Common use of Remedies and Enforceability Clause in Contracts

Remedies and Enforceability. In the event Developer defaults under Section 7.01 or violates of any of the provisions of this Agreement, one or more of the following actions may be taken by the appropriate party to ▇▇▇▇▇, prevent, or enjoin any such violation or to recover monetary damages caused by such violation. (a) The GLO or HUD may: (i) Apply to any court having jurisdiction of the subject matter for specific performance of this Agreement for an injunction against any violation of this Agreement or 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. The amount to be recaptured shall be decreased by one-twentieth (1/20) of the total amount of CDBG-DR funds expended for the Project 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 attorneys’ fees in any judicial action in which the GLO prevails. The GLO or HUD shall also be compensated for fees associated with additional compliance monitoring during corrective periods for noncompliance upon a default by Developer hereunder. (b) The occupancy and maximum-rent requirements set forth herein shall inure to the benefit of LMI Households or ▇▇▇ Households, and such requirements may be judicially enforced against Developer. Any of the persons or entities described above shall be entitled to judicially enforce this Agreement in the same manner in which the GLO may seek judicial enforcement and shall be entitled to reasonable attorneys’ fees. Further, any deed, lease, conveyance, or contract made in violation of this Agreement shall be void and may be set aside on petition of one (1) or more of the Parties to the Agreement. All successors in interest, heirs, executors, administrators, or assigns shall be deemed Parties to this Agreement to the same effect as the original signer. When any such conveyance or other instrument is set aside by decree of a court of competent jurisdiction, all costs and expenses of such proceedings shall be taxed against the offending Party or Parties and shall be declared by the court to constitute a lien against the wrongfully deeded, sold, leased, or conveyed real estate until paid. Such lien may be enforced in such a manner as the court may order.

Remedies and Enforceability. In Upon the event Developer defaults under Section 7.01 or violates occurrence of any an Event of the provisions of this AgreementDefault, one or more of the following actions may be taken by the appropriate party GLO or HUD to ▇▇▇▇▇, prevent, or enjoin any such violation or to recover monetary damages caused by such violationDeveloper’s default and/or breach. (a) The GLO or HUD may: (i) Apply to any court having jurisdiction of the subject matter for specific performance of this Agreement or for an injunction against any violation of this Agreement or 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. The amount to be recaptured shall be decreased by one-twentieth (1/20) of the total amount of CDBG-DR funds expended for the Project 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 attorneys’ fees in any judicial action in which the GLO prevails. The GLO or HUD shall also be compensated for fees associated with additional compliance monitoring during corrective periods for noncompliance upon a default by Developer hereunder. (b) The occupancy occupancy, use, and maximum-rent requirements restrictions set forth herein shall inure to the benefit of LMI Households or ▇▇▇ Households, and such requirements may be judicially enforced against Developer. Any of the persons or entities described above shall be entitled to judicially enforce this Agreement in the same manner in which the GLO may seek judicial enforcement and shall be entitled to reasonable attorneys’ fees. Further, any ; it being acknowledged that LMI Households or ▇▇▇ Households cannot be adequately compensated by monetary damages in the event of Developer default. (c) Any deed, lease, conveyance, or contract made in violation of this Agreement shall be void and may be set aside on petition of one (1) or more of the Parties to the Agreement. All successors in successors-in-interest, heirs, executors, administrators, or assigns shall be deemed Parties to this Agreement to the same effect as the original signer. When any such conveyance or other instrument is set aside by decree of a court of competent jurisdiction, all costs and expenses of such proceedings shall be taxed against the offending Party or Parties and shall be declared by the court to constitute a lien against the wrongfully deeded, sold, leased, or conveyed real estate until paid. Such lien may be enforced in such a manner as the court may order. (d) Notwithstanding anything to the contrary herein, any recapture of the federal funds expended for the Project to the Developer shall be subject and subordinate to the payment of indebtedness owed to any first lien mortgage held by an institutional lender (a “Senior Lender”). In each case where GLO has given a notice of default under the Agreement to Developer, the GLO shall deliver to Senior Lender a copy of said notice within five (5) business days of the issuance of the notice to Developer. Failure of GLO to send a copy of a notice of default to Senior Lender shall not prevent the exercise of the GLO’s rights and remedies under the Agreement, subject to the provisions of this section. Senior Lender shall have the right, but not the obligation, to cure any default within ninety (90) days following the date of receipt of the copy of the notice. Until the expiration of such ninety (90) day period, the GLO shall not be entitled to exercise and enforce rights and remedies available to the GLO under this Agreement and/or under applicable laws other than specific performance and injunctive relief to enforce covenants and agreements contained in this Agreement. Following expiration of such ninety (90) day period, the GLO shall be entitled to exercise and enforce all other rights and remedies available to the GLO under this Agreement and/or under applicable laws, including without limitation, rights to enforce covenants and agreements relating to income, rent, or affordability restrictions contained in this Agreement.

Remedies and Enforceability. In the event Developer defaults under Section 7.01 or violates of any of the provisions of this Agreement, one or more of the following actions may be taken by the appropriate party to ▇▇▇▇▇, prevent, or enjoin any such violation or to recover monetary damages caused by such violation. (a) The GLO or HUD may: (i) Apply to any court having jurisdiction of the subject matter for specific performance of this Agreement for an injunction against any violation of this Agreement or 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. The amount to be recaptured shall be decreased by one-twentieth fifteenth (1/201/15) of the total amount of CDBG-DR funds expended for the Project 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 attorneys’ fees in any judicial action in which the GLO prevails. The GLO or HUD shall also be compensated for fees associated with additional compliance monitoring during corrective periods for noncompliance upon a default by Developer hereunder. (b) The occupancy and maximum-rent requirements set forth herein shall inure to the benefit of LMI Households or ▇▇▇ Households, and such requirements may be judicially enforced against Developer. Any of the persons or entities described above shall be entitled to judicially enforce this Agreement in the same manner in which the GLO may seek judicial enforcement and shall be entitled to reasonable attorneys’ fees. Further, any deed, lease, conveyance, or contract made in violation of this Agreement shall be void and may be set aside on petition of one (1) or more of the Parties to the Agreement. All successors in interest, heirs, executors, administrators, or assigns shall be deemed Parties to this Agreement to the same effect as the original signer. When any such conveyance or other instrument is set aside by decree of a court of competent jurisdiction, all costs and expenses of such proceedings shall be taxed against the offending Party or Parties and shall be declared by the court to constitute a lien against the wrongfully deeded, sold, leased, or conveyed real estate until paid. Such lien may be enforced in such a manner as the court may order.