Agmt25 SEC-Lenders Documents 2 - Loan Agreement

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or fees for the purpose of inspection of the Property as to maintenance of the improvements thereon. Such representatives of the City shall be those who are so identified in writing by the City Manager, or their designee. 606. Effect and Duration of Covenants. The covenants contained in Sections 601, 602 and 605 of this Agreement shall remain in effect for the term of the Regulatory Agreement, but not less than fifty-five (55) years from the date the Regulatory Agreement is recorded on the Property. The covenants against discrimination contained in Sections 603 and 604 of this Agreement shall remain in effect in perpetuity. The covenants established in this Agreement shall, without regard to technical classification and designation, be binding on the part of the Borrower and any successors and assigns to the Property or any part thereof, and the tenants, lessees, sublessees and occupants of the Property, for the benefit of and in favor of the City and any successor in interest thereto. 700. DEFAULTS AND REMEDIES 701. Default. A party to this Agreement shall be in default if it fails to perform or satisfy any obligation or requirement set forth (A) herein after thirty (3 0) days of receiving written Notice from the non -defaulting party of such default, provided that in the case of a default that cannot with reasonable diligence be cured within thirty (30) days after the effective date of such Notice, such thirty (30) day period shall automatically be extended if and only for so long as Borrower does all of the following: (i) within thirty (30) days after Notice of such default, advise the City of the intention of Borrower to take all reasonable steps to cure such default; (ii) duly commence such cure within such period, and then diligently prosecute such cure to completion; and (iii) complete such cure within a reasonable time under the circumstances; or (B) under any applicable Loan Document after any applicable cure period. 702. Remedies. 702.1 City. Upon default by Borrower subject to applicable notice and cure periods, City shall not be obligated to disburse any Loan proceeds pursuant to this Agreement and Borrower shall immediately remit to City all cost and expense, interest and principal due City under the Note. 702.2 Borrower. Upon default by City, Borrower's sole remedy for such breach shall be to institute an action at law or equity to seek specific performance of the terms of this Agreement. Borrower shall not be entitled to recover damages for any default by City hereunder. Such legal actions must be instituted in the Superior Court of the County of San Mateo, State of California, or in the United States District Court for the District of California in which San Mateo County is located. 703. Rights and Remedies Cumulative. The rights and remedies of City hereunder are cumulative, and the exercise by City of one or more of such rights or remedies shall not preclude the exercise by it, at the same or different times, of any other rights or remedies for the same default or any other default caused by Borrower. REV: 05-21-25 LF ATTY/AGR.2025.100/HEART-SV (417 Stambauqh St.) (Page 23 of 85)