Agmt97 CDBG Pen. Habitat for Hu - Laserfiche WebLink

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appraiser must be approved by City. The Contractor shall be responsible for the cost of said appraisal. Contractor shall pay to the City the sum of One Hundred Thousand and no Dollars ($100,000.00) plus any accrued equity based on the prorated City share of the CDBG funds on the then current Fair Market value of the property. C. USE Contractor shall use the Property exclusively for single family ownership housing. If Contractor discontinues the above-stated use at the subject Property, or uses the Property or any portion thereof, for purposes other than what has been described in this Paragraph without first obtaining the prior written consent of the City, Contractor shall be in default of this Agreement and agrees to pay the City, upon demand, the full amount of CDBG funds provided to assist in the acquisition of this property, provided however Contractor shall have Thirty (30) Days to cure the default after receipt of a Notice of default is provided in writing by City. The restrictions imposed upon the Property (as set forth in Section 5, above) shall remain in full force and effect for the term of (20 years) regardless of whether the Beneficiary's mortgage is paid off before its maturity date. D. NONPROFIT STATUS OF CONTRACTOR Contractor agrees to maintain its status as a nonprofit corporation and that its failure to do so shall be grounds for termination of this Agreement, and acceleration of the Note. E. TITLE POLICY Contractor shall, at its own cost, secure at the close of escrow the issuance of a policy of title insurance in the amount of not less than $131,000, clear of any title defects which would prevent the operation of the proposed project. Contractor shall pay all recording fees, escrow fees, the premium for the title insurance policy, all fees and cost for any new financing, and shall pay any applicable transfer taxes. F. BREACH OF CONTRACT Applicable federal statutes and regulations, as referred to elsewhere herein govern this Agreement. Any material deviation by Contractor for any reason from the requirements thereof, or from any other provision of this Agreement, shall constitute a breach of this Agreement and may be cause for termination at the election of City or upon the direction of HUD. City may terminate this Agreement for cause after giving Contractor notice of any breach or default and 30 days to cure said breach or default, provided however, that in the event such breach or default cannot be cured within 30 days, Contractor shall have such additional time to cure said default as is reasonably required provided that Contractor has