Failure to Comply with Affordable Housing Commitments Sample Clauses

Failure to Comply with Affordable Housing Commitments. 9.3.1. If Company or a Property Owner (i) fails to comply with the Phase 1 Affordable Housing Commitment or Phase 2 Affordable Housing Commitment, as applicable, for any reason (other than on account of a Force Majeure Event), for a period of sixty (60) consecutive calendar days at any time during the applicable term for providing such affordable housing units as set forth in Section 6, Company will be in default under this Agreement, and the City will have the right to terminate this Agreement following provision of notice and opportunity to cure in accordance with this Agreement and enforce its remedies under the Phase 1 Deed of Trust or Phase 2 Deed of Trust, as applicable. Notwithstanding the foregoing, in no event shall the Phase 1 Deed of Trust or the Phase 2 Deed of Trust be cross- defaulted and (i) failure of the Company to comply with the Phase 1 Affordable Housing Commitment shall not entitle the City to exercise remedies under the Phase 2 Deed of Trust absent a failure to comply with the Phase 2 Affordable Housing Commitment, or (ii) failure of the Company to comply with the Phase 2 Affordable Housing Commitment shall not entitle the City to exercise remedies under the Phase 1 Deed of Trust absent a failure to comply with the Phase 1 Affordable Housing Commitment.
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