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6.1.E. - Page 32 Term. Ar�y such re�+nance shall be subJ�ct to the terms and candifions of the Cit�s SubardinatiAn Poticy, as may be amended from tfrrre ta �me. Cvpies of tF�e City's Subardination Palicy are available an the C�ty's website and from tf�e CDBG/H�ME Admi�istrator, awner acknowledges and agrees that the terms and conditions set forth in this Sectian 6 {the "Refinance RestrictionsA) �re not an ur�reasonable restraint bn proper#y afier�atior� rights and are nec�ssary in order to ensure tha# there is s�fficient equity maintained 'm the 5ubject Affordable Unit to pay-off loan balance� in the event of a Transfer, taking ir�to acoount tha Deed-Restricted Resale Price af the Subject Affordable Unit upon resale as set for� fn Secbion 7 9. The Refinance Restrictians SF�afl not be construed or understoo� to confer any rights u�an any third parties w�atsoever, and e�cists solely far ti�e benefit of the City to assist #he City in the administratinn of tk�is Resa(e Restriction Agre�ment. (b) Prohibitian an Hame E ui Zo ns and Horne E ui �ir�es of Credit. Under na circ�mstances may Qwner obtain a harne equity loan or a hame equi�y line af credit secured by deeds of trust or similar securi�y instruments u�en #he Subject Aff�rdable Unit, during the Ferm. Qwner unders�ands and agrees tha� the prof�ibitians against horne equ9ty loans and lines of credit are r�flt u�reasonable restraints �n pro�erty alienation righ#s and are rt�cessary in order fa ensure that sufFcient eqt�ity is maintained i� the �ubject Affordable Ur�it t� pay-off ti�e exis�ng laan f�alances +n the evenf o# a Transfer of the Subject Affardabfe Units, #aking into account the Deed-�?esiricted Resale Price of the Subject AfFordable Unit upcm resale as set forth in S�ctinn 71. 7. Sale Res�rictior�s. Any Trans�er of the Subject Affordab�e Unit during the Term shall be subject to #he provisions of �i�is Resale Restriction Agre�ment. Any transfer not in compliance with a�l provisions a€ this Resal� Restrictfan Agreerment is prohibited. The provisions of this Resale Res#rict�on Agreement, however, shall cantinue to �e in full force and effect far the entire Term. 8. Notice of Inter�ded Transfer. Ir� the event that Owner intends #o Transfer ar vacate tf�e Subj�ct Affordabfe Unit, Owner shalt promp#ly notify the City in writing of such intent at �east ninety �9�) days �riar to t�e actuaE date of the Transfer or�acation of the 5ubject AfFarda�le Unit. The Notice pf In#er�ded Transter from Owner shal! be deli�ered in the manner set forth in Sectian 2'f of this Resale Restriction Agreement. FoilQVVing reasipt of suct� notice, the Cify, �r� its discretion, may either notify prospective Quafi�ied Buyers of the Subject Affordable Unit that the Subject Affordabf� Unit is available for sale, or the City may exereise it� option ta purc�ase the Subjec# Affordable Unit, as described in Sectian 9 below. 9. Riaht af FirSt Refusal. Qwner agrees that the City �shall �n� does t�ereby have a continuing "right ofi first refusa�P' ta purchase th� Subject Affordable Unit on the terms an� in the manner set forth in this R�sale Restriction Agreernent. The Gity shail within fc�rty-fi�e (45) days of receipt af the Natice of Intended Transfer sp�cified �n Section B �bove, notify Owner af its interest in purchasing #he Subject Affordable Unit.