RecDoc2003-20130 - Owner Participation Agmt.

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cancellation at least thirty (30) calendar days prior to the effective date of cancellation. Any and all insurance obtained by the Participating Owner hereunder shall be primary to any and all insurance which the Agency and/or City may otherwise carry, including self insurance, which for all purposes of this Agreement shall be separate and apart from the requirements of this Agreement. Any insurance policies governing the Property as obtained by the Agency shall not be transferred from the Agency to the Participating Owner. Appropriate insurance means those insurance policies approved by the Agency Counsel consistent with the foregoing. Any and all insurance required hereunder shall be maintained and kept in force until the Agency has issued the Certificate of Completion for the Project. Section 9. Certain Sales or voluntary Transfers of the Project. The Participating Owner hereby covenants and agrees not to sell, transfer or otherwise dispose of the Property or the Project located thereon prior to the issuance of a Certificate of Completion for the Project. Following the issuance of a Certificate of Completion for the Project, Participating Owner hereby covenants and agrees that it will not sell, transfer or otherwise dispose of the Property or the Project located thereon without first obtaining from the prospective purchaser a written and signed acknowledgment stating that said purchaser understands and acknowledges the existence of the Affordability Covenants and the Redevelopment Covenants and unambiguously agrees to be bound thereby. Said acknowledgment shall be in a form and of a content reasonably acceptable to the Agency and shall be delivered to the Agency and approved thereby in advance of any such sale. A breach of any covenant contained in this section shall be deemed, at the Agency's sole option, an Event of Default (as defined in section 20 hereof) . Section: 10. Notice of Sales and Tran f rs. In addition to the foregoing, and for the term of this Agreement, the Participating Owner agrees to notify the Agency in writing of any sales or transfers of any portion of the Property or the Project prior to the consummation of such sale and/or transfer, which notice shall contain the name, address and formal description of the entity so acquiring interests in the Project or the Property. A breach of any covenant contained in this section shall be deemed, at the Agency's sole option, an Event of Default. Section 11. Wages and Compliance with State haws. The Participating Owner shall comply with any applicable labor regulations and all other State Laws in connection with the construction of the improvements and the private improvements which comprise the Project. Specifically, and without limiting the scope of the foregoing sentence, the Participating Owner agrees that it A III1111 �ea':,e061 �"°.