RecDoc95-076956 Resale Restriction Agreement 1253 Warren Avenue

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