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78 Page 27 shall cooperate with Owner in the timely execution of any documents reasonably necessary to terminate this Resale Agreement with respect to the particular Subject Affordable Unit. This Section 13 shall not be construed or understood to confer any rights upon .any third parties whatsoever and exists solely for the benefit of Owner and the City. Equity Loss shall not be available to Owner solely by reason of a general decline in housing prices which mayor may not be attendant to a rise in mortgage interest rates. In other words, Equity Loss is not intended to serve as a guarantor of general real estate market conditions and Owner bears the sole risk of an unfavorable change in housing prices which may result in Owner losing money on the resale of the Subject Affordable Unit. Equity Loss shall not be understood or construed to mean that Owner is ensured of receiving any net sales proceeds from the sale of the Subject Affordable Units to the City or that Owner will not be required to bring in funds to close the purchase escrow. Many factors may affect whether Owner may be required to bring in closing funds. For example. where Owner has been delinquent in loan repayment leading to an increase in the original loan balance due to penalties and interest, Owner has been delinquent in the payment of real property taxes and assessments, or Owner has caused the encumbrance of the Subject A Qm.able Unit with any liens, judgments or other ~~i\tl'.J")~:":_ encumbrances, are all just a few 0 '. ",..;, '. ors which could affect whether Owner will be required to bring in funds to clos' ~if;..,. .:". .~pwner's inability or failure to bring in sufficient funds to close escrow coul'Q . reve .~:'. ..,;:;,plose of escrow in violation of this Resale Agreement, sale of a Subject' .. rd ".., ...,;;: . ",fir . ,d.!or have an adverse affect on Owner's c~edl't rat,.ng .,/i~~j~.f!" .,,::....,,. ...."\.,, I'. .....tt'N~.J~7' ""I~ ,;" 14. Re resentations and Warran . Owner represents and warrants that all the information submitted to the City in conn .' n with Owner's purchase of the Subject Affordable Unit, Owner's prospective Trans ..,". of the Subject Affordable Unit to a Proposed"i:.~~ .ser, or any benefit received in accordance with the terms of this Resal~.{_ree :;. r;. true and intended to comply with aU the terms of the Resale ~~C:: Any. ,~~resentation will be considered a default of this Resale .. . '" ....:.. I:..:: ~ ~::':. 15itl!;1il{';i!t..Events of "'~i/;J;;;i., fault" Enforcement. In the event of a default in the performanCitttr-\9bservan:. :;:' f any covenant, agreement or obligation as set forth in this Resale Agree"~""."'~' t~ the. '. .;: may give written notice to Owner in the manner specified in Section 22 of tii'f" ,";~' Agreement, specifying the nature of the violation. If such default remains un"'--:,.,i .... for a period of thirty (30) days after such notice has been given by the City, or such longer period as may be approved by the City in writing in its sole discretion, then the City may declare that an Event of Default has occurred hereunder and, in addition to other default remedies provided under this Resale Agreement, may exercise anyone or more of the following, at its option: (a) By mandamus or other suit, action or proceeding at law or in equity, require Owner or its successors in interest to perform its obligations REDW\O001 \DOC\023-2.0OC 11124/08 730 HvT 11