Agenda - 10-16-2001-8f - Laserfiche WebLink

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4.3 ]'he resale pmaision shellremeivmefT t[or the full affmdebikty period-99 years. 5. Mlesxllaveous Provuiova. a Tenuivadau ofAl'leement The full bcncE[o[Ne Pmjxt will be realized only after the completion aftbe etfordebility periods far all properties cavsbuMed with fords provide affoNable wits to low-income families. It is the County's ivtentlon that Ne full public brnafit of this projeM shall be completed under the ampices ofEmPOWGRment for the assisted units as follows. t. iv theeventNat EmPOWERment isvmbtakprawedwiN any aspect of the Project m e timely mariner, and County and EmPOWHRment determine Nat mesoriable extension(s) Nr comple3on udR not retn~y the situation, Then HmPOWERmmt will romm responsibility for regnvemev[s for any dwelling units assisted aM CovnTy wdl make m further payments to EmPOWEILnwt ,i. In the event that EmPOWHRraent, poor k the convect completion date, is ~mable k vvfinue to furwtiov due to, bv4 net IimitM b, dissolufion or wsolvency afNe mgam'aatlon, its fling apetition forbankmptcy or similar proceedings, or k adjudged bankrupt m feik to comply or pcr£omv wiNpmvisiovs ofthis agreematq Nev EmPOWEHm®t shall, upon the Cowty's request. coaveytb the Cauvry Ne properties assisted wiN fends. Covveyavice shell be at the sole discretion of Cauvry end onadwclhngtmit by dwelling uni[basis. Conveyance ofpmpertiee shall be on We terms set forth hereim Conveyance of properties shall oc ur within tlavly (30) days of Cvunry and EmPOWERmrnt's vgrcemrn[ of HmPON'ElLrrent's mebiliry k continue as a viable argmfvnfiov. EmPOWERmm[ shell convey Ne subjeM properties to Cowty by geveml warranty deed, flee and clam of ell Eene and encumbrances ofmwrd except those whkh create a beneficial mkrest iv Cowty (Declaration of Rce[riclive Coverudts and Deetl of TrusQ. b. DeOVIy Eemedfee. This Ageemem may be termiremd by a non-defaWtkg party upon an event oP default 6arevvdeq efkr wrivw notice thereof and thvty (3p) days gace period in wbich the defaulting pare' nmy eM to core. Ae vaed herew, Ne term "an event of default" shall mean and refer to a Poihve or aM oP amiselov by ritho parry wiN mspcM to any wdalakwg, obligation, covenant or condition es set foM in this Apecment. With respect to any event of defaub, Ne von-0efevlttng party may cxemlae any right available m it at law or iv equity with respect to such default. Books ana Reavrda. EmPOWERment shall maintain reeortls cf iu g[ant requvemmk under Nis contract for ninety-Nne (99) yams following the eonkeM completion dak or writ the last of Nc housing unib that are pazt of Ne Project u sold m a mnqualiUed bvper, whichever frst Deems.