NORTH BROADWAY HOUSING PARTNERS LP (C/O OF JAMBOREE AND WISEPLACE)

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Concurrently with any Affordability Adjustment Request, Developer shall provide City with evidence of the anticipated reduction or termination of the Project Subsidy, and of the adjustments and increases necessary to enable the Project to attain, and to maintain throughout the Density Bonus Housing Agreement Term, a positive cash flow. Developer's Affordability Adjustment Request and/or the termination of special and/or target population requirements is subject to the City's approval, such approval not to be unreasonably withheld, conditioned or delayed. Upon City's approval of any Affordability Adjustment Request, Developer hereby agrees to the following: A. Developer shall provide tenants in the Adjusted Affordable Units with at least sixty (60) days' written notice of any rent increase and shall notify each tenant that if they have received a tenant -based voucher from the Santa Ana Housing Authority or any other governmental entity they may use such voucher to pay the rent for their Adjusted Affordable Unit; B. No later than sixty (60) days prior to the proposed implementation of any rent increase, Developer shall submit to City a schedule of any proposed increase in the rent for review and approval by City (such approval not to be unreasonably withheld, conditioned or delayed). 6. TERM OF THIS AGREEMENT The tern of this Agreement ("Density Bonus Housing Agreement Term") shall commence on the Effective Date and shall continue until the date that is fifty-five (55) years after the City issues the last certificate of occupancy for the building in which the Affordable Units are located. DEFAULT AND TERMINATION; INDEMNIFICATION 7.1 Default. Failure or delay by any Party to perform any term or provision of this Agreement, which is not cured within thirty (30) days after receipt of notice from the other Party specifying the default (or such other period specifically provided herein), constitutes a default under this Agreement; provided, however, if such default is of the nature reasonably requiring more than thirty (30) days to cure, the defaulting Party shall avoid default hereunder by commencing to cure within such thirty (30) day period, and thereafter diligently pursuing such cure to completion. Except as required to protect against further damages, the injured Party may not institute proceedings against the Party in default until the time for cure has expired. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. 7.2 Rights and Remedies Cumulative. The rights and remedies of the Parties are cumulative, and the exercise by either Party of one or more of its rights or remedies shall not preclude the exercise by it, at the same or different tunes, of any other rights or remedies for the same default or any other default by the other Party. Notwithstanding anything to the contrary contained in this Agreement, in no event shall either Party be liable for speculative, consequential, punitive or other indirect damages, and each Party waives any right to collect speculative, consequential, punitive or other indirect damages against the other Party. 16 9138-126780\1517029.2