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b.Mounds View Home Improvement Loan Program Administration: The City shall pay <br /> the Consultant Four Hundred Dollars($400) for each closed loan. Consultant fees will <br /> be charged to the City on a monthly basis. <br /> The Consultant shall receive compensation for administering the MHFA Programs directly from <br /> the Minnesota Housing Finance Agency and not from the City. <br /> 4. Termination. Notwithstanding any other provision hereof to the contrary, this <br /> Agreement may be terminated as follows: <br /> a. The parties, by mutual written agreement, may terminate this Agreement at any <br /> time in which case the parties shall agree to the amount of fees payable to <br /> Consultant. <br /> b. The City may terminate this Agreement upon the breach by Consultant of any of <br /> its material covenants contained herein, where such breach shall have continued <br /> for a period of thirty (30) days following the receipt by Consultant of a written <br /> notice from the City, specifying the alleged breach; provided, however, if the <br /> nature of a non-monetary breach is such that Consultant cannot reasonably cure <br /> same in the thirty (30) day period, Consultant shall not be deemed to be in breach <br /> if it commences to cure within the thirty (30) day period, and diligently pursues <br /> same to completion within ninety (90) days following receipt by Consultant of <br /> such written notice. In the event of termination by the City hereunder, Consultant <br /> shall be entitled to fees due to the date the notice of breach is sent by the City. <br /> C. If Consultant or City (as applicable) (i) files a voluntary petition in bankruptcy <br /> (ii) files a voluntary petition for reorganization under any bankruptcy law, statute <br /> or regulation or other similar statute or regulation, (iii) is adjudicated a bankrupt, <br /> (iv)makes an assignment for the benefit of creditors or applies for or consents to <br /> the appointment of a receiver or trustee as part of or in conjunction with a <br /> "creditor plan"with respect to any substantial part of its assets,or(v)a receiver or <br /> trustee is appointed, or an attachment or execution levied with respect to any <br /> substantial part of its assets, and said appointment is not vacated, or the <br /> attachment or execution not released, within sixty (60) days, then this Agreement <br /> shall, effective as of such date, without notice or further action by either party, <br /> immediately terminate. <br /> d. Consultant may terminate this Agreement upon the breach by City of any of its <br /> material covenants contained herein,where such breach shall have continued for a <br /> period of thirty (30) days following the receipt by City of a written notice from <br /> Consultant, specifying the alleged breach; provided, however, if the nature of a <br /> non-monetary breach is such that City cannot reasonably cure same in the thirty <br /> (30) day period, City shall not be deemed to be in breach if it commences to cure <br /> within the thirty (30) day period, and diligently pursues same to completion <br /> within ninety (90) days following receipt by City of such written notice. In the <br /> event of termination by Consultant hereunder. Consultant shall be entitled to <br /> retain the entire fee under this Agreement. <br /> fb.us.3166730.04 3 <br />