Agmt00 Purchase Agreement Habitat for Humanity - Rolison Haven

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13. Assignment of Excess Sales Proceeds. If the Property is sold or otherwise Transferred by the Owner, or any other party, in violation of the Eligible Household Purchase Addendum for more than the amount permitted under the Eligible Household Purchase Addendum, any proceeds of such sale or Transfer in excess of the Eligible Sales Price shall be deemed assigned to Peninsula Habitat. Habitat shall be entitled to bring legal action 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 Peninsula Habitat, upon its demand, then Peninsula Habitat has the right to enforce said lien on the Property pursuant to California Civil Code §§2924 et seq. 14. 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 of trust, being the deed of trust in connection with the Peninsula Habitat Loan. Encumbering the title to the Property with more than the City of Redwood City restrictions for affordable ownership housing and the Peninsula Habitat Loan, except for an Approved Junior Lien, as set forth in the Addendum to the Peninsula Habitat Loan, if such is allowed, is prohibited, and shall constitute a default of the Eligible Household Purchase Addendum. 15. Exercise by Habitat upon a Default. The Right to Repurchase may be exercised by Peninsula 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. Peninsula Habitat shall have thirty (30) days after 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, Peninsula 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 Peninsula Habitat, and the costs of sale. 16. Excess Proceeds Paid From Creditor's Sale. If a creditor acquires title to the Property through a deed in lieu of foreclosure, a trustee's deed upon a foreclosure sale, or otherwise, the owner shall not be entitled to the 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 Peninsula Habitat, and the costs of sale. The owner shall instruct the holder of such excess proceeds to pay -7- Addendum -h5 FXS:fs 04/14/00