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<br />6.2E <br />Page 20 <br /> <br />D. NONPROFIT STATUS OF CONTRACTOR <br /> <br />Contractor agrees to maintain its status as a nonprofit corporation and that its failure to <br />do so shall be grounds for termination of this Agreement, and acceleration of the Note. <br /> <br />E. TITLE POLICY <br /> <br />Contractor shall, at its own cost, secure at the close of escrow the issuance of a policy <br />of title insurance in the amount of not less than $200,000.00, clear of any title defects <br />which would prevent the operation of the proposed project. Contractor shall pay all <br />recording feest escrow fees, the premium for the title insurance policy, all fees and cost <br />for any new financing, and shall pay any applicable transfer taxes. <br /> <br />F. BREACH OF CONTRACT <br /> <br />Applicable federal statutes and regulations, as referred to elsewhere herein govern this <br />Agreement. Any material deviation by Contractor for any reason from the requirements <br />thereof, or from any other provision of this Agreement, shall constitute a breach of this <br />Agreement and may be cause for termination at the election of City or upon the <br />direction of HUD. City may terminate this Agreement for cause atter giving Contractor <br />notice of any breach or default and 30 days to cure said breach or default, provided <br />however, that in. the event such breach or default cannot be cured within 30 days, <br />Contractor shall have such additional time to cure said default as is reasonably required <br />provided that Contractor has commenced to cure within the initial 30 day period and is <br />diligently prosecuting the cure. In the event of termination by whatever means, all <br />finished and unfinished work shall become the property of City, and the City shall have <br />the right to direct Contractor's actions with respect to access to materials. <br /> <br />City reserves the right to waive any and all breaches of this Agreement, and any such <br />waiver shall not be deemed a waiver of all previous or subsequent breaches. In the <br />event City chooses to waive a particular breach of this Agreement, it may condition <br />same on payment by Contractor of actual damages occasioned by such breach of <br />Agreement and shall make every effort to resolve the same quickly and amicably. <br /> <br />G. CONTRACT TERMINATION <br /> <br />In the event Contractor is unable to fulfill its responsibilities under this Agreement for <br />any reason whatsoever, including circumstances beyond its control, City may terminate <br />this Agreement in whole or in part in the same manner as for breach hereof. <br /> <br />4 <br />