Agmt98 Kainos Home & Training C - Laserfiche WebLink

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prior written consent of the City, Contractor shall be in default of this Agreement and agrees to pay the City, upon demand, the full amount of CDBG funds provided to assist in the acquisition of this property, provided however Contractor shall have Thirty (30) Days to cure the default after receipt of a Notice of default is provided in writing by City. The restrictions imposed upon the Property (as set forth in Section 4, above) shall remain in full force and effect for the term of (30 years) regardless of whether the Beneficiary's mortgage is paid off before its maturity date. D. NONPROFIT STATUS OF CONTRACTOR Contractor agrees to maintain its status as a nonprofit corporation and that its failure to do so shall be grounds for termination of this Agreement, and acceleration of the Note. E. TITLE POLICY Contractor shall, at its own cost, secure at the close of escrow ~issuance of~ - ~ ~ 7 f)cJD policy of title insurance in the amount of not less than $~ , c ear of any title . defects which would prevent the operation of the proposed project. Contractor ~ shall pay all recording fees, escrow fees, the premium for the title insurance ~ policy, all fees and cost for any new financing, and shall pay any applicable transfer taxes. F. BREACH OF CONTRACT Applicable federal statutes and regulations, as referred to elsewhere herein govern this Agreement. Any material deviation by Contractor for any reason from the requirements thereof, or from any other provision of this Agreement, shall constitute a breach of this Agreement and may be cause for termination at the election of City or upon the direction of HUD. City may terminate this Agreement for cause after giving Contractor notice of any breach or default and 30 days to cure said breach or default, provided however, that in the event such breach or default cannot be cured within 30 days, Contractor shall have such additional time to cure said default as is reasonably required provided that Contractor has commenced to cure within the initial 30 day period and is diligently prosecuting the cure. In the event of termination by whatever means, all finished and unfinished work shall become the property of City, and the City shall have the right to direct Contractor's actions with respect to access to materials. City reserves the right to waive any and all breaches of this Agreement, and any such waiver shall not be deemed a waiver of all previous or subsequent breaches. In the event City chooses to waive a particular breach of this Agreement, it may condition same on payment by Contractor of actual damages occasioned by such breach of Agreement and shall make every effort to resolve the same quickly and amicably. 3