Item 24 - Agreement No. 2025-01 - MLC Holdings

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IMMI I Affordability Term"). Upon the initial sale of all Affordable Units to Eligible Households pursuant to this Agreement, the Parties shall cooperate to execute and record a release or termination as to the Unrestricted Units. 5.2 Continuing Obligation to Pay the City Equity Share. Notwithstanding the expiration of the Total Affordability Term, the City shall have the right to receive payment for the City Equity Share, and enforce the Affordable Housing Resale Restrictions; the City Promissory Note, and the City Deed of Trust until satisfactory payment of the City Equity Share. 6. DEFAULT AND TERMINATION; INDEMNIFICATION 6.1 Default. Failure or delay by any Party to perforce 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 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 within an additional sixty (60) days following the conclusion of such thirty (30) day period (for a total of ninety (90) days). 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. 6.2 Remedies. 6.2.1 Any individual who sells or rents (including subleasing) an Affordable Unit in violation of the provisions of this Agreement shall be required to forfeit to City all monetary amounts so obtained. 6.2.2 City may institute any appropriate legal actions or proceedings necessary to ensure compliance with this Agreement, including but not limited to: (a) Actions to revoke, deny or suspend any permits and/or certificate of occupancy; (b) Actions under the Affordable Housing Resale Restrictions, City Promissory Note, or City Deed of Trust executed by a Homebuyer; (c) Actions for injunctive relief, damages, or other monetary relief, and (d) Civil citations or penalties. 6.3 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 times, of any other rights or remedies for the same default or any other default by the other Party. Page 17 55394.00101 \43423340.1