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capital improvements in the Property and may offset the Eligible Sales Price by the reasonable cost of repair on such damage. In order to be deemed a Qualifying Improvement, each improvement must satisfy the following qualifying criteria: • The cost of the improvement must exceed one percent (1%) of the original Purchase Price. • The improvements must have a remaining expected useful life of at least five (5) years beyond the completion of the proposed transfer. • The owner shall present substantiating documentation showing the original cost of materials and the original cost of labor for the improvement, and the date of its installation. l. AssiEnment of Excess Sales Proceeds. If the Property is sold or otherwise Transferred by the Owner, or any other party, in violation of the Eligible Household Purchase Addendum for more than the amount permitted under the Eligible Household Purchase Addendum, any proceeds of such sale or Transfer in excess of the Eligible Sales Price sha.11 be deemed assigned to Habitat. Habitat shall be entitled to bring legal action against any party who has derived any proceeds of sale in excess of the Eligible Sales Price, to recover any such proceeds of sale in excess of the Eligible Sales Price. There shall be established a lien on the title to the Property so that if such excess 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. m. No Further Encumbrances. Along with the City of Redwood City restrictions for affordable ownership housing, the owner shall be allowed to encumber the Property with a single purchase money deed of trust, being the deed of trust in connection with the Habitat Loan. Encumbering the title to the Property with more than the restrictions in either the"Eligible Household Addendum" or the Addendum to Grant Deed Restriction for Affordable Housing" for affordable ownership housing and the Habitat Loan, except for an Approved Junior Lien, as set forth in the"Restrictions for Affordable Ownership Housing", if such is allowed, is prohibited, and sha11 constitute a default of the Eligible Household Purchase Addendum. n. Exercise bv Habitat upon a Default. The Right to Repurchase may be exercised by Habitat or, if Habitat does not exercise and right to repurchase, by the City or Redevelopment Agency of the City, within 60 days after a default is declared, upon a default under the Eligible Household Purchase 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 sha11 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 6 _... � , __ . _,. . . . .....�_ ._. _.�.__... ,__. .