Agmt97 CDBG Pen. Habitat for Hu - Laserfiche WebLink

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against any party who has derived any proceeds of sale in excess of the Eligible Sales Price, to recover any such proceeds of sale in excess of the Eligible Sales Price. There shall be established a lien on the title to the Property so that if such excess proceeds of sale are not paid to Habitat, upon its demand, then Habitat has the right to enforce said lien on the Property pursuant to California Civil Code §§2924 et seq. m. No Further Encumbrances. Along with the City of Redwood City restrictions for affordable ownership housing, the owner shall be allowed to encumber the Property with a single purchase money deed oftrust, being the deed of trust in connection with the Habitat Loan. Encumbering the title to the Property with more than the City of Redwood City restrictions for affordable ownership housing and the Habitat Loan, except for an Approved Junior Lien, as set forth in the Addendum to the Habitat Loan, if such is allowed, is prohibited, and shall constitute a default of the Eligible Household Purchase Addendum. n. Exercise by Habitat upon a Default. The Right to Repurchase may be exercised by Habitat upon a default under the Eligible Household Purchase Addendum or upon default under any promissory note or deed of trust or any other lien, including a judgment lien, recorded against the Property. Habitat shah have thirty (30) days a_qer a default is declared to notify the owner of its decision to exercise its Right of Repurchase, No later than sixty (60) days after the certified mailing of the notice to exercises its option, Habitat shall purchase the Property for the Eligible Sales Price, less any liens or encumbrances on the Property required to result in free and clear title to Habitat, and the costs of sale. o. Excess Proceeds Paid From Creditor's Sale. Ifa creditor acquires title to the Property through a deed in lieu of foreclosure, a trustee's deed upon a foreclosure sale, or otherwise, thc owner shah not be entitled to thc proceeds of sale to the extent that such proceeds otherwise payable to owner when added to the proceeds paid or credited to the creditor exceed the amount owner would have received by a sale in accordance with the provisions of the Eligible Household Purchase Addendum, less any liens or encumbrances on the Property required to result in free and clear title to Habitat, and the costs of sale.. The owner shall instruct the holder of such excess proceeds to pay such proceeds to Habitat as repayment for, and in consideration of; the financial assistance provided in the development of the Proper~q~. p. Other Terms and Provisions. Such other terms and provisions that the City of Redwood City deems reasonable and appropriate for such Eligible Household Purchase Addendum to contain. 4. The provisions of this Addendum to Grant Deed shah remain in force and effect and shall be enforceable by Grantor by action in law or in equity for a period of twenty (20) years from the date upon which the Grant Ded is recorded inthe an Mateo County. favor of Grantor hereunder are, and shall be enforceable, by the City of Redwood City as a third party beneficiary of this instrument. _~~_____E AND ACKI~WLEDGJED BY THE GRANTOR AND GRANTEE THIS DAY OF ~_~.,~2e'~..,~./ 1998. 6