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6.1 .B. - Page 19 <br /> 13. Resale Restriction Agreement; Effect of Sale. THE PURCHASER OF THE <br /> AFFORDABLE UNIT FROM OWNER SHALL ENTER INTO AND RECORD AT THE <br /> CLOSE OF ESCROW A NEW RESALE RESTRICTION AGREEMENT AND OPTION <br /> TO PURCHASE, IN A FORM SIMILAR TO THIS AGREEMENT, SUPPLIED AND <br /> APPROVED BY CITY, AND FOR THE BENEFIT OF CITY. IF THE PURCHASER <br /> FAILS TO EXECUTE A NEW AGREEMENT, PURCHASER WILL REMAIN SUBJECT <br /> TO THIS AGREEMENT. UPON THE CLOSING, AND RECORDATION OF THE NEW <br /> RESALE RESTRICTION AGREEMENT AND OPTION TO PURCHASE, OWNER <br /> SHALL HAVE NO FURTHER OBLIGATIONS OR LIABILITIES TO CITY WITH <br /> RESPECT TO THE AFFORDABLE UNIT, INCLUDING WITHOUT LIMITATION ANY <br /> RESPONSIBILITY FOR COMPLIANCE BY THE PURCHASER OR ITS SUCCESSORS <br /> WITH THE TERMS AND CONDITIONS OF THE NEW RESALE RESTRICTION <br /> AGREEMENT AND OPTION TO PURCHASE. <br /> 14. Purchase Option. Notwithstanding the remedies provided to the City <br /> below, the City shall have the option to purchase the Affordable Unit pursuant to Section <br /> 9 above and upon an Event of Default under this Agreement. <br /> 14.1 Exercise of Option. Owner agrees that the City, in its sole <br /> discretion, may choose to exercise this option upon an Event of Default or Owner's <br /> notice of intent to transfer the Affordable Unit by providing written notice to Owner <br /> ("Exercise Notice"). Not later than 90 days after Owner's receipt or refusal of the City's <br /> Exercise Notice, the City may purchase the Affordable Unit at a price equal to the <br /> Affordable Sales Price or assign its right to a Qualified Buyer. <br /> 14.2 HUD Forbearance Relief. Notwithstanding other provisions of this <br /> Agreement, the option granted by this Section shall not be exercised by the City when a <br /> deed of trust insured by HUD is secured by the Affordable Unit, and Owner is <br /> undergoing consideration by HUD for assignment forbearance relief; or Owner is <br /> undergoing consideration for relief under HUD's Temporary Mortgage Assistance <br /> Payment (TMAP) Program. <br /> 15. Nonliability of the City. In no event shall the City become liable or <br /> obligated to Owner or to any successor to Owner by reason of the City's rights or <br /> obligations, or the exercise thereof, under this Agreement. <br /> 16. Events of Default; Enforcement. In the event of a default in the <br /> performance or observance of any agreement or obligation as set forth in this <br /> Agreement, if such default remains uncured for a period of 30 days after notice to the <br /> Developer, or such longer period as may be approved by the City in writing in its sole <br /> discretion, then the City may declare that an "Event of Default" has occurred hereunder <br /> and City shall have the right to exercise all of the rights and remedies and to maintain <br /> any actions at law or suits in equity or other proper proceedings to enforce the curing of <br /> such breach, including, but not limited to, applying to a court of competent jurisdiction <br /> for specific performance of this Agreement, for an injunction prohibiting a proposed <br /> REV:04-20-16 VR <br /> Page 16 of 29 <br /> ATTY/AGR.2016.081/Fuller Street Partners, LLC Affordable Housing Agreement <br />