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6.1G Page 23 Transfer of the Subject Affordable Units, taking into account the Transfer Amount of the Subject Affordable Unit upon resale as set forth in Section 11. (c) Home Eauitv Loan Restrictions. Under no circumstances may Owner obtain a Home Equity Loan secured by the Subject Affordable Unit, during the term of this Resale Agreement. Owner understands and agrees that the prohibition against Home Equity Loan(s) is not an unreasonable restraint on property alienation rights and is necessary in order to ensure that sufficient equity is maintained in the Subject Affordable Unit to pay-off the existing loan balances in the event of a Transfer of the Subject Affordable Unit, taking into account the Transfer Amount of the Subject Affordable Units upon resale as set forth in Section 11. 7. Sale Restrictions. Any Transfer of the Subject Affordable Unit shall be subject to the provisions of this Resale Agreement. Any transfer not in compliance with all provisions of this Resale Agreement is prohibited. The provisions of this Resale Agreement, however, shall continue to be in full force and effect. 8. Notice of Intended Transfer. In the event that Owner intends to Transfer or vacate the Subject Affordable Unit, Owner shall promptly notify the City in writing of such intent at least ninety (90) days prior to the actual date of the Tra"nsfer or vacation of the Subject Affordable Unit. The Notice of Intended Transfer from Owner shall be delivered in the manner set forth in Section 22 of this Resale Agreement. Following receipt of such notice, the City in its discretion, may either notify prospective Qualified Buyers of the Subject Affordable Unit that the Subject Affordable Unit is available for s~le, or the City may exercise its option to purchase the Subject Affordable Unit, as described in Section 9 below. 9. Richt of First Refusal. Owner agrees that the City shall and does hereby have a continuing "right of first refusal" to purchase the Subject Affordable Unit on the tenns and in the manner set forth in this Resale Agreement. The City shall within forty- fIVe (45) days of receipt of the Notice of Intended Transfer specified in Section 8 above, notify Owner of its interest in purchasing the Subject Affordable Unit. The notice to Owner shall be sent in the manner set forth in Section 22 of this Resale Agreement. If the City does not respond to Owner within said forty..flVe (45)...day period or specifically declines to purchase the Subject Affordable Unit within such time, Owner may proceed with a sale to a new Qualified Buyer at the Transfer Amount. In the event the City elects to purchase the Subject Affordable Unit, Owner and the City shall, within twenty (20) days, enter into a purchase agreement for the sale of the Subject Affordable Unit to the City at the Transfer Amount. The purchase agreement shall identify the terms under which the Subject Affordable Unit will be sold to the City, including without limitation, the Transfer Amount, periods for property physical, environmental and title inspections and approval which shall be no less than fifteen (15) days, equal sharing of escrow expenses, and an escrow period which shall not exceed sixty (60) days unless otherwise mutually agreed by the parties. The sale shan be REDW\OOO1\DOC\023-2.00c 11/24108 730 HvT 6