Laserfiche WebLink
time, PHA may declare a default under this Section 3 (an "Event of Default") without further <br /> notice. <br /> C. Remedies. In an Event of Default by Owner and/or Lessee, to the extent <br /> permitted by applicable law, PHA shall have the right to seek specific performance of the Use <br /> Requirement and/or to enjoin any violation of the Use Requirement in a court of competent <br /> jurisdiction. The right to specific performance and injunction shall be in addition to all other <br /> remedies available under statute, at law or in equity. <br /> D. Recapture of Federal Funds. In the event that any of the Units cease to be <br /> used in accordance with the Use Requirement prior to the expiration of the Restricted Period, any <br /> federal funds applied to that Unit (or those Units) shall, subject to the limitations set forth in the <br /> Disposition Agreement, be eligible for recapture from and/or repayment by PHA to HUD and <br /> shall be treated as federalized assets subject to all federal requirements (the "Repayment <br /> Obligation"). <br /> Notwithstanding anything to the contrary contained in this Section 3, each of the City and <br /> PHA shall have the right to enforce this Agreement; provided,however that the City and/or PHA <br /> shall be required to repay any federal funds provided by HUD and applied to the Units in the <br /> event the Units are not operated in accordance with the terms of Section 1 of this Agreement. <br /> 4. Actions Requiring the Prior Written Approval of HUD and PHA. Neither <br /> Lessee nor Owner shall convey, assign, transfer, sublease, pledge, hypothecate, encumber or <br /> otherwise dispose of the Disposition Property or any interest therein or permit the conveyance, <br /> assignment, transfer, sublease, pledge or encumbrance of the Disposition Property during the <br /> Restricted Period without the prior, jointly-executed, written approval of HUD and PHA. <br /> Notwithstanding the foregoing, Owner and/or Lessee need not obtain the prior written approval <br /> of HUD and PHA for (i) the conveyance or dedication of land for use as streets, alleys or other <br /> public rights-of-way, (ii) the granting of easements for the establishment, operation and <br /> maintenance of public utilities, and/or (iii) entering into residential agreements with tenant <br /> families. <br /> 5. Third Party Beneficiaries. HUD shall have the same enforcement rights and <br /> remedies available to the City and/or PHA under Section 3 of this Agreement, in addition to all <br /> other remedies available to HUD under statute, at law or in equity. No person or entity, other <br /> than the parties to this Agreement, has any rights or remedies under this Agreement. <br /> 6. Termination of Use Requirement. Upon the expiration of the Restricted Period, <br /> the Use Requirement shall cease and terminate, and the Disposition Property shall be deemed <br /> released of the Use Requirement and this Agreement without the requirement of any further <br /> writing between the parties herein. Notwithstanding the foregoing, upon expiration of the <br /> Restricted Period, PHA and HUD agree to execute and deliver to Owner such documents as <br /> Owner shall reasonably request releasing and confirming the release of the Use Requirement and <br /> this Agreement from title to the Disposition Property and clearing title to the Disposition <br /> Property from any cloud created by the Use Requirement or this Agreement. <br /> Page 4 of 16 <br />