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<br />17. Nonliabilitv of the Citv. In no event shan the City become liable or
<br />obligated to Owner or to any successor to Owner by reason of the City's right of first
<br />refusal and option to purchase, set forth in Sections 9 and 16, respectively, nor shall the
<br />City become obligated or liable to Owner or to any successor to Owner for any failure to
<br />purchase the Subject Affordable Unit.
<br />
<br />18. Bindina Effect. This Resale Agreement shall bind and the benefit of this
<br />Resale Agreement shall inure to Owner, Owner's successor's aof;t assigns, and the City,
<br />and the City's successors and assigns. .:A/~f.fm~~i;~
<br />.../:::';}:~r;~W;:'"
<br />
<br />19. Suoerioritv of Resale Aareement. Owner. ts that Owner has not,
<br />and will not, execute any other agreement with ,,", ' '~~~~ntradictory to or in
<br />opposition to the provisions of this Resale Agreemen, and tq@lL in any event, this
<br />Resale Agreement is controlling as to the rights and obligations,.;tJ.~~en and among
<br />Owner, the City and their respective successors and assigns. "';!t!;j(i~;i~)~\.,
<br />
<br />20. Riahts of Mortgaaees: Mortaaae Lender Acauisition. ~~.$ection 20
<br />exists to accommodate and balance the City's interest in maintaining a supply of
<br />affordable housing units and the in ..,rest of property mortgage lenders ("Lender(s)") in
<br />selling Subject Affordable Unit if ,'"'''' <<:,', through foreclosure action or deed in lieu of
<br />foreclosure (collectively, "Foreclosu"' ii": ~~ir~,i~~tj,h';::"
<br />
<br />Mortgagees shall ",otify the 6l~~' ~~~~~~~~~_ -(20) days of filing a Notice of
<br />Default against the SUQiL.''':' i, . ,.~able . , ." re"s : :,jtion of the Subject Affordable
<br />~.,..~. .' ~.-.
<br />Unit through ForecI9~S~"';' shall.' e option,"but not the obligation, to cure
<br />such default. ~~J~J1i:~i:O"
<br />
<br />Upon acquisi ,:':. f th .. Unit by a Lender through Foreclosure,
<br />the Lender shall, at ' ,'..,:. " '''':,.. ~, ' r to selling, conveying, transferring or
<br />otherwise disposing of tfit' . ject Affor ", e Unit, offer to sell the Subject Affordable
<br />Unit to the City for a purch~f~'~" ,,rice equal to the original purchase price of the Subject
<br />Affordable Unit paid by the d '..l~!l~ng Owner. In the event the City elects to purchase
<br />the Subject Affordable Unit, the~~:tky and Lender shall open escrow with a mutually
<br />agreeable escrow company and shall share equally in escrow related expenses except
<br />that City shall not pay any expenses customarily paid by sellers in San Mateo County,
<br />California. Such escrow period shall be no less than thirty (30) days. At any time
<br />between receipt of offer to purchase the Subject Affordable Unit and the close of escrow
<br />as described herein, even after the City notifies Lender that it exercises its option, the
<br />City may assign its right to purchase the Subject Affordable Unit to a person or entity of
<br />its choosing. The City may re-assign its right to purchase to succeeding persons or
<br />entities of its choosing in the event that the initial assignees withdraws or is disqualified
<br />from the purchase, provided that the close of escrow is within the original ninety (90)
<br />days or such additional period as is agreed to by Lender. If the City or an assignee of
<br />the City fails to complete the purchase for any reason, the City may withdraw from the
<br />
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<br />REOW\O001 \DOC\023-2. DOC
<br />11/24/08 730 HvT
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