Laserfiche WebLink
(c) Substitution of Affordable Housing Site and/or Affordable Housing Project. <br />In the event the Developer seeks to substitute the Affordable Housing Site and/or Affordable <br />Housing Project as set forth in Section 2.2(D) of the Development Agreement and said substitution <br />is approved by the City Council in the manner set forth in the Development Agreement, the City <br />Manager shall be authorized to execute any conforming amendments to this Agreement as may be <br />necessary to reflect the substitution, provided that such amendments be memorialized in a form <br />subject to approval by the City Attorney. <br />ARTICLE 6. <br />DEFAULTS AND REMEDIES <br />Section 6.1 Defaults. <br />(a) Developer or Donor Defaults. The following events each constitute a <br />Developer or Donor Event of Default and a basis for the City to take action against the Developer <br />or Donor: <br />(1) Developer or Donor breaches any material provision of this <br />Agreement; <br />(2) Donor fails to acquire fee title to the Affordable Site (as may be <br />substituted pursuant to Section 5.6(c)) prior to the Closc of Escrow); <br />(3) A Transfer of Developer or Donor occurs, either voluntarily or <br />involuntarily, in violation of this Agreement; <br />(4) Any Developer or Donor representation or warranty contained in <br />this Agreement or in any application, financial statement, certificate or report submitted to the City <br />in connection with this Agreement proves to have been incorrect in any material and adverse <br />respect when made; or <br />(5) The Developer or Donor voluntarily suspends its business or, the <br />Developer or Donor is dissolved or terminated. <br />(b) Qualified Designee Defaults. The following events each constitute a <br />Qualified Designee Event of Default and a basis for the City to take action against the Qualified <br />Designee: <br />(1) Qualified Designee breaches any material provision of this <br />Agreement; <br />(2) Qualified Designee fails to exercise good faith and diligent efforts <br />to satisfy, within the time and in the manner set forth in Article 3, one or more of the conditions <br />precedent to the Donor's obligation to convey the Property to the Qualified Designee; or <br />(3) Qualified Designee refuses to accept conveyance from the Donor <br />without cause within the time periods and under the terms set forth in Article 3. <br />ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT <br />REV: 10-22-24 VR <br />Page 23 of 35 <br />