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City of Everett/Cocoon House <br /> 2018 M&O 2060 Agreement <br /> Xl. AUDITS; INSPECTIONS <br /> The Grantee agrees that it and the Project are subject to audit by the City and to recovery <br /> for any audit exception which occurs due to its negligence or failure to comply with the <br /> terms of this HTF Agreement. <br /> At any time during the term of this Agreement, the City or its designee may enter and <br /> inspect the physical premises of the Grantee's office and inspect all accounting and other <br /> records pertaining to the Project. <br /> XII. BREACH BY THE GRANTEE; REMEDIES <br /> In the event of a material breach of any of the provisions of this 2060 HTF Agreement by <br /> the Owner, the City may give written notice thereof to the Owner by registered or certified <br /> mail addressed to the Owner at the notice address determined pursuant to this <br /> Agreement. If such violation is not corrected to the satisfaction of the City within thirty(30) <br /> days after the date such notice is mailed (or within such shorter or longer time as the City, <br /> in its sole discretion, may determine), the City may, without further prior notice, declare in <br /> writing a default under this Agreement, declare the Loan principal immediately due and <br /> payable pursuant to the terms of this Agreement and the Promissory Note, impose penalty <br /> interest on the Promissory Note as provided therein, and terminate or suspend this 2060 <br /> HTF Agreement <br /> The City also may, if it deems it appropriate, apply to any court, State or Federal, for <br /> remedy for breach of contract; for specific performance of this 2060 HTF Agreement; for <br /> an injunction against any violation by the Owner of this 2060 HTF Agreement; for the <br /> appointment of a receiver to take over and operate the Project in accordance with the <br /> terms of this 2060 HTF Agreement; or for such other and further relief as may be <br /> appropriate, it being agreed by the Owner that the injury to the City arising from a default <br /> under and of the terms of this 2060 HTF Agreement would be irreparable and that it would <br /> be extremely difficult to ascertain the amount of compensation to the City which would <br /> afford adequate relief, in light of the purposes and policies of the 2060 Housing Trust Fund. <br /> As an alternative, the City may, in its sole discretion, submit the matter to arbitration. <br /> XIII. NONWAIVER OF BREACH <br /> The City's failure to insist upon strict performance of any of the terms of this 2060 HTF <br /> Agreement, or to exercise any rights or remedies herein, or its acceptance of any defective <br /> performance in any one or more instances, shall not be construed to be a waiver or <br /> relinquishment of any rights, and shall not prevent the City from pursuing that or any other <br /> right at any future time, unless stated in a writing signed by an authorized representative <br /> of the City and attached to the original Agreement. <br /> XIV. GOVERNING LAW; VENUE STIPULATION <br /> This HTF Agreement has been and shall be construed as having been entered into and <br /> delivered within the State of Washington, and it is mutually understood and agreed by <br /> each party hereto that this 2060 HTF Agreement shall be governed by the laws of the <br /> State of Washington, both as to interpretation and performance, and by applicable Federal <br /> laws and regulations. <br /> 7 <br />