Laserfiche WebLink
6.B. - Page 7 of 177 <br />TABLE OF CONTENTS <br />(Continued) <br />Page <br />Section4.13 Relocation..................................................................................................30 <br />Section4.14 Bid Package...............................................................................................31 <br />Section 4.15 Financial Accounting and Post -Completion Audits..................................31 <br />ARTICLE 5. ONGOING DEVELOPER OBLIGATIONS...........................................................31 <br />.................................................................................43 <br />Section5.1 <br />Applicability..............................................................................................31 <br />Section7.2 <br />Section5.2 <br />Use.............................................................................................................32 <br />Section7.3 <br />Section 5.3 <br />Maintenance...............................................................................................32 <br />Section7.4 <br />Section 5.4 <br />Taxes and Assessments...............................................................................32 <br />Section 7.11 <br />Section 5.5 <br />Mandatory Language in All Subsequent Deeds, Leases and <br />Contracts....................................................................................................33 <br />Section5.6 <br />Hazardous Materials..................................................................................35 <br />Section 5.7 <br />Management Agent; Periodic Reports.......................................................36 <br />Section 5.8 <br />Approval of Management Plan Modifications...........................................37 <br />Section 5.9 <br />Resident Services Plan and Resident Services Budget..............................38 <br />Section 5.10 <br />Insurance Requirements.............................................................................38 <br />Section5.11 <br />Audits.........................................................................................................38 <br />Section 5.12 <br />Safety Conditions.......................................................................................39 <br />Section 5.13 <br />Notice of Litigation....................................................................................39 <br />ARTICLE 6. ASSIGNMENT AND TRANSFERS.......................................................................39 <br />Section6.1 Definitions..................................................................................................39 <br />Section 6.2 Purpose of Restrictions on Transfer...........................................................40 <br />Section 6.3 Prohibited Transfers...................................................................................41 <br />Section 6.4 Permitted Transfers....................................................................................41 <br />Section 6.5 Effectuation of Certain Permitted Transfers..............................................42 <br />Section 6.6 Other Transfers with City Consent............................................................42 <br />ARTICLE 7. DEFAULT AND REMEDIES <br />.................................................................................43 <br />Section 7.1 <br />General Applicability.................................................................................43 <br />Section7.2 <br />Fault of City...............................................................................................43 <br />Section7.3 <br />Fault of Developer.....................................................................................43 <br />Section 7.9 <br />Section7.4 <br />Remedies....................................................................................................45 <br />Remedies Cumulative................................................................................47 <br />Section 7.5 <br />Option Purchase, Enter and Possess..........................................................45 <br />Section 7.6 <br />Acceleration of Note..................................................................................46 <br />Section 7.7 <br />Right to Cure at Developer's Expense.......................................................46 <br />Section 7.8 <br />Delivery of Collateral Documents.............................................................46 <br />Section 7.9 <br />Rights of Mortgagees.................................................................................46 <br />Section 7.10 <br />Remedies Cumulative................................................................................47 <br />Section 7.11 <br />Waiver of Terms and Conditions...............................................................47 <br />ARTICLE 8. SECURITY FINANCING AND RIGHTS OF HOLDERS....................................47 <br />Section 8.1 No Encumbrances Except for Development Purposes..............................47 <br />Section 8.2 Holder Not Obligated to Construct............................................................47 <br />Section 8.3 Notice of Default and Right to Cure..........................................................48 <br />Section 8.4 Failure of Holder to Complete Improvements...........................................48 <br />REV: 06-17-2020 PR <br />1199\09\2727850.8 <br />ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 3 of 143) 36 <br />