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REV: 02-07-25 LF <br />contractors working on behalf of Owner shall maintain a policy of builder’s all-risk <br />insurance in an amount not less than the full insurable cost of the Property on a <br />replacement cost basis. <br />c.Prior to commencement of Project, Owner or its successors and assigns <br />acquiring title to the Property shall maintain property insurance covering all risks <br />of loss (other than earthquake), including flood for 100% of the replacement value <br />of the Property. For Flood insurance, a separate flood insurance policy, with a flood <br />limit of insurance equal to the maximum flood limit provided under the National <br />Flood Insurance Program (“NFIP”) is acceptable. <br />12.Enforcement: Owner grants to the City the right to take any and all legal action <br />necessary to enforce the provisions of these affordability covenants, and Owner will be <br />responsible for all reasonable legal expenses incurred by the City in the enforcement of <br />the affordability covenants. Within the CDBG program guidelines, the City will have the <br />right to waive any and all breaches of the terms of the affordability covenants, but any <br />such waiver shall not be deemed a waiver of any previous or subsequent breaches. <br />13.These affordability covenants do not limit, and will run concurrently with, the <br />Declaration of Affordability Covenants executed by the Owner on August 17, 2005. <br />IN WITNESS WHEREOF, Owner has executed this Declaration on the date first <br />written above. <br />“Owner” <br />Villa Montgomery L.P. <br />By: _____________________________ <br /> _____________________________ <br />[Signature to be notarized] <br />5 <br />ATTY/AGR.2025.019/First Community Housing (Villa Montgomery - Elevator Rehab Project) (Page 23 of 26)