Common use of ENFORCEMENT OF REMEDIES BY GLO Clause in Contracts

ENFORCEMENT OF REMEDIES BY GLO. Upon an occurrence of an Event of Default, the GLO or HUD may, (i) apply to any court having jurisdiction of the subject matter for specific performance of this Agreement, and/or for an injunction against any violation of this Agreement, for the appointment of a receiver to take over and operate the Property in accordance with the terms of this Agreement, or (ii) take any and all action at law, in equity, or otherwise for such relief as may be appropriate, including recapturing federal funds expended for the Project provided, however, that the amount to be recaptured shall be decreased by one-fifteenth (1/15) of the total amount expended for the Project, under the Developer Contract, for each year that Developer complies with this Agreement. It is acknowledged that the beneficiaries of Developer’s obligations cannot be adequately compensated by monetary damages in the event of Developer default. The GLO shall be entitled to its reasonable attorney’s fees in any such judicial action in which the GLO shall prevail. The GLO or HUD shall also be compensated for fees associated with additional compliance monitoring during corrective periods of non-compliance upon a default by Owner/Developer hereunder.