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<br />IllliS\'.;;-''"'-','.....<'. <br /> <br />6.1G <br />Page 30 <br /> <br />17. Nonliabilitv of the City. In no event shall 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 />1~. Bindina Effect.. This Resale Agreement shall bind and the benefit of this <br />Resale Agree~nt shall inure to Owner, Owner's successor's and assigns, and the City, <br />and the City's successors and assigns. <br /> <br />19. Suoerioritv of Resale Aareement. Owner covenants that Owner has not, <br />and will not, execute any other agreement with provisions contradictory to or in <br />opposition to the provisions of this Resale Agreement, and that, in any event, this <br />Resale Agreement is controlling as to the rights and obligations between and among <br />Owner, the City and their respective successors and assigns. <br /> <br />20. Riahts of Mortoaaees: Mortaaoe Lender Acauisition. This Section 20 <br />exists to accommodate and balance the City's interest in maintaining a supply of <br />affordable housing units and the interest of property mortgage lenders ("Lender(s)") In <br />selling Subject Affordable Unit if acquired through foreclosure action or deed in lieu of <br />foreclosure (collectively, "Foreclosure"). <br /> <br />Mortgagees shall notify the City within twenty (20) days of filing a Notice of <br />Default against the Subject Affordable Unit. Before acquisition of the Subject Affordable <br />Unit through Foreclosure, the City shall have the. option, but not the obligation, to cure <br />such default. <br /> <br />Upon acquisition of the Subject Affordable Unit by a Lender through Foreclosure, <br />the Lender shall, at least sixty (60) days prior to selling, conveying, transferring or <br />otherwise disposing of the Subject Affordable Unit, offer to sell the Subject Affordable <br />Unit to the City for a purchase price equal to the original purchase price of the Subject <br />Affordable Unit paid by the defaulting Owner. In the event the City elects to purchase <br />the Subject Affordable Unit, the City 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 ar:ld 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 /> <br />REDW\OOO1 \DOC\023-2.DOC <br />11124/08 730 HvT <br /> <br />13 <br />