Agmt15 Habitat for Humannity Greater San Francisco

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proceeds of sale are not paid to Habitat, upon its demand, then Habitat has the right to enforce said lien on the Property pursuant to California Civil Code §§2924 et seq. Any such excess proceeds recovered by Habitat, less Habitat's cost of collection, shall be shared by Habitat and the City in the proportion of each party's respective equity participation with respect to the Property, which shall be at Percent (Number%) for Habitat and Percent (Number%) for the City. M. No Further Encumbrances. Along with the City restrictions for affordable ownership housing, Grantee shall be allowed to encumber the Property with a single purchase money deed of trust (the "Habitat Deed of Trust"), securing the loan by Grantor to Grantee (the "Habitat Loan"), and any other encumbrance required as a result of project funding sources and approved by Habitat and the City. Encumbering the title to the Property with more than the City restrictions for affordable ownership housing and the Habitat Loan, except for an Approved Junior Lien, as defined in the Habitat Deed of Trust, is prohibited, and shall constitute a default of this Addendum. In. Exercise by Habitat upon a Default. The Right of Repurchase may be exercised by Habitat 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. Habitat shall have thirty (30) days after a default is declared to notify Grantee of its decision to exercise its Right of Repurchase. No later than sixty (60) days after the certified mailing of the notice to exercise its option, Habitat 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 Habitat, and the costs of sale. 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 otherwise, Grantee shall not be entitled to any proceeds of sale ("Excess 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 the costs of sale. Grantee shall instruct the holder of such Excess Proceeds to pay such Excess Proceeds to Habitat as repayment for, and in consideration of, the financial assistance provided in the development of the Property. P. Reserved. q. 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 Paragraph (t) 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 California 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. Distribution of Sales Proceeds. In the event of a resale, closing and title insurance costs will be paid pursuant to the custom and practice in Redwood City at the time of the closing of escrow. The Grantee shall bear the expense of providing a current written report AT-FY/AGR/2019/AMENDMENTS/AMEND NO. 3 HABITAT FOR HUMANITY GREATER SAN FRANCISCO REV: 07-18-19 PR Page 11 of 13