Enforcement of Restrictions. (a) In the event any one or more of the following events occur, it is hereby defined as and declared to be and constitute an "Event of Default" under and for the purposes of this Agreement: a. Any representation of the Owner contained herein that shall prove to have been false in any material respect; or b. Refusal or failure of Owner to perform and observe any of the covenants, agreements or conditions in this Agreement if, upon Owner’s receipt of written notice of such failure or refusal to perform, such performance and observance of the covenants, agreements and conditions of this Agreement is not corrected (b) If an Event of Default shall occur, the Owner shall pay MHDC an amount equal to the amount provided for materials and services for the rehabilitation of the Property, except that such amount shall be prorated so as to require the payment of only so much of the funds as is proportionate to the remainder of the term of this Agreement. (c) The parties may pursue any available remedy at law or in equity, including the remedy of specific performance. (d) If either party defaults under any provision of this Agreement, the defaulting party shall pay to the non-defaulting party reasonable attorney fees and such other reasonable expenses incurred by the non-defaulting party to pursue any available remedy at law or in equity.
Appears in 4 contracts
Samples: Regulatory Agreement, Regulatory Agreement, MHTF Regulatory Agreement
