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(4) Subordination - The Covenant shall be subordinate to any mortgage or Deed of <br /> Trust and the affordability period shall be terminated in the event of a foreclosure of <br /> transfer in lieu of foreclosure if the foreclosure or transfer recognizes any contractual or <br /> legal rights of the City of Redwood City to take actions that would avoid the termination <br /> of low-income affordability. However, this affordability restriction shall be revived if, <br /> during the original term hereof, the owner of record before the foreclosure or other <br /> transfer, or any entity that includes the former owner or those with who the former <br /> owner has or had family or business ties, obtains ownership interest in the property. <br /> Contractor/Owner grants to the City of Redwood City the right to take any and all legal <br /> action necessary to enforce the provisions of this restrictive covenant, and owner will be <br /> responsible for all reasonable legal expenses incurred by the City in the enforcement of <br /> this restrictive covenant. Within the HOME program guidelines, the City will have the <br /> right to waive any and all breaches of the terms of the affordability restrictive covenant, <br /> but any such waiver shall not be deemed a waiver of any previous or subsequent <br /> breaches. <br /> IN WITNESS WHEREOF, Declarant has executed this Declaration on the date <br /> first written above. <br /> "DECLARANT" <br /> HIP Housing Development Corporation <br /> By: <br /> REV: 06-28-16 VR <br /> Page 24 of 37 <br /> ATTY/AGR.201 6.1 69/HHDC Pine-Middlefield Rehabilitation <br />