Agmt25 El Camino Real Holding JV LLC, - 920 Shasta

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ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT REV: 10-16-25 VR Page 29 of 41 and in the case of revocation, such revocation shall be subject to a noticed public hearing before the City Council. This remedy shall expire upon Close of Escrow of the Affordable Site to the Qualified Designee, or as otherwise provided in Section 2.3, above, as contemplated in this Agreement. (2) Instituting against the defaulting Developer, Qualified Designee, as applicable or other parties a civil action for declaratory relief, injunction or any other equitable relief, or relief at law, including without limitation an action to rescind a transaction and/or to require repayment of any funds received in connection with such a violation; (3) Where one or more persons have received financial benefit as a result of violation of this Agreement or of any requirement imposed under the Ordinance, the City may assess, and institute legal action to recover as necessary, a penalty from such persons in any amount up to and including the amount of financial benefit received, in addition to recovery of the benefit received; and (4) Any other means authorized under the City’s Municipal Code. (b) Developer or Qualified Designee Remedies. Failure by City to cure any default in the City’s obligations under the terms of this Agreement within thirty (30) days after the delivery of a notice of default and failure to cure such default the Developer and Qualified Designee’s remedy shall be to institute a suit for damages or for specific performance. Section 6.3 Remedies Cumulative. No right, power or remedy given to the City by the terms of this Agreement, or the Ordinance is intended to be exclusive of any other right, power or remedy; and each and every such right, power or remedy shall be cumulative and in addition to every other right, power or remedy given to the City by the terms of any such document, the Ordinance, or by any statutes or otherwise against Developer, Qualified Designee, and any other person. Neither the failure nor any delay on the part of the City to exercise any such rights and remedies shall operate as a waiver thereof, nor shall any single or partial exercise by the City of any such right or remedy preclude any other or further exercise of such right or remedy, or any other right or remedy. Section 6.4 Replacement of Qualified Designee. (a) In the event the Qualified Designee is in default hereunder, subject to the applicable cure period set forth in Section 6.2(a), or otherwise refuses to receive the Land Donation, the City may exercise the right to receive the Land Donation. Alternatively, the City may name a replacement Qualified Designee, which approval shall be made by the City Manager or the City Manager’s designee on behalf of the City. In reviewing any particular replacement request under this Section, the City Manager or City Manager’s designee, may take the following criteria into consideration: (1) If the proposed transfer to a replacement qualifying designee is to occur prior to the Close of Escrow, the proposed transferee’s demonstrated experience in developing quality affordable housing developments comparable in scale to the Affordable Development, at a minimum the transferee must meet the general partner experience as defined in the CTCAC regulations and must have five (5) or more projects in service for more than three (3)