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(b) the proposed assignee or transferee possesses comparable operational experience and capability, and comparable net worth and resources, as the proposed transferor or assignor, and (c) the assignee or transferee assumes the obligations of the Owner under this Covenant in a form which is reasonably acceptable to the City. Such notice shall be accompanied by evidence regarding the proposed assignee's or purchaser's qualifications and experience and its financial commitments and resources sufficient to enable the City to evaluate the proposed assignee or purchaser pursuant to the criteria set forth herein and other criteria as reasonably determined by the City. The City shall approve or disapprove the request within thirty (30) days of its receipt of the Owner's notice and all information and materials required herein. ARTICLE 5. R EPURCHASE OPTION 5.01. Remedies — Option to Repurchase, Reenter and Repossess. The City shall have the right at its option to repurchase, reenter, and take possession of the Site, or any portion thereof, with all improvements thereon, if after recordation of this Covenant, and prior to the expiration of the fifty -five (55) year term for the affordability covenants provided for in Article 9 hereof, there is any violation of the affordability restrictions set forth in this covenant or any other default in the terms of this Agreement, and Owner does not cure any such violation or default within sixty (60) days after written notice from City advising Owner of such violation or default. 5.02. Exercise of Option to Repurchase. To exercise its right to repurchase, reenter and take possession with respect to the Site, or any portion thereof, the City shall deliver written notice to Owner that City is exercising its rights under this Article 5. Such purchase shall be handled through an escrow opened by City for such purpose, and the Owner agrees to execute a grant deed and all other documents determined to be necessary to effectuate such repurchase. All costs relating to such repurchase shall be paid by the City. As compensation for such repurchase, the City shall pay to Owner in cash an amount equal to: (a) The Purchase Price for the Site paid by the Owner; less (b) The unpaid amount of liens on the Site, and any unpaid assessments against the Site which are assumed by the City. 5.03. Assignment to Agency. The City, at its option and in its sole discretion, may assign its rights and obligations under this Article 5 to the Agency, and in such event, the Agency shall have all the rights afforded to the City as provided in this Article 5. ARTICLE 6. N 0 DISCRIMINATION 6.01. No Discrimination. The Owner covenants, by and for itself and any successors in interest, that there shall be no discrimination against or segregation of any person or group of persons on account of any basis listed in subdivision (a) or (d) of Page 5 82483.00000 \5570532.4 ATTY /AGR /2010.120 EXHIBIT C 103010