Common use of Ongoing Requirements Clause in Contracts

Ongoing Requirements. In addition to completion of the Improvements in accordance with subsection (A) above, Stewardship agrees to the following terms and conditions. Failure to comply with this subsection (B) will result in default and require Stewardship to repay the Program Grant as provided in subsection (C). For the ten (10) year period following the Effective Date: (1) Stewardship must establish and maintain the highest industry standards for residency requirements and property management that ensures measurable and long-term value for City’s investment of revitalization funds. (2) Stewardship must remain compliant with all applicable City codes, and must not receive Tier Designations below a Tier 1 following two Primary Team Inspections. Should Stewardship fail to regain compliance such that the property receives Tier Designations below a Tier 1 following two Primary Team Inspections, the Program Grant will be refunded to City based on its pro-rata remaining value as set forth in subsection (C). (3) The Primary Team Inspection to establish the initial Tier Designation shall be performed by City within thirty (30) days of the final issuance of a Green Tag for the Improvements. (4) Prior to City performing a Primary Team Inspection to establish the initial Tier Designation as established in subsection (B)(3), City will complete a pre-inspection walk through of the complex with Stewardship or Stewardship’s representative no later than sixty (60) calendar days prior to the date of the Primary Team Inspection being performed. (5) Stewardship shall provide acceptable verification to City that all Improvements have been completed in a timely basis and no Improvement liens exist on the Complex.