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6.1C Page 30 City 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 mortgag~ interest rates. In other words, Equity Loss is not intended to serve as a guarantor of:g~~ral real estate market conditions and Owner bears the sole risk of an unfavoraJ?i~~Hdhange in housing prices which may result in Owner losing money on the resale;c:>~itJr(~",Subject Affordable Unit. Equity Loss shall not be understood or construed to'imE}antq~t~Owner is ensured of receiving any net sales proceeds from the sale of;tpe'Subjecf Affordable Units to the City or that Owner will not be required to bringtrifunds to close th~",~,~rchase escrow. Many factors may affect whether Owner mayq~;'required to bring in 'ct()~ing funds. For example, where Owner has been delinquent'rt'loan repayment leading to'anincrease in the original loan balance due to penalties and'!it1teres~J'Bwner has been delinquent in the payment of real property taxes and asses~r;n~~*s, or Owner has caused the encumbrance of the Subject Affqr8able Unit witflIrany liens, judgments or other encumbrances, are all just a few oY,:theJac~ors which ;coqJd affect whether Owner will be required to bring in funds to c1os~H~~brc>w~;,()wner;s7'HnabiJity or failure to bring in sufficient funds to close escrow couldprevenftm~close'6f-,~scrow in violation of this Resale Agreement, saleQf~Subject Affordabf~:U,;itf.tnctl,orhave an adverse affect on Owner's credit rating." , .' ...... 1 ; 'p' 14. ReDr~~entations and Warranties.; Owner represents and warrants that all the information submitted to th~i(Pityi~ conne~i(?n with Owner's purchase of the Subject Affordable Unit, Own~r;~ .~f~~'pecti~~HfJir~r~f~r of the Subject Affordable Unit to a Proposed<tf?utPMa.~er, orH~~Y' benefitreceh/ed in accordance with the terms of this Resale.~9reiem~h~ i$.,true;(~iIfl~ intended to comply with all the terms of the Resale Agre~ment. Any tlil$repres~l;ltation will be considered a default of this Resale Agreetn.~nt. 0:, -.'" 15.'; .... Events of [)efault: Enforcement. In the event of a default in the performanceorobservan~,of any covenant, agreement or obligation as set forth in this Resale Agreem~nt" the,,?ity may give written notice to Owner in the manner specified in Section 24 of thi~R7~~fe Agreement, specifying the nature of the violation. If such default remains unctJt~d 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\OOO1 \DOC\023.2. DOC 11/24/08 730 HvT 11