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legal expenses shall be borne by the Owner and the Owner's Proposed Purchaser. The Owner and <br />the Owner's Proposed Purchaser shall indemnify, hold the City and its Council members, elected <br />and appointed officers, employees and agents harmless, and shall reimburse their expenses, legal <br />fees and costs for any action reasonably taken in good faith to enforce the terms of this Resale <br />Agreement. <br />13. PURCHASE OPTION UPON DEFAULT <br />Notwithstanding the remedies provided to City in Section 12, above, above, the Owner <br />grants to City the option to purchase the Unit, under the terms and conditions set forth in Section <br />7, above, upon City's declaration of the Owner's default under the First Mortgage, the Promissory <br />Note, the Deed of Trust, the Agency Note, the Third Deed of Trust, and/or this Resale <br />Agreement. This option to purchase is given to City in consideration of the economic benefits <br />received by the Owner in the form of City's financial assistance to the Owner in purchasing the <br />Unit. <br />a. EXERCISE OF OPTION: The Owner agrees that the City, in its sole discretion, <br />may choose to record its option. Not later than ninety (90) days after the Owner's receipt or <br />refusal of the City's notice to exercise its option under this Section, City shall purchase the Unit at <br />a price equal to the Transfer Amount, as set forth in Section 9. <br />b. HUD FORBEARANCE RELIEF: Notwithstanding other provisions of this <br />Resale Agreement, the option granted by this Section 13 shall not be exercised by City when a tD <br />deed of trust insured by HUD is secured by the Unit, and <br />0 <br />(1) The Owner is undergoing consideration by HUD for assignment forbearance relief, —4 <br />or C" <br />C-0 <br />(2) The Owner is undergoing consideration for relief under HUD's Temporary Cr <br />Mortgage Assistance Payment (TMAP) Program. On <br />14. NONLIABILITY OF CITY <br />In no event shall City become liable or obligated to the Owner or to any successor to the <br />Owner by reason of City's option to purchase, set forth in Sections 7 and 13, nor shall City <br />become obligated or liable to the Owner or to any successor to the Owner for any failure to <br />exercise City's option to purchase. <br />15. RESTRICTIONS ON FORECLOSURE PROCEEDS <br />If a creditor acquires title to the Unit through a deed in lieu of foreclosure, or if a creditor <br />or a third party acquires title to the unit through a trustee's deed upon sale, or otherwise, the <br />Owner shall not be entitled to the proceeds of the sale to the extent that such proceeds otherwise <br />payable to the Owner, when added to the proceeds paid or credited to the creditor, exceed the <br />10 <br />RESALE RESTRICTION AGREEMENT <br />