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_. _�.�,��. , . _ �, ' "Maintenance/Graffiti Deposit"), which amount shall be replenished each year during the Covenant Period (the exact date to be determined by the parties) or if the Maintenance Deposit has been exhausted, and shall be used by City solely to cure any Maintenance Deficiencies not , cured by the Designated Property Manager as set forth above or to remove graffiti, as set forth below in Section 5.2.3. City shall provide Developer and Designated Property Manager an explanation in writing whenever any portion of the Maintenance/Graffiti Deposit is used to cure a Maintenance Deficiency and provide an annual accounting of the use of such funds. In the event the City's cost to cure a Maintenance Deficiency exceeds the amount of the Maintenance/Graffiti Deposit then held by City, City shall submit a bill to Developer, which Developer shall pay within thirty(30)days. Any amount expended by the City for the abatement ' of a Maintenance Deficiency pursuant to this Section that is not reimbursed to the City by the Developer within thirty (30) calendar days after written demand to the Developer for such reimbursement, shall accrue interest at the lesser of: (i) the rate of ten percent(10%)per annum or(ii)the Usury Limit,until paid in full. If Developer disagrees with City's determination that a Maintenance Deficiency exists or ' the cost incurred by City to cure a Maintenance Deficiency, Developer or its Designated _ Property Manager shall have the right to meet and confer with City's Community Development ' Director or his or her designee to resolve the issue. If the matter is not resolved,Developer or its Designated Property Manager may request a hearing with the City Manager whose written ' determination shall consritute the final determination by the City. If the matter remains unresolved, the Parties may exercise all legal remedies available at law or in equity. 5.2.3 Graffiti. Graffiti, as defined in Municipal Code §14.98, that has been applied to any exterior surface of a structure or improvement on the Site,that is visible from any public right-of-way adjacent or contiguous to the Site, shall be removed by the Developer or the Designated Project Manager by either painting over the evidence of such vandalism with a paint that has been color-matched to the surface on which the paint is applied or removed with solvents, detergents or water, as appropriate. If any such gxaff'iti is not removed within seventy- two (72) hours following the time of the discovery of the graffiti, the City shall have the right to enter the Site and remove the graffiti, without Notice to the Developer or the Designated Property Manager, and to draw upon the Maintenance/Graffiti Deposit to pay for its costs. Any sum expended by the City for the removal of graffiti on the Site pursuant to this Section 5.2.3 shall be reimbursed to the City by the Developer, within thirty (30) calendaz days after written demand for payment from the City. Any amount expended by the City for the removal of graffiti pursuant to this Section 5.2.3 that is not reimbursed to the City by the Developer within thirty (30) calendar days after written demand to the Developer for such reimbursement, shall accrue interest at the lesser of: (i) the rate of ten percent(10%)per annum or (ii)the Usury Limit, until paid in full. If there is an area of-a structure or improvement on the Site that has had graff'iti applied more than three times in a 12-month period, the Developer shall provide the City with a plan to help avoid future applications of graff'iti, which may include modifications to landscaping, lighting or the improvements, which plan shall be subject to the City's reasonable approval. If Developer disagrees with City regarding the costs incurred by City for removal of gr�ti, Developer or its Designated Property Manager shall have the right to meet and confer 40 2013.118/BLOCK 2 HUNTER STORM REV:07-26-13 PT