AgdaPkt 2017-06-12 Joint SA PFA - Laserfiche WebLink

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from LifeMoves in the event LifeMoves elects to sell the Property during such twenty (20) year period. LifeMoves and MidPen entered into that certain Right to Repurchase/Right of First Refusal dated as of ________________, 201_, and recorded __________________, 201_, as Document No. ____________________ in the Official Records of San Mateo County, California (the “MidPen Right to Repurchase”). D. This Agreement is subject and subordinate to the Affordability Agreement between LifeMoves and City (the “Affordability Agreement”) and the Regulatory Agreement between LifeMoves and the County of San Mateo (the “Regulatory Agreement”), each to be recorded concurrently herewith. LifeMoves will be entering into a Deed of Trust in favor of City to secure performance by LifeMoves of its obligations under the Affordability Agreement (the “City Deed of Trust”). The City Deed of Trust will be subordinate to this Agreement and County’s rights hereunder. E. In consideration for County’s forgiveness of certain debt previously recorded against the Property, LifeMoves desires to grant to County, and County desires to accept, the right to purchase the Property and the right of first refusal to purchase the Property, which shall be subordinate to the MidPen Right to Repurchase, on the terms and conditions set forth herein. F. In consideration for City’s willingness to subordinate the City Deed of Trust to this Agreement, LifeMoves and County desire to grant City certain rights as set forth in this Agreement. G. Both the MidPen Right to Repurchase and the rights of County hereunder are to be subject and subordinate to any Loans which attach to the Property subsequent to the date of this Agreement with the prior, express written consent of MidPen, the City Manager of City, and County to be given in the sole and absolute discretion of each such party, in accordance with Section 11 below (collectively, the “Permitted Senior Mortgages”). NOW, THEREFORE, LifeMoves and County agree as follows: 1. Grant of Right to Purchase the Property. a.) Grant: LifeMoves hereby grants to County the right to purchase the Property on the terms and conditions set forth herein in the event that, during the period of twenty (20) years from the date of the recordation of this Agreement, either (i) LifeMoves voluntarily files a petition in bankruptcy, or (ii) a petition in bankruptcy is filed against LifeMoves, and such involuntary petition is not dismissed within sixty (60) days of the date of filing, or (iii) LifeMoves defaults in the performance of its obligations under the Affordability Agreement and/or the Regulatory Agreement and fails to cure such default within fifteen (15) days after receipt of written notice of such default from City or County, and MidPen fails to exercise its rights under the MidPen Right to Repurchase. County may only exercise such right to purchase by written notice to LifeMoves delivered REV: 06-06-17 JS ATTY/RESO.0051/CC RESO REDWOOD FAMILY HOUSE TRANSITIONAL HOUSING LOAN FORGIVENESS Page 50 of 68 6.3.B. - Page 55