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1 v 8 n. Exercise b,y Habitat upon a Default. The Right to 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 the owner of its decision to exercise its Right of Repurchase. No later than sixty (60) days after the certified mailing of the notice to exercises its option,Habitat shall purchase the Property for the Eligible Sales Price, less any liens or encumbrances on the Property required to result in free and clear title to Habitat, and the costs of sale. o. 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, the owner shall not be entitled to the proceeds of sale to the extent that such proceeds otherwise payable to owner when added to the proceeds paid or credited to the creditor exceed the amount owner would have received by a sale in accordance with the provisions of this �dd�endum, less any liens or encumbrances on the Property required to result in free and clear title to Habitat, and the costs of sale. The owner shall instruct the holder of such excess proceeds to pay such proceeds to Habitat as repayment for, and in consideration of, the financial assistance provided in the development of the Property. p. Other Terms and Provisions. Such other terms and provisions that Redwood City deems reasonable and appropriate for this Addendum to contain. 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 forty (45) years from the date upon which the Grant Deed is recorded in the official records of San Mateo County at which time they shall automatically become ineffective without the requirement for further action on the part of any person. 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 Redwood City as a third party beneficiary of this instrument. r. 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 the City of Redwood City at the time of the opening of escrow. Seller shall bear the expense of providing a current written report of an , inspection 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 Seller. Upon the close of escrow, the Seller shall receive the Eligible Sales Price. The Eligible Sales Price proceeds will be used to pay through escrow any closing costs Attachment No. 7 Page 5 of 5