Laserfiche WebLink
Operating reserves shall not be used for purposes other than the funding of <br /> operating deficits, without the prior consent of the City, which consent shall <br /> not be unreasonably withheld. Any other reserves shown in the development <br /> budget or pro forma operating budget that have been approved by the City <br /> shall not be used for purposes other than the purposes designated in said <br /> budgets for such reserves, without the prior consent of the City, which <br /> consent shall not be unreasonably withheld. Reports provided to the City <br /> shall demonstrate that required payments to replacement and operating <br /> reserves have been made as required by the City. <br /> VI. ENFORCEMENT OF THE AGREEMENT <br /> A. Disputes <br /> Any dispute concerning questions of fact in connection with the obligations <br /> covered by this Agreement and not disposed of by the terms herein shall be <br /> referred for determination to the Director of the City Department of Planning and <br /> Community Development is located, or his/her designee, whose decision in the <br /> matter shall be final and binding upon the parties, PROVIDED, that if an action is <br /> brought challenging the decision, the matter shall be subject to de novo judicial <br /> determination. Nothing contained herein shall excuse either party from otherwise <br /> complying with the terms of this Loan Agreement to the extent reasonably <br /> possible pending final resolution of the dispute. <br /> B. Breach by Agency; Termination by County <br /> 1. Curing of Monetary Default. If a monetary event of default occurs under the <br /> terms of any of the Loan Documents, before exercising any remedies <br /> thereunder, City shall give Agency written notice of such default at the notice <br /> address determined pursuant to this Agreement. Agency shall have a period <br /> of ten (10) days after such notice is given within which to cure the default <br /> before exercise of remedies by City under the Loan Documents, or such <br /> longer period of time as may be specified in the Loan Documents. <br /> 2. Curing of Nonmonetary Default. If a nonmonetary event of default occurs <br /> under the terms of any of the Loan Documents, prior to exercising any <br /> remedies thereunder, City shall give Agency written notice of such default at <br /> the notice address determined pursuant to this Agreement. If the <br /> nonmonetary default is reasonably capable of being cured within thirty (30) <br /> days, Agency shall have such period to effect a cure prior to exercise of <br /> remedies by City under the Loan Documents, or such longer period of time as <br /> may be specified in the Loan Documents. If the default is such that it is not <br /> reasonably capable of being cured within thirty (30) days or such longer <br /> period if so specified, and if Agency in the reasonable determination of City <br /> initiates corrective action within said period, and diligently, continually, and in <br /> good faith works to effect a cure as soon as possible, then Agency shall have <br /> Amended HOME Loan Agreement <br /> Housing Hope's Kennedy Court Improvement Project <br /> Page 46 of 53 <br />