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and (c) on final determination of the proceeding or contest, Owner immediately pays or <br />discharges any decision or judgment rendered against it, together with all costs, charges and <br />interest. The foregoing is not intended to impair Owner's ability to apply for any applicable <br />exemption from property taxes or other assessments and fees. <br />6.8 Insurance Coverage. Throughout the term of this Agreement Owner shall comply <br />with the insurance requirements set forth in Exhibit B, and shall, at Owner's expense, maintain in <br />full force and effect insurance coverage as specified in Exhibit B. <br />6.9 Property Damage or Destruction. If any part of the Project is damaged or <br />destroyed, Owner shall repair or restore the same, consistent with the occupancy and rent <br />restriction requirements set forth in this Agreement. Such work shall be commenced as soon as <br />reasonably practicable after the damage or loss occurs and shall be completed within one year <br />thereafter or as soon as reasonably practicable, provided that insurance proceeds are available to <br />be applied to such repairs or restoration within such period and the repair or restoration is <br />financially feasible. During such time that lenders or low-income housing tax credit investors <br />providing financing for the Project impose requirements that differ from the requirements of this <br />Section the requirements of such lenders and investors shall prevail. <br />6.10 Reserves. Owner shall establish and maintain operating and replacement reserves <br />in the amounts required by Project lenders and investors. <br />Recordation. This Agreement shall be recorded in the Official Records. <br />8. Transfer and Encumbrance. <br />8.1 Restrictions on Transfer and Encumbrance. During the term of this Agreement, <br />except as permitted pursuant to the Loan Agreement or this Agreement, Owner shall not directly <br />or indirectly, voluntarily, involuntarily or by operation of law make or attempt any total or partial <br />sale, transfer, conveyance, assignment or lease (collectively, "Transfer") of the whole or any <br />part of the Property, the Project, or the improvements located on the Property, without the prior <br />written consent of the City, which approval shall not be unreasonably withheld. In addition, prior <br />to the expiration of the term of this Agreement, except as expressly permitted by this Agreement <br />or the Loan Agreement, Owner shall not undergo any significant change of ownership without <br />the prior written approval of City. For purposes of this Agreement, a "significant change of <br />ownership" shall mean a transfer of the beneficial interest of more than twenty-five percent <br />(25%) in aggregate of the present ownership and /or control of Owner, taking all transfers into <br />account on a cumulative basis; provided however, neither the admission of an investor limited <br />partner, nor the transfer by the investor limited partner to subsequent limited partners shall be <br />restricted by this provision. <br />8.2 Transfers. Subject to Section 8.4 below, the prohibitions on Transfer set forth <br />herein shall not be deemed to prevent: (i) the granting of easements or permits to facilitate <br />development of the Property; (ii) the dedication of any property required pursuant to the Loan <br />Agreement; (iii) the lease of commercial space, and the lease of individual dwelling units to <br />tenants for occupancy as their principal residence in accordance with this Agreement; (iv) <br />20 <br />OAK #4820-8711-2085 v4 <br />ATTY/AGR.2019.148/Redwood Oaks Associates 11 LP - Regulatory Agreement <br />