Agmt15 Habitat for Humannity Greater San Francisco

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k. Exercise bv Contractor u�on a Default. The Option may be exercised by Contractor upon a default under this Addendum or upon default under any promissory note or deed of trust or any other lien, including a judgment lien, recorded against the Property. Contractor shall have thi�ty (30) days after a default is declared to notify Grantee of its decision to exercise its Option. No later than sixty (60) days after the certified mailing of the notice to exercise its option, Contractor shall purchase the Property for the Eligible Sales Price, less any payments on any liens or encumbrances on the Property required to result in free and clear title to Contractor, and the costs of sale. I. Excess Proceeds Paid From Creditor's Sale. If a creditor acquires title to the Property through a deed in lieu of foreclosure, a trustee's deed upon a foreclosure sale, or otheN+rise, Grantee shall not be entitled to any proceeds of sale ("E�ccess Proceeds") in excess of the following: (i) the Eligible Sales Price calculated as of the date of such sale less (ii) the sum of amounts paid or credited to the creditor and any senior creditors and the costs of sale. Grantee shall instruct the holder of such Excess Proceeds to pay such Excess Proceeds to Contractor as repayment for, and in consideration of, the financial assistance provided in the development of the Property. m. Other Te�ms and Provisions. [Intentionally deleted]. n. Term. The provisions of this Addendum shall remain in force and effect and shall be enforceable by Grantor by action in law or in equity for a period of fifty-five (55) years from the date upon which the Grant Deed is recorded in the official records of San Mateo County (the "Term") at which time they shall automatically become ineffective without the requirement for further action on the part of any person; provided, however, that the provisions of Section (q) of this Addendum shall run with the land in perpetuity. The power of termination stated herein shall endure for a term of thirty (30) years, and shall be subject to being extended for a period not to exceed an additional term of fifteen (15) years pursuant to Califomia Civil Code §885.030. The rights, restrictions and covenants in favor of Grantor hereunder are, and shall be enforceable, by the City as a third party beneficiary of this instrument. o. Distribution of Sales Proceeds. In the event of a resale, closing and title insurance costs will be paid pursuant to the custom and pra�tice in Redwood City at the time of the closing of escrow. The Grantee shall bear the expense of providing a current written report of an inspeetion by a licensed structural pest control operator. All work recommended in said report to repair damage caused by infestation or infection of wood-destroying pests or organisms found and all work to correct conditions that caused such infestation or infection shall be done at the expense of the Grantee. Upon the close of escrow, Grantee shall �eceive the proceeds of the sale in an amount not to exceed the Eligible Sales Price after Grantee's payment of closing costs and payment of any amounts necessary to remove any liens and encumbrances on title, including repayment of the Contractor Loan and any subordinate liens. Any proceeds over the Eligible Sales REV:02-05-15 VR Page 31 of 33 ATTY/AGR.2015.025/Habitat for Humanity GSF Jefferson Site Acquisition