RecDoc 2021-146159 353 Main Street Regulatory agreement

Browse Search

ARTICLE 6. MISCELLANEOUS 6.1 Term. The provisions of this Agreement shall apply to the Development for the entire Term even if the entire City Loan is paid in full prior to the end of the Term; provided, however, that the provisions of Sections 2.1 and 4.3 of the Agreement shall run with the Development and shall remain in effect in perpetuity. This Agreement shall bind any successor, heir or assign of the Owner, whether a change in interest occurs voluntarily or involuntarily, by operation of law or otherwise, except as expressly released by the City. The City makes the City Loan on the condition, and in consideration of, this provision, and would not do so otherwise. 6.2 Notice of Expiration of Term. The Owner must comply with all notice requirements of Government Code Section 65863.10, Section 65863.11 and 65863.13, or successor statutes. The Owner shall also file a copy of any notices sent by the Owner pursuant to this Section with the City Executive Director. 6.3 Compliance with Loan Agreement and Program Requirements. The Owner's actions with respect to the Development shall at all times be it full conformity with: (a) all requirements of the Loan Agreement; (b) all requirements of the Deed of Trust; and (c) all requirements imposed on projects assisted with Housing Fund Proceeds under California Health and Safety Code Section 33334.2 et seq. 6.4 Covenants to Run With the Land. The City and the Owner hereby declare their express intent that the covenants and restrictions set forth in this Agreement shall run with the land, and shall bind all successors in title to the Development, provided, however, that on the expiration of the Term of this Agreement said covenants and restrictions shall expire, unless otherwise expressly stated herein. Each and every contract, deed or other instrument hereafter executed covering or conveying the Development or any portion thereof shall be held conclusively to have been executed, delivered and accepted subject to such covenants and restrictions, regardless of whether such covenants or restrictions are set forth in such contract, deed or other instrument, unless the City expressly releases such conveyed portion of the Development from the requirements of this Agreement. 6.5 Enforcement by tkle City. If the Owner fails to perform any obligation under this Agreement, and fails to cure the default within thirty (30) days after the City has notified the Owner in writing of the default or, if the default cannot be cured within thirty (30) days, failed to commence to cure within thirty (30) days and thereafter diligently pursue such cure, the City shall have the right to enforce this Agreement by any or all of the following actions, or any other remedy provided by law: (a) Calling the Loan. The City may declare a default under the Promissory Note, accelerate the indebtedness evidenced by the Promissory Note, and proceed with foreclosure under the Deed of Trust. 1199\09\2724482.6 18 Document Number: 2021-146159 Page: 19 of 29