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Agmt21 ROEM Project at 353 Main
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Agmt21 ROEM Project at 353 Main
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Last modified
12/3/2021 11:37:01 AM
Creation date
12/3/2021 11:32:49 AM
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Template:
Agreement
Contractor Name
353 Main St.
PROJECT NAME
Loan Agreement
RMP File Number
304
Date
7/13/2021
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costs, pending resolution thereof. The City may use such deposit to satisfy any claim or lien that <br />is adversely determined against the Developer. <br />(c) The Developer shall file a valid notice of cessation or notice of completion <br />upon cessation of construction of the Development for a continuous period of thirty (30) days or <br />more, and take all other reasonable steps to forestall the assertion of claims of lien against the <br />Property and/or Improvements. The Developer authorizes the City, but without any obligation, <br />to record any notices of completion or cessation of labor, or any other notice that the City deems <br />necessary or desirable to protect its interest in the Development and Property. <br />Section 4.10 Inspections. <br />The Developer shall permit and facilitate, and shall require its contractors to permit and <br />facilitate, observation and inspection at the Development by the City and by public authorities <br />during reasonable business hours upon forty-eight (48) hours' written notice for the purposes of <br />determining compliance with this Agreement. <br />Section 4.11 Information. <br />The Developer shall provide any information reasonably requested by the City in <br />connection with the Development. <br />Section 4.12 Records. <br />(a) The Developer shall maintain complete, accurate, and current records <br />pertaining to the Development for a period of live (5) years after the creation of such records, <br />and shall permit any duly authorized representative of the City to inspect and copy records upon <br />reasonable notice to the Developer. Such records shall include all invoices, receipts, and other <br />documents related to expenditures from the Loan funds. Records must be kept accurate and <br />current. <br />(b) The City shall notify the Developer of any records it deems insufficient. <br />The Developer shall have thirty (30) calendar days after the receipt of such a notice to correct <br />any deficiency in the records specified by the City in such notice, or if a period longer than thirty <br />(30) days is reasonably necessary to correct the deficiency, then the Developer shall begin to <br />correct the deficiency within thirty (30) days and complete the correction of the deficiency as <br />soon as reasonably possible. <br />Section 4.13 Relocation. <br />(a) The parties acknowledge that the Property and all improvements currently <br />located thereon are vacant or will be vacant and free of any relocation responsibilities by the <br />Close of Escrow. If and to the extent the construction of the Improvements by the Developer <br />result in the permanent or temporary displacement of residential tenants, homeowners, or <br />businesses, then the Developer shall comply with all applicable local, state, and federal statutes <br />and regulations, (including without limitation California Government Code Section 7260 et sea-, <br />and accompanying regulations) with respect to relocation planning, advisory assistance, and <br />payment of monetary benefits. The Developer shall be solely responsible for payment of any <br />REV: 06-17-2020 PR <br />1199\09\2727850.8 <br />ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 35 of 143) <br />
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