HPS. The primary objective of a Prototype Housing Production Strategy (HPS) is to assist the City in producing documents that identify actions for the community to take to address housing needs. Pursuant to HB 2003, cities over 10,000 will be required to submit HNAs on a fixed 6-8 year schedule. The HNA will require the local government to identify a housing need that will be expressed as a number of housing units by type and affordability. Furthermore, cities with population over 10,000 will also be required to submit a Housing Production Strategy Report within one year of HNA adoption. In the HPS Report, the city will be required to identify strategies to support the development of the housing needs identified in the HNA over the 20-year planning period. The sum of all strategies proposed in the HPS Report must address the total 20-year housing need identified in the HNA. This Housing Production Strategy Report will be comprised of five main components:
HPS. Sykes and HPS further covenant among themselves that in the event action to collect the Loans becomes necessary or desirable, Sykes and HPS shall coordinate and cooperate, in good faith, to collect the Loans and shall share the net proceeds (after payment of all costs and expenses of collection, including reasonable attorneys fees) ratably so that Sykes and HPS each receive simultaneous payment of an amount that is equal to the ratio of (A) the total amount of indebtedness of Newco owed to each of them on the Loans, respectively, from time to time, and at each relevant time, to (B) the aggregate amount of indebtedness of Newco to both of them on the Loans, from time to time, and at each relevant time until the aggregate indebtedness of Newco to each of them has been paid in full. Sykes and HPS shall promptly give written notice to the other of the occurrence of a "default" or "event of default" or any condition or event that, with notice or lapse of time, or both, would give such party the right to accelerate payment of any indebtedness of Newco owed to it under any agreement, instrument or document to which Newco is a party. Sykes and HPS also shall promptly give written notice to the other if it demands payment of, or takes action to collect, its Loan. Sykes and HPS covenant among themselves that they shall not amend their respective Loan Agreements or take any collateral or security for their Loans without the consent of the other, it being the intention of both that their Loan Agreements should contain identical provisions to make their Loans pari passu to the greatest extent possible. Sykes and HPS covenant among themselves to execute and deliver such other and further documents and instruments as may be necessary or desirable to implement fully or evidence further the provisions of this Section 2.3.(b).
