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AgdaPkt 2011-09-19
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AgdaPkt 2011-09-19
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Last modified
9/20/2011 12:47:48 PM
Creation date
9/15/2011 4:47:59 PM
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Template:
CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Joint
Agency Type
City Council and Redevelopment Agency
Date
9/19/2011
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6.1.D. - Page 17 <br />repetition of such breach or violation, or any similar breach or violation thereof at any later time <br />or times. <br />In any event, any costs, liabilities or obligations incurred by Owner and Owner's <br />Proposed Purchaser for the return of any money paid or received in violation of this Resale <br />Agreement or for any costs or legal expenses shall be borne by Owner and Owner's Proposed <br />Purchaser. Owner and Owner's Proposed Purchaser shall indemnify, hold the City and its <br />Council members, elected and appointed officers, employees and agents harmless, and shall <br />reimburse their expenses, legal fees and costs for any action reasonably taken in good faith to <br />enforce the terms of this Resale Agreement. <br />15. Purchase Option Upon Default. Notwithstanding the remedies provided to <br />the City in Section 15, above, the City shall have the option to purchase the Subject Affordable <br />Unit, upon the City's declaration of Owner's default under this Resale Agreement. <br />(a) Exercise of Option Owner agrees that the City, in its sole discretion, <br />may choose to record this option, Not later than ninety (90) days after Owner's receipt or refusal <br />of the City's notice to exercise its option under this Section 16, the City shall purchase the <br />Subject Affordable Unit at a price equal to the Transfer Amount, as set forth in Section 11. <br />(b) HUD Forbearance Relief Notwithstanding other provisions of this Resale <br />Agreement, the option granted by this Section 16 shall not be exercised by the City when a deed <br />of trust insured by HUD is secured by the Subject Affordable Unit, and <br />(i) Owner is undergoing consideration by HUD for assignment <br />forbearance relief; or <br />(ii) Owner is undergoing consideration for relief under HUD's <br />Temporary Mortgage Assistance Payment (TMAP) Program. <br />16. Nonliability of the City In no event shall the City become liable or obligated <br />to Owner or to any successor to Owner by reason of the City's right of first refusal and option to <br />purchase, set forth in Sections 9 and 16, respectively, nor shall the City become obligated or <br />liable to Owner or to any successor to Owner for any failure to purchase the Subject Affordable <br />Unit. <br />17. Binding Effect This Resale Agreement shall bind and the benefit of this Resale <br />Agreement shall inure to Owner, Owner's successor's and assigns, and the City, and the City's <br />successors and assigns. <br />18. Superiority of Resale Agreement Owner covenants that Owner has not, and will <br />not, execute any other agreement with provisions contradictory to or in opposition to the <br />provisions of this Resale Agreement, and that, in any event, this Resale Agreement is controlling <br />as to the rights and obligations between and among Owner, the City and their respective <br />successors and assigns. <br />Exhibit B <br />Page 9 <br />
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