RecDoc 2011-155321 - Laserfiche WebLink

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No delay in enforcing the provisions hereof as to any breach or violation of this Resale Restriction Agreement shall impair, damage or waive the right of the City to recover for the continuation or repetition of such breach or violation, or any similar breach or violation thereof at any later time or times. In any event, any costs, liabilities or obligations incurred by Owner and Owner's Proposed Purchaser for the return of any money paid or received in violation of this Resale Restriction Agreement or for any costs or legal expenses shall be borne by Owner and Owner's Proposed Purchaser. Owner and Owner's Proposed Purchaser shall indemnify, hold the City and its Council members, elected and appointed o�cers, employees and agents harmless, and shall reimburse their expenses, legal fees and costs for any action reasonably taken in good faith to enforce the terms of this Resale Restriction Agreement. 15. Purchase Oation Upon Default. Notwithstanding the remedies provided to the City in Section 14, above, the City shall have the option to purchase the Subject Affordable Unit, upon the City's declaration of Owner's default under this Resale Restriction Agreement and Owner's failure to cure such default within the time period specified in Section 14. (a) Exercise of Oation. Owner agrees that the City, in its sole discretion, may choose to record this option. Not later than ninety (90) days after Owner's receipt or refusal of the City's notice to exercise its option under this Section 15, the City shall purchase the Subject Affordable Unit at a price equal to the Deed- Restricted Resale Price, as set forth in Section 11. (b) HUD Forbearance Relief. Notwithstanding other provisions of this Resale Restriction Agreement, the option granted by this Section 15 shall not be exercised by the City when a deed of trust insured by HUD is secured by the Subject Affordable Unit, and (i) Owner is undergoing consideration by HUD for assignment forbearance relief; or (ii) Owner is undergoing consideration for relief under HUD's Temporary Mortgage Assistance Payment (TMAP) Program. 16. Nonliabilitv of the Citv. In no event shall the City become liable or obligated to Owner or to any successor to Owner by reason of the City's right of first refusal and option to purchase, set forth in Sections 9 and 15, respectively, nor shall the City become obligated or liable to Owner or to any successor to Owner for any failure to purchase the Subject Affordable Unit. 17. Bindinq Effect. This Resale Restriction Agreement shall bind and the benefit of this Resale Restriction Agreement shall inure to Owner, Owner's successors and assigns, and the City, and the City's successors and assigns.