SR 05:219 - Laserfiche WebLink

(a) The Developer shall use or cause the Project to be used as a licensed Assisted Living facility. (b) Throughout the term of this Agreement, Developer shall offer to all Residents, supplemental care and seryices designed to meet the special needs of elderly residents that are deemed to be charitable by the State of California Board of Equalization and allows the Development to be exempt from property taxation. 4.2 Compliance with Loan Agreement. The Developer shall comply with the terms and conditions of the Loan Agreement. 4.3 PropertY Maintenance. The Developer shall maintain the Property in accordance with Section 3.6 of the Ground Lease. 4.4 Insurance. The Developer shall maintain insurance in accordance with Section 5.1 through 5.3 of the Ground Lease. 4.5 Management Responsibilities. The Project shall at all times be managed by an experienced management agent acceptable to City, with demonstrated ability to operate residential facilities like the Project in a manner that will provide decent, safe, and sanitary housing (as approved, the "Management Agent"). The City approves Eskaton Properties Incorporated as the initial Management Agent for the Project. Before changing Management Agents, the Developer shall submit for City's approval the identity of the proposed new Management Agent. The Developer shall also submit such additional information about the background, experience and financial condition of any proposed Management Agent as is reasonably necessary for City to determine whether the proposed Management Agent meets the standard for a qualified Management Agent set forth above. If the proposed Management Agent meets the standard for a qualified Management Agent set forth above, City shall approve the proposed Management Agent by notifying the Developer in writing. Unless the proposed Management Agent is disapproved by City within thirty (30) days, which disapproval shall state with reasonable specificity the basis for disapproval, it shall be deemed approved. In addition to the above, the City may recommend the removal of a Management Agent; provided, however, that any removal of or change in the Management Agent shall be determined by the Developer in its sole discretion. 4.6 City Preference Reauirements. The Developer shall comply with any resident preference system approved by the City in accordance with the terms of Section 2.12 of the Ground Lease. 4.7 Ouarterly Management Meetings. Upon the request of either the Developer or the City, the Developer, !lfltI---City and Mana!!ement A!!ent shall meet to review the Project operations and finance; provided however, that such meetings shall not occur more frequently than on a quarterly basis. 144\105\159081.11 with 159081.10 Redline 275355 8