Contracts & Agreements_193-2017 - Laserfiche WebLink

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Project or any other lien or encumbrance whatsoever for the entire fifty-five(55) year Term of this Agreement Notwithstanding anything to the contrary herein, the City shall have the discretion to subordinate this Agreement to regulatory restrictions of public lender(s) restricting occupancy of units in the Project to Affordable Housing Upon a determination by the City Manager that the conditions in this Section have been satisfied, the City Manager or the City Manager's designee will be authorized to execute the approved subordination agreement without the necessity of any further action or approval by the City Council 8 Liquidated Damages Developer acknowledges that the City is implementing the goals objectives and policies of the City's General Plan Housing Element, and that City has granted an incentive and/or concession to Developer in recognition of Developer's designation of 20% of Project units as Affordable Housing If Developer does not rent the units as Affordable Housing in accordance with the provisions of this Agreement, Developer shall be in default of this Agreement and City will suffer damages However, it is extremely difficult and Impractical to ascertain the extent of the damages to City, therefore, in addition to any other legal or equitable remedies, City may have, Developer and City agree that if the Affordable Housing units in the Project is not rented as Affordable Housing in accordance with the provisions of this Agreement,as liquidated damages, City shall be entitled to recover from Developer the amount of any rents received by Developer from any units in excess of the Affordable Rent 9 Defaults and Remedies City shall have the right to specifically enforce each and every covenant, condition, restriction, and provision in this Agreement and Developer hereby agrees and acknowledges that money damages are an inadequate remedy for any default under this Agreement 10 Attorney's Fees In the event any action is commenced to enforce or Interpret the terms or conditions of this Agreement, the prevailing Party shall, in addition to any costs and other relief, be entitled to the recovery of its reasonable attorney's fees, including fees for use of in-house counsel by a Party 11 Time Time is of the essence in this Agreement 12 Notices Any approval, disapproval, demand, document or other notice ("Notice") which either Party may desire to give to the other Party under this Agreement must be in writing and may be given either by(i)personal service,(H)delivery by reputable document delivery service such as Federal Express that provides a receipt showing date and time of delivery, or (Iii) mailing in the United States mail, certified mail, postage prepaid, return receipt requested, addressed to the address of the party as set forth below, or at any other address as that party may later designate by Notice Owner Redlands Supportive Housing, L P City City of Redlands 3701 Wilshire Blvd, Suite 700 35 Capon Street Los Angeles, CA 90010 Redlands, California 92373 Attention City Clerk Such addresses may be changed by notice to the other party given in the same manner as provided above I\ca\djm\Agreements\Density Bonus and Incentive and or Concession Agreement Redlands supportive Housing L P docx 3