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amount the Owner would have received for a Transfer in accordance with the maximum Transfer <br />Amount, set forth in Section 9 above (the "Excess Proceeds"). The Owner shall instruct the <br />holder of such Excess Proceeds to pay such excess proceeds to City as payment for, and in <br />consideration of, the financial assistance provided in the acquisition of the Unit. <br />16. BINDING ON SUCCESSORS AND ASSIGNS <br />This Resale Agreement shall bind, and the benefit of this Resale Agreement shall inure to, <br />the Owner, and the Owner's successors and assigns and to City and its successors and assigns. <br />17. SUPERIORITY OF RESALE AGREEMENT <br />The Owner covenants that the Owner has not, and will not, execute any other agreement <br />with provisions contradictory to or in opposition to the provisions of this Resale Agreement, and <br />that, in any event, this Resale Agreement is controlling as to the rights and obligations between <br />and among the Owner, City and their respective successors and assigns. <br />18. RIGHTS OF MORTGAGEES <br />CD <br />Notwithstanding any other provision hereof, the provisions of this Resale Agreement shall vi <br />be subordinate to the lien, terms, covenants and conditions of First Mortgage, and all advances o <br />heretofore made or which may hereafter be made pursuant to the First Mortgage, against the <br />Unit, and shall not impair the rights of any institutional lender which is the maker of a loan <br />secured by such First Mortgage, or such lender's assignee or successor in interest, to exercise its cD <br />c.n <br />remedies under the deed of trust in the, event of default by the Owner. These remedies include the <br />right to foreclose or exercise a power of sale or to accept a deed or assignment in lieu of <br />foreclosure, sale, or acceptance of a deed in lieu of foreclosure. After such foreclosure, sale or <br />acceptance of a deed in lieu of foreclosure, this Resale Agreement shall be forever terminated <br />(unless Owner reacquires an interest in the Unit) and shall have no further effect as to this Unit or <br />any transferee thereafter; provided, however, if the holder of such deed of trust acquired title to <br />this Unit pursuant to a deed or assignment in lieu of foreclosure, this Resale Agreement shall <br />automatically terminate upon such acquisition of title, provided that (i) City has been given <br />written notice of a default under such First Mortgage and (ii) City shall not have cured the default <br />under such First Mortgage, or diligently pursued during the default as determined by the holder of <br />the First Mortgage, within the 60 -day period provided in such notice sent to City. <br />19. TERMINATION <br />The Resale Agreement shall terminate upon the earlier of (a) thirty (30) years from the <br />date of transfer of title to Owner, (b) the date that the Transfer to an Eligible Purchaser is <br />completed pursuant and subject to the terms of this Resale Agreement, (c) acquisition of the Unit <br />by the holder of the First Mortgage pursuant to Section 18 above, (d) assignment of the First <br />Mortgage to the Federal Housing Administration or the Veterans Administration pursuant to the <br />respective Administration's loan programs as may be applicable on January 17, 2028. <br />11 <br />RESALE RESTRICTION AGREEMENT <br />