AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 27 of 113 five (45)days following City's receipt of written request by Developer, the proposed Transfer shall be deemed approved. Nothing in this Section 8.4 is intended to limit or modify the obligation of Developer to comply with all requirements set forth in the Regulatory Agreement with respect to the Transfer of individual condominium units to homebuyers. 8.5 Effect of Transfer without City Consent. 8.5.1 In the absence of specific written agreement by the City, no Transfer by Developer shall be deemed to relieve the Developer or any other parry from any obligation under this Agreement. 8.5.2 It shall bean Event of Developer Default hereunder entitling City to pursue remedies including without limitation, termination of this Agreement and/or foreclosure under the Deed of Trust if without the prior written approval of the City, Developer assigns or Transfers this Agreement , the Improvements , or the Property, or any part thereof of interest therein, or undergoes any other Transfer (including without limitation, any assignment for security or encumbrance of the Property, or the Project, or part thereof) in violation of Article VIII. 8.6 Recovery of Cil. Costs. Within ten (10) days following City' s delivery to Developer of an invoice detailing such costs, Developer shall reimburse City for all reasonable City costs, including but not limited to reasonable attorneys' fees, incurred in reviewing instruments and other legal documents proposed to effect a Transfer of this Agreement, the Property, or the Project, or part thereof, and in reviewing the qualifications and financial resources of a proposed successor, assignee, or transferee. ARTICLE IX SECURITY FINANCING AND RIGHTS OF MORTGAGEES 9.1 Mortgages and Deeds of Trust for Development. Mortgages and deeds of trust, or any other reasonable security instrument are permitted to be placed upon the Property only for the purpose of securing loans for the purpose of financing the acquisition of the Property, the design and construction of the Improvements, and other expenditures reasonably necessary for development of the Property pursuant to this Agreement. Developer shall not enter into any conveyance for such financing that is not contemplated in the Financing Plan as it may be updated with City approval, without the prior written approval of the City's Authorized Representative or his or her designee. As used herein, the terms "mortgage" and " deed of trust" shall mean any security instrument used in financing real estate acquisition, rehabilitation, construction and land development. 9.2 Subordination. The City agrees that City will not withhold consent to reasonable requests for subordination of the Deed of Trust to deeds of trust provided for the benefit of third - party lenders providing construction and/or permanent financing for the Project that are identified in the approved Financing Plan as it may be updated with City approval, provided that the instruments effecting such subordination include reasonable protections to the City in theevent of default, including without limitation, extended notice and cure rights and the rights set forth in Section REV: 01-22-21 PR M ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 23 of 109)