Agmt13 Redwood City Partners, LLC

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or letter) pursuant to Municipal Code §14.76 and additionally, when practicable, by telephone, of the Maintenance Deficiency and the time by which such Maintenance Deficiency should be cured. The Property Manager shall promptly cure or commence and diligently pursue to cure the Maintenance Deficiency. Developer shall provide City with the name, title and necessary contact information for the Designated Property Manager who may be contacted at any time, and update such information whenever necessary. If the Maintenance Deficiency has not been cured by the Designated Property Manager within the time stated in the Notice, as such time may be extended by City, the City shall have the right to enter the Project and the Site and perform all acts necessary to cure the Maintenance Deficiency and shall have the right to draw upon the "Maintenance/Graff'iti Deposit" (as defined below) to pay for City's costs in effectuating such cure. Upon the issuance of a Certificate of Completion, Developer shall deposit with City an amount of Five Thousand Dollars ($5,000) (the "Maintenance/Graffiti Deposit"), which amount shall be replenished each year during the Covenant Period (the exact date to be determined by the parties) or if the Maintenance Deposit has been exhausted, and shall be used by City solely to cure any Maintenance Deficiencies not cured by the Designated Property Manager as set forth above or to remove graffiti, as set forth below in Section 5.2.3. City shall provide Developer and Designated Property Manager an ' explanation in writing whenever any portion of the Maintenance/Gr�ti Deposit is used to cure a Maintenance Deficiency and provide an annual accounting of the use of such funds. In the event the City's cost to cure a Maintenance Deficiency exceeds the amount of the Maintenance/Graffiri Deposit then held by City, City shall submit a bill to Developer, which Developer shall pay within thirty (30) ; days. Any amount expended by the City for the abatement of a Maintenance ' Deficiency pursuant to this Section that is not reimbursed to the City by the Developer within thirty (30) calendar days after written demand to the Developer for such reimbursement, shall accrue interest at the lesser of: (i) the rate of ten percent (10°l0)per annum or(ii)the Usury Limit,until paid in full. ' If Developer disagrees with City's determination that a Maintenance Deficiency exists or the cost incurred by City to cure a Maintenance Deficiency,Developer or its Designated Property Manager shall have the right to meet and confer with City's Community Development Director or his or her designee to resolve the issue. If the matter is not resolved,Developer or its Designated Property Manager ' may request a hearing with the City Manager whose written determination shall constitute the final determination by the City. If the matter remains unresolved, the Parties may exercise all legal remedies available at law or in equity. 5.2.3 Graffiti. Gr�ti, as defined in Municipal Code §14.98, that has been applied to any exterior surface of a structure or improvement on the Site, that is visible from any public right-of-way adjacent or contiguous to the Site, shall be removed by the Developer or the Designated Project Manager by either paintung over the evidence of such vandalism with a paint that has been color-matched to Exhibit"F" Form Of Notice Of Agreement Page 4 2013.118/BLOCK 2 HUNTER STORM REV:07-26-13 PT