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7.4 No Additional Mort.qaqes or Liens. Except for liens for property <br /> taxes, special assessments, or any first deed of trust obtained by Employee, and <br /> any deeds of trust by City, Employee shall not cause any lien or mortgage to be <br /> recorded against his interest in the real property, unless expressly authorized by <br /> the Mayor and Vice Mayor of the City of Redwood City. The Mayor and Vice <br /> Mayor shall not unreasonably withhold permission for refinancing of the Loan <br /> Amount or of equity loans on Employee's interest as long as City's interests are <br /> not impaired. <br /> <br /> 7.5 Property Taxes and Insurance. Employee shall pay all property <br /> taxes and insurance on the primary residence when such come due and owing. <br /> If City has an equity share in the real property, Employee shall obtain and <br /> maintain in force and effect at all times a comprehensive homeowner's insurance <br /> policy (HO-3). If it is determined that Employee's primary residence is located on <br /> a designated flood plain or earthquake fault zone, City may, at its sole discretion, <br /> determine to provide and pay for the cost of any flood or earthquake insurance <br /> through a commercial insurance carrier. Any payments on any claims made <br /> against the homeowner's policy shall first go to the costs for the repair of any <br /> improvements on the real property damaged as the result of any insurable claim. <br /> Any proceeds from the claim which is not spent on repair or replacement of <br /> damaged property shall be divided between City and Employee as per their <br /> undivided ownership interests. <br /> <br /> 7.6 Maintenance. Employee shall be responsible for maintaining the <br /> property in good repair and shall be responsible for all maintenance and repair <br /> costs, including uninsured losses or damage. <br /> <br /> 7.7 Capital Improvements. Employee may, at his sole discretion and <br /> expense, make any capital improvements to the real property Employee, in his <br /> sole discretion, may deem beneficial to the property. The cost of any capital <br /> improvements shall be added to Employees Equity Share. Employee shall keep <br /> and maintain an accurate log of all capital improvements or repairs along with <br /> any receipts for the same. <br /> <br /> 7.8 Sale of the Real Property. The sale of the primary residence shall <br /> occur should any of the following occur: <br /> <br /> 7.8.1 By Employee. At the option and discretion of Employee and <br /> in accordance with the Agreement and this Amendment. <br /> <br /> 7.8.2 Termination of Employment. If Employee has terminated his <br /> employment with City, either voluntarily or involuntarily, the real property shall be <br /> sold not later than twelve (12) months following Employee's date of termination. <br /> <br />F:Atty/Agr/Amend3.Yamamoto <br />040403 4 <br /> <br /> <br />