Default by Affordable Housing Provider Sample Clauses

Default by Affordable Housing Provider. ARD and the City acknowledge that Exhibit “G” of the Development Agreement provides, “should an affordable housing provider fail to construct the units, the obligation to provide for the 24 deed-restricted low income affordable housing units on the lot remains with Xxxxx Ranch to complete.” In addition, Exhibit “G” requires ARD to construct eight (8) Low Income 2- bedroom/ 1- bath and eight (8) Moderate Income 2- bedroom/ 1- bath units. XXX has proposed and City agrees to permit these units to be included in the R-4 Affordable Housing Project along with the 24 deed-restricted low income affordable units. ARD and the City further acknowledge that the Development Agreement does not specifically call out the timing for completion of the R-4 Affordable Project but contemplates that the R-4 Affordable Housing Project will be completed “early in the Project, rather than leaving them to the end.” If the Affordable Housing Provider does not timely develop and construct the R-4 Affordable Housing Project, ARD and Affordable Housing Provider will meet to discuss the actions required for ARD to step in and take over as necessary to allow the R-4 Affordable Housing Project to be constructed. In the event Affordable Housing Provider elects not to complete the R- 4 Affordable Housing Project or fails to do so following receipt of written notice by ARD to R-4 Affordable Housing Provider of its intent to complete R-4 Affordable Housing Project and Affordable Housing Provider fails thereafter to diligently and continuously process to completion construction of the R-4 Affordable Housing Project, ARD acknowledges it has or will have the right to step in and take over work necessary to complete the R-4 Affordable Housing Project by delivering written notice to Affordable Housing Provider.
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