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B. NONPROFIT STATUS OF KAINOS <br /> Kainos shall maintain its status as a tax exempt 501(c)(3) nonprofit public benefit <br /> corporation. <br /> C. TITLE POLICY <br /> Kainos shall, at its own cost, secure at Close of Escrow an owner's policy of title <br /> insurance in an amount not Tess than the purchase price paid by Kainos for the Property, <br /> clear of any title defects which would prevent the use and operation of the Property in <br /> accordance with this Agreement. Kainos shall pay buyer's share of all closing costs, <br /> including all recording fees, escrow fees, the premium for the title insurance policy, and <br /> any applicable transfer taxes. <br /> D. BREACH OF AGREEMENT <br /> Applicable federal statutes and regulations, as referred to elsewhere herein govern this <br /> Agreement. Any material deviation by Kainos for any reason from the requirements <br /> thereof, or from any other provision of this Agreement, shall constitute a breach of this <br /> Agreement and following the applicable cure periods, shall be considered an Event of <br /> Default, as set forth in Paragraph 16 of the Agreement, and the Agreement may be <br /> terminated at the election of City or upon the direction of HUD, as set forth in <br /> Paragraph 18 of the Agreement. <br /> E. INTEREST OF PUBLIC OFFICIALS <br /> No members, officers, or employees or agents of the City of Redwood City, and no other <br /> public official who exercises any function or responsibility with respect to this program <br /> during his /her tenure, or for one year thereafter, shall have any interest, direct or indirect, <br /> in this Agreement or a related subcontract, or the proceeds thereof. Kainos shall <br /> incorporate in all subcontracts hereunder a provision prohibiting such interest. <br /> F. DISCLOSURE REGARDING SELLER <br /> It is expressly understood and hereby disclosed that the seller of the Property is a <br /> private party owner. The purchase price for the Property was based on a fair market <br /> value appraisal obtained by Kainos and submitted to City. All restrictions regarding use <br /> of the Property are imposed due to the contribution of federal CDBG and HOME funds <br /> and are not related to the fair market value appraisal. <br /> G. LOBBYING PROHIBITED <br /> Kainos shall not use any CDBG or HOME funds for publicity or propaganda purposes <br /> designed to support or defeat legislation pending before federal, state or local <br /> government. CDBG and HOME funds shall not be used by Kainos to influence an officer <br /> or employee of any agency, a Member of Congress, an officer or employee of Congress, <br /> or an employee of a Member of Congress in connection with the award of any federal <br /> contract. <br /> H. COMPLIANCE WITH FEDERAL LAWS AND REGULATIONS <br /> Kainos, to the extent applicable to this Agreement, shall comply with all HOME and <br /> CDBG laws and regulations, including without limitation, the following federal laws and <br /> regulations as set forth in Subpart K, (Sec. 570.600 -612), Code of Federal Regulations <br /> (September 6, 1988): <br /> 1. Public Law 88 -352, Title VI of the Civil Rights Act of 1964, which provides that no <br /> person in the United States shall be excluded from participation in, be denied the <br /> Exhibit B <br /> Page 3 of 5 <br />