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TABLE OF CONTENTS (Continued) Page Section4.13 Relocation..................................................................................................30 Section4.14 Bid Package...............................................................................................31 Section 4.15 Financial Accounting and Post -Completion Audits..................................31 ARTICLE 5. ONGOING DEVELOPER OBLIGATIONS...........................................................31 Section5.1 Applicability..............................................................................................31 Section5.2 Use.............................................................................................................32 Section 5.3 Maintenance...............................................................................................32 Section 5.4 Taxes and Assessments..............................................................................32 Section 5.5 Mandatory Language in All Subsequent Deeds, Leases and ARTICLE 6. ASSIGNMENT AND TRANSFERS.......................................................................39 Section6.1 Definitions..................................................................................................39 Section 6.2 Purpose of Restrictions on Transfer...........................................................40 Section 6.3 Prohibited Transfers...................................................................................41 Section 6.4 Permitted Transfers....................................................................................41 Section 6.5 Effectuation of Certain Permitted Transfers..............................................42 Section 6.6 Other Transfers with City Consent............................................................42 ARTICLE 7. DEFAULT AND REMEDIES.................................................................................43 Contracts....................................................................................................3 3 Section 5.6 Hazardous Materials..................................................................................35 Section 7.3 Section 5.7 Management Agent; Periodic Reports.......................................................36 Section7.4 Section 5.8 Approval of Management Plan Modifications...........................................37 Option Purchase, Enter and Possess..........................................................45 Section 5.9 Resident Services Plan and Resident Services Budget..............................38 Acceleration of Note..................................................................................46 Section 5.10 Insurance Requirements.............................................................................38 Section5.11 Audits.........................................................................................................38 Section 5.12 Safety Conditions.......................................................................................39 Section 5.13 Notice of Litigation....................................................................................39 ARTICLE 6. ASSIGNMENT AND TRANSFERS.......................................................................39 Section6.1 Definitions..................................................................................................39 Section 6.2 Purpose of Restrictions on Transfer...........................................................40 Section 6.3 Prohibited Transfers...................................................................................41 Section 6.4 Permitted Transfers....................................................................................41 Section 6.5 Effectuation of Certain Permitted Transfers..............................................42 Section 6.6 Other Transfers with City Consent............................................................42 ARTICLE 7. DEFAULT AND REMEDIES.................................................................................43 Section 7.1 General Applicability.................................................................................43 Section7.2 Fault of City...............................................................................................43 Section 7.3 Fault of Developer.....................................................................................43 Section7.4 Remedies....................................................................................................45 Section 7.5 Option Purchase, Enter and Possess..........................................................45 Section 7.6 Acceleration of Note..................................................................................46 Section 7.7 Right to Cure at Developer's Expense.......................................................46 Section 7.8 Delivery of Collateral Documents.............................................................46 Section 7.9 Rights of Mortgagees.................................................................................46 Section 7.10 Remedies Cumulative................................................................................47 Section 7.11 Waiver of Terms and Conditions...............................................................47 ARTICLE 8. SECURITY FINANCING AND RIGHTS OF HOLDERS....................................47 Section 8.1 No Encumbrances Except for Development Purposes..............................47 Section 8.2 Holder Not Obligated to Construct............................................................47 Section 8.3 Notice of Default and Right to Cure..........................................................48 Section 8.4 Failure of Holder to Complete Improvements...........................................48 REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 3 of 143)