RES 89483 - Laserfiche WebLink

relief under any of the chapters of the Federal Bankruptcy Act, or in the event that one of the Principal Parties makes an assignment for the benefit of creditors (whether by common law assignment or pursuant to specific provisions of state or federal law), the other Principal Party may terminate this Agreement without notice to the first Principal Party, provided that prompt written notice of such termination is given to the City and ~t CHFA. X IIInWI II IA II II¢ nn/I II YI II M IN I I II X~ If1 Upon termination, Agent will submit to Owner any financial statements required by Owner, and after Owner and Agent have accounted to each other for all matters outstanding as of the date of termination, Owner will furnish Agent security, in form and principal amount satisfactory to Agent, against any obligations or liabilities which Agent may properly have incurred on behalf of the Development hereunder. XM~ !q) This Agreement may be terminated with or without cause by the City or CHFA as follows: If this Agreement is terminated for cause, the termination shall be effective thirty (30) days after the Principal Parties' receipt of the City's or CHFA's termination notice which shall set forth the reasons for the termination. Within such 30-day period, Owner and Agent shall have the right to contest the City's or CHFA's termination for cause. If this Agreement is terminated without cause, the termination shall be effective ninety (90) days after the Principal Parties' receipt of the City's or CHFA's termination notice, which shall provide not less than sixty-days notice of the date of the City Council meeting or CHFA meeting~ as the case ma~ be, at which the Principal Parties shall have the right to contest the City's or CHFA's decision to terminate this Agreement without cause. The decision of the City or CHFA, as the case may be, shall be final. XMl (h) Upon expiration of the term of this Agreement, if not otherwise renewed, it shall be deemed to continue on a month-to-month basis until renewed or terminated. ~. A~e~t's C~e~~. The Agent's sole compensation for its services under this Agreement is shown on the Management Fee Exhibit signed by Owner and Agent and endorsed by the City and CHFA and is attached to the approved current operating budget and is incorporated herein by reference. ~. ~.~~t ~. Attached hereto as Exhibit "A" and incorporated herein, is ~ copy of the Management Plan for the Development, which has been approved by the City and CHFA. The Management Plan provides a comprehensive and detailed description of the policies and procedures to be followed in the management of the Development. This Agreement briefly defines the nature of Agent's obligations, with the intention that reference be made to the Management Plan for more detailed policies and procedures. Accordingly, the Owner and Agent shall comply with all applicable provisions of the Management Plan, regardless of whether specific reference is made thereto in any particular provision of this Agreement. 8. ~s~c ~f~t~o~. Owner shall furnish Agent with the following: 19:MGMTAGR.EHI (10/27/89) 3