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RecDoc2003-20130 - Owner Participation Agmt.
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RecDoc2003-20130 - Owner Participation Agmt.
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Agreement
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for the life of the Redevelopment Plan, as extended from time to <br />time. <br />(e) All of the foregoing covenants shall run with the <br />land, and shall inure to the benefit of and be enforceable by the <br />Agency, and its successors and assigns. <br />(f) The covenants set forth in this Declaration shall <br />run in favor of the Agency for the entire period during which such <br />covenants are to remain in force in accordance with the foregoing, <br />and shall be in effect without regard to whether the Agency has at <br />any time been, remains, or is an owner of any land or interest <br />therein to which these covenants relate. In the event of any <br />breach of these covenants, the Agency shall have the right to <br />exercise all the rights and remedies available at law or in equity <br />to enforce the curing of such breach. <br />(g) It is the intent hereof that the provisions of <br />subsections (a) through (f), inclusive, of this Declaration shall <br />survive the termination of the other operative provisions of the <br />Agreement and the issuance and/or recordation of the Certificate of <br />Completion. <br />3. Maintenance of Property. During such time as the <br />covenants set forth in Section 2 of this Declaration are in effect, <br />the Property shall at all times be maintained as a rental apartment <br />complex of not less than 27 units. The Property shall at all times <br />be maintained in a neat and orderly condition consistent with good <br />management practices and in accordance with all applicable Federal, <br />State and local laws. <br />4. Events f Default; Enforcement. In the event of a <br />default in the performance or observance of any covenant, agreement <br />or obligation as set forth in this Declaration and, if such default <br />remains uncured for a period of thirty (30) days after notice <br />thereof shall have been given by the Agency, or such longer period <br />as may be approved by the Agency in writing in its sole discretion, <br />then the Agency may declare that an Event of Default has occurred <br />hereunder and may take any one or more of the following steps, at <br />its option: <br />(a) By mandamus or other suit, action or proceeding at <br />law or in equity, require the Declarant or its successors in <br />interest to perform its obligations and covenants hereunder, or <br />enjoin any acts or things which may be unlawful or in violation of <br />the rights of the Agency hereunder; and <br />G - 3 <br />hIIIIIVIIIInlllllllllllllllllallllllllllllllllhl 20:P;_=';0101 <br />
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