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shall include financial and other documentary evidence to enable the City to evaluate the proposed <br />transaction. <br />(b) The City shall, at its commercially reasonable discretion, and subject to the <br />satisfaction of the requirements under the Ordinance and the Affordable Housing Program <br />Guidelines, approve the Transfer by written notice to Qualified Designee if, based upon the <br />information submitted by Qualified Designee and any other information available to the City, it <br />appears that following the Transfer, the conditions set forth in this Section have been satisfied or <br />waived. The City shall notify Qualified Designee and the proposed transferee of its decision within <br />sixty (60) days of receipt of notice of the proposed Transfer, which notice shall state with <br />reasonable specificity the basis for disapproval. The Qualified Designee shall pay the City's <br />reasonable staff and third party costs in making such decisions. <br />(c) Substitution of Affordable Site and/or Affordable Development. In the <br />event the Developer seeks to substitute the Affordable Site and/or Affordable Development as set <br />forth in Section 2.2(D) of the Development Agreement and said substitution is approved by the <br />City Council in the manner set forth in the Development Agreement, the City Manager shall be <br />authorized to execute any conforming amendments to this Agreement as may be necessary to <br />reflect the substitution, provided that such amendments be memorialized in a form subject to <br />approval by the City Attorney. <br />ARTICLE 6. <br />DEFAULTS AND REMEDIES <br />Section 6.1 Defaults. <br />(a) Developer or Developer's Affiliated Company Defaults. The following <br />events each constitute a Developer or Developer event of default and a basis for the City to take <br />action against only the Developer or Developer's Affiliated Company: <br />(1) Developer or Developer's Affiliated Company breaches any <br />material provision of this Agreement; <br />(2) Except as otherwise contemplated pursuant to Section 2.3(c), <br />Developer's Affiliated Company fails to acquire fee title to the Affordable Site (as may be <br />substituted pursuant to Section 5.6(c)) prior to the Close of Escrow); <br />(3) A Transfer of Developer or Developer's Affiliated Company occurs, <br />either voluntarily or involuntarily, in violation of this Agreement; <br />(4) Any Developer or Developer's Affiliated Company representation <br />or warranty contained in this Agreement or in any application, financial statement, certificate or <br />report submitted to the City in connection with this Agreement proves to have been incorrect in <br />any material and adverse respect when made; <br />(5) The Developer or Developer's Affiliated Company voluntarily <br />suspends its business or, the Developer or Developer is dissolved or terminated. <br />ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT <br />REV: 10-16-25 VR <br />Page 27 of 41 <br />