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what is set forth in the sales contract and documents submitted to City, including personal <br />property. <br />C. TRANSFER TO INELIGIBLE PURCHASERS: Subject to City's prior written <br />consent, the Owner Transfers the Unit in a transaction that does not meet the requirements of <br />Section 8, or if City does not waive payment, as set forth in paragraph 10 a., above, the Owner <br />shall Transfer the Unit for an amount not more than the Transfer Amount on the date of Transfer. <br />Proceeds of the Transfer shall be applied in the following priority; to the extent that proceeds <br />continue to be available: <br />(1) Outstanding sums owed under the First Mortgage; <br />(2) The Owner's increased Down Payment shall be paid to the Owner; <br />(3) The outstanding balance of Principal under the Promissory Note shall be <br />paid to City; <br />(4) The Appreciation Share according to the terms of the Promissory Note; <br />(5) The Agency Note; <br />(6) The remaining amount, after deduction for closing costs, to Owner. <br />11. REPRESENTATION AND WARRANTIES <br />The Owner represents and warrants that all the information submitted to City in <br />connection with the Owner's purchase of the Unit, the Owner's prospective Transfer of the Unit to <br />a Proposed Purchaser, or any benefit received in accordance with the terms of this Resale <br />Agreement is true and intended to comply with all the terms of the Resale Agreement. Any <br />misrepresentation will be considered a default of this Resale Agreement. <br />12. DEFAULTS AND REMEDIES <br />Upon a violation by the Owner or the Owner's Proposed Purchaser of any of the <br />provisions of this Resale Agreement or of any Resale Agreement entered into in connection with <br />the Owner's purchase of the Unit, including but not limited to the Promissory Note, the Deed of <br />Trust, the Agency Note, the Third Deed of Trust, the Grant Deed or any other lien, including a <br />judgment lien, recorded against the Unit, City may give written notice to the Owner in the manner <br />specified in Section 22 of this Resale Agreement, specifying the nature of the violation. If the <br />violation is not corrected to the City's satisfaction within a reasonable period of time, in any event, <br />not longer than thirty (30) days after the date the notice from the City is received or refused by <br />the Owner, the City may declare a default under this Resale Agreement. Upon the declaration of <br />a default, the City may apply to a court of competent jurisdiction for specific performance of this <br />Resale Agreement, for an injunction prohibiting a proposed Transfer in violation of this Resale <br />Agreement, for a declaration that a Transfer in violation of this Resale Agreement is void, for the <br />acceleration of an amounts due under the Promissory Note and for subsequent termination of this <br />Resale Agreement, or for any other relief at law or in equity as may be appropriate. In any event, <br />any costs, liabilities or obligations incurred by the Owner and the Owner's Proposed Purchaser for <br />the return of any money paid or received in violation of this Resale Agreement or for any costs or <br />9 <br />RESALE RESTRICTION AGREEMENT <br />t1D <br />Cn <br />O <br />al <br />Cn <br />W <br />co <br />