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AgdaPkt 2011-10-10
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AgdaPkt 2011-10-10
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Last modified
9/23/2013 10:29:37 AM
Creation date
10/6/2011 2:22:42 PM
Metadata
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Template:
CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Joint
Agency Type
City Council and Redevelopment Agency
Date
10/10/2011
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6.1.E. - Page 37 <br /> Na delay in enforcing the provisions hereo€ as to any breach or vaalatidn of th�s Resale <br /> Res#riction Agreement sF�a�l impair, damage ar waive the righ# of the C�ty to recover far <br /> #he continuation ar repetition of such �reach ar violafian, or any similar breach or <br /> vioiatior� tf�ereof at any later#ime or times. <br /> In any event, any costs, liabilities or a#�li��tior�s incurred by Qwrter and Owner's <br /> Proposed Purchaser fo� the return nf any mor�ey paid or received in violation af this <br /> Resale Restriction Agreement or #or any costs nr �egal expenses sh�ll be borne f�y <br /> Own�r and Owr�er's Propased Purc#�aser, �wner and Qr�mer's Prapased Purchaser <br /> shaN indemnify, hold t�e City and its Council members, elec#ec! and appointed officers, <br /> Employees and agents harmless, and shall r��mt�u�se their expenses, legaf fees and <br /> costs for any act�on reasor�ably taken fn gvod faith #o er�force the terms c�f this F�esale <br /> Restrictio� Agreement. <br /> �5. Purchase O tion U on DeFautt. Notavithstan�ing the rem�dies prov�ded <br /> ta the City in Sectiar� 'f4, above, the C�fy �hai� have the opt�on to purchas� the Su��ect <br /> Affardable Unit, upon the CEty's declaratior� of Owner's defauft under this Resa�e <br /> Restrictic�n Agreemen# and Owner's failure #o cure suah default withi� the time period <br /> specifed in Sectian 14. <br /> (a) Exercise .of Optior�, Qwner a�rees tf�at the City, in �ts sole <br /> discretion, may choose to record thfs option. No# later t�an ni�ety (gU) dayS �{��r <br /> Owr�er's receipt or refusal of the City's no�r;� to exercfse its optPon uncler this Section <br /> 'Iv, the City shall purchase the Subje�t Affordabl� Unit at a price equal ta the Deed- <br /> Restricted Resale Price, as sef forkh in Sect�on 1'�. <br /> (b� HUD �orbear r� �telief. Notwithst�nding other provisions of th�s <br /> Resa�e Ftestriation Agr�ement, the option grah#ed by this SectRc�n 15 shall not be <br /> exercised by the City wnen a deed of trust insured by HUD is secured by the Subject <br /> Affordable Unit, and <br /> {i} Owner is undergoing cnnsiderafion by HUD for assignment <br /> farbearanre relief; or <br /> (ii} �wner is undergc�ing cansideratian for re�ief under HUD's <br /> Temporary Mt�rtgage Assistance Payment (TMAP) Pragram. <br /> 16. Nanliabilit�f the Cit�. In r�o event shali ti�� City become fiable or <br /> obli�ated to Owrier nr to any s�ccessar to �wner �y reasan af the City's rig#�t af first <br /> refusal and o�tion ta purchase, set fcar#h in S�ctior�s 9 and 15, respectively, nar shall the <br /> City become abligated or liab�e to Owner or to any successor t� Owner for any failur� to <br /> �Urch�se fhe Subject Affordabte Unit. <br /> 'f 7. Bindin Effecf. This Resale R�striction Agreemer�t shall �ind and t�re <br /> bene#it of this Resale Fiestriction Agreement shall in�re to Owner, Qwner's sucoessors <br /> and assigns, and the City, and tF�e City`s successors and assigr�s. <br />
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