2007/12/05 Council Agenda Packet

_ r_ any assistance provided under this HOME Agreement for such acquisition or construction in such identified areas in communities then participating in the National Flood Insurance Program shall be subject to the mandatory purchase of flood insurance in accordance with the requirements of Section 102(a) of said Act. The Agency shall ensure that flood insurance coverage for affected property is maintained for the mandatory period. V. RECORDS AND REPORTS The Agency agrees to maintain the following records and submit the following reports in order to assist the City in meeting its recordkeeping and reporting requirements: A. Records Records under this Agreement shall be retained for the applicable periods required by 24 CFR § 92.508(c). VI. ENFORCEMENT OF THE AGREEMENT A. Breach by Agency; Termination by City In the event of a material breach of any of the provisions of this Agreement by the Agency, the City may give written notice thereof to the Agency by registered or certified mail addressed to the Agency at the notice address determined pursuant to this Agreement. Curing of Monetary Default. If a monetary event of default occurs under the terms of this Agreement, , before exercising any remedies thereunder, the City shall give the Agency written notice of such default. The Agency shall have a period of ten (10) days after such notice is given within which to cure the default before exercise of remedies by the City under hereunder, or such longer period of time as may be specified in the Loan Documents. A default in payment of any amount due hereunder may be cured only by payment in full of such amount plus the interest accrued from the date of default, as stated above, on the unpaid principal balance as of the date of default until the date of payment resulting from application of a default rate of interest as provided herein or in any Loan Document, if any, that may be due hereunder or under any instrument relating to or evidencing the obligations hereunder plus any attorneys' fees incurred by the City by reason of such default. Curing of Nonmonetary Default. If a nonmonetary event of default occurs under the terms of any of this Agreement, prior to exercising any remedies hereunder, the City shall give the Agency written notice of such default. If the nonmonetary default is reasonably capable of being .cured within thirty (30) days, the Agency shall have such period to effect a cure prior to exercise of remedies by the City, or such longer period of time as may be specified in the Loan Documents. If the default is such that it is not reasonably capable of being cured within thirty (30) days or such longer period if so specified, and if Agency in the reasonable determination of the City (a) initiates corrective action within said period, and (b) diligently, continually, and in good faith works to effect a cure as soon as possible, then the Agency shall have such additional time as the City determines is reasonably necessary to cure the default prior to exercise of any remedies by Holder. In no event shall the City be precluded from exercising - 12 - 1. 4C;