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STATE OF CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT "HCD" - (SANTA ANA ARTS COLLECTIVE, L.P. & META HOUSING PROJECT) (2)
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STATE OF CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT "HCD" - (SANTA ANA ARTS COLLECTIVE, L.P. & META HOUSING PROJECT) (2)
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Last modified
9/20/2017 3:40:43 PM
Creation date
9/19/2017 12:11:38 PM
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Contracts
Company Name
STATE OF CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT "HCD"
Contract #
A-2017-179
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
7/5/2017
Expiration Date
7/5/2020
Destruction Year
0
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shall be done on the HRI or TRI without the prior written consent of <br />the Department and until said condition has been fully corrected. <br />e. Curing of Defaults by Disbursement From Program Funds. Upon the <br />happening of any Event of Default that may be cured by payment of <br />money, the Department shall have the right to make such payment <br />from the Program Funds. If the payment of any such sums may, in <br />the Department's good faith determination, result in the reduction in <br />the total amount of remaining Program Funds below that required to <br />complete construction of the HRI, STI, or TRA, the amount which the <br />Department determines in good faith to be necessary to provide for <br />such completion shall be deposited by Recipient with the Department <br />or in such account as the Department may designate, within ten (10) <br />days after written demand therefore by the Department. <br />Judgment for Specific Performance Appointment of a Receiver. <br />Upon the occurrence of an Event of Default, the Department may <br />seek an order for specific performance in any court of competent <br />jurisdiction or may apply to any such court for the appointment of a <br />receiver to take over and complete construction of the Work in <br />accordance with the terms of the Grant Documents, or for such other <br />relief as may be appropriate. <br />23. Right to Advance or Post Program Funds. Where disputes have arisen <br />which, in the good faith opinion of the Department, may endanger timely <br />completion of the Work or fulfillment of any condition precedent or covenant <br />herein or result in lien claims against the Property or the Work, the <br />Department may agree to advance Program Funds for the account of <br />Recipient without prejudice to Recipient's rights, if any, to recover said funds <br />from the party to whom paid. Such agreement or agreements may take the <br />form which the Department, in its discretion, deems proper, including, but <br />without limiting the generality of the foregoing, agreements to indemnify a <br />title insurer against possible assertion of lien claims, agreements to pay <br />disputed amounts to the Contractor or any potential lien claimant in the <br />event Recipient is unable or unwilling to pay the same, and the like. All <br />sums paid or agreed to be paid pursuant to such undertaking shall be for <br />the account of Recipient, and Recipient agrees to reimburse the <br />Department for any such payments made upon demand therefore with <br />interest at the rate of ten (10%) percent per annum, or such lower rate of <br />interest as may be approved by the Department, from the date of payment <br />until date of reimbursement. Nothing in this or any other paragraph of this <br />Agreement shall be construed to require the Department to advance monies <br />over and above the amount of the Program Funds, though the Department <br />may, at its option, advance such amounts. <br />16-AHSC-11200 <br />NOFA 02/29/16 Page "17 of 36 <br />Rev: 03/16/17 <br />Pro,iectt. Santa Ana Arts Collective <br />Piet: tate: 03/0$/17 <br />
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