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<br />6.1C <br />Page 33 <br /> <br />purchase without penalty or liability and Lender may sell the Subject Affordable Unit as <br />if the City had failed to exercise its option. <br /> <br />In the event the City declines to purchase the Subject Affordable Unit within sixty <br />(60) days of receipt of a written offer to sell the Subject Affordable Unit to the City, or the <br />City elects not to purchase after ninety (gO) days in the event escrow is opened as <br />provided herein, the Lender shall be permitted to sell the Subject Affordable Unit, free of <br />this Resale Agreement, to any third party willing to purchas~)he Subject Affordable <br />Unit. In such event, in recognition of the City's loss of the Su,Rj~jet Affordable Unit as an <br />affordable housing unit, any sales proceeds received by ,~1it4ehder in excess of those <br />amounts due the Lender (including reasonable foreclos~r~[e~p~nses and closing costs), <br />shall be remitted to the City concurrently with theclpse df;~~~row for the sale. In <br />connection with such sale, the City shall coop~r~t~i'with thEFa~ender in the timely <br />execution of any documents reasonably necess~rWt6 terminate ttils>~esale Agreement <br />with respect to the particular Subject AffordableUiiit. ' . <br /> <br />. - . . . . . . <br /> <br />21. Maintenance of Property. Durings,ljch tirn~[as this Resale Agreement is <br />in effect, the Subject Affordable Unit shall atatl',tirm~$,'be maintained in a neat and <br />orderly condition, good order and re,pCi,ir, consistent~w!th good ownership practices, and <br />in accordance with all applicable F~er~k:ptate and 'tbtmllaws. <br /> <br />~ .;"! ~ . ~. i ::<. .: ", ( .:. " : ' ~ .~. :< :'.'.'. <br />".. .......',', '."" <br /> <br />; ~'.~. , i <br /> <br />22. Notices. Any notice reqtJjredt(),b:~g,ivenheH:~under shall be given by <br />personal delivery or by r~gis;~ered or certified f)1~iHatin~fClddr~sses specified below or at <br />such other addresses a$ ,p,ay. ..~~ specified;in~riting b'y the iparties hereto: <br /> <br /> <br />To Owner: <br /> <br />; .. - '. .. : .' .: .~.~ :", : ~ <br /> <br />;;~"City of Redwood City <br />. '(11p17 Middlefield Road <br />Redwood City, California 94063 <br />Attention: Housing Coordinator <br /> <br />Stan Yamamoto I City Attorney <br />City of Redwood City <br />1017 Middlefield Road <br />Redwood City, California 94063 <br /> <br />And to: <br /> <br />Green, de Bortnowsky and Quintanilla <br />23801 Calabasas Road, Suite 1015 <br />Calabasas, California 91302 <br />Attention: Charles R. Green <br /> <br />REDW\OOO 1 \DOC\023-2.DOC <br />11/24/08 730 HvT <br /> <br />14 <br />