <br />iii) Total number of units occupied by households <br />earning 20% of the AMI; <br />iv) Total number of units occupied by households <br />earning 40% of the AMI; and <br />v) Total number of units occupied by households <br />earning 50% of the AMI. <br /> <br />7. Events of Default; Enforcement. In the event of a <br />default in the performance or observance of any covenant, agreement <br />or obligation as set forth in this Declaration and, if such default <br />remains uncured for a period of thirty (30) days after notice <br />thereof shall have been given by the Agency, or such longer period <br />as may be approved by the Agency in writing in its sole discretion, <br />then the Agency may declare that an Event of Default has occurred <br />hereunder and may take anyone or more of the following steps, at <br />its option: <br /> <br />(a) By mandamus or other suit, action or proceeding at <br />law or in equity, require the Declarant or its successors in <br />interest to perform its obligations and covenants hereunder, or <br />enjoin any acts or things which may be unlawful or in violation of <br />the rights of the Agency hereunder; and <br /> <br />(b) Take whatever other action at law or in equity may <br />appear necessary or desirable to enforce the obligations, covenants <br />and agreements hereunder, including, without limitation, <br />foreclosure of the Deed of Trust if not previously reconveyed; and <br /> <br />(c) No delay in enforcing the provisions hereof as to <br />any breach or violation shall impair, damage or waive the right <br />against or recover for the continuation or repetition of such <br />breach or violation or any similar breach or violation thereof at <br />any later time or times. <br /> <br />E - 7 <br /> <br />REDW\0006\DOC\001-5 <br />1/27/05 7:00 /mve <br />