AgdaPkt 2012-06-25 - Laserfiche WebLink

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6.1.K. - Page 23 AND APPROVED BY CfTY, AND FOR THE BENEFiT OF CITY. IF THE PURCHASER FAILS TO EXECUTE A NEW AGREEMENT, PURCHAS�R WILL REMAIN SUBJECT TO TH1S AGREEMENT. UPON THE CLOSING, AND RECORDATION OF THE NEW RESALE RESTRfCTION AGREEMENT AND OPTION TO PURCHASE, OWNER SHALL HAVE NO FURTHER OBLiGATI�NS OR LIABILITIES TO CITY WfTH RESPECT 70 THE AFFORDABLE UNIT, INCLUDING WITHQUT L�MITATION ANY RESPONSIBIL�TY FOR COMPL[ANCE BY THE PURCHASER OR ITS SUCCESSORS WITH THE TERMS AND CONDITIONS QF THE NEW RESALE RESTRICTION AGREEMENT AND OPTiON TO PURCHASE. 14. Purchase Option. NotwEthstanding the remedies provided to the City belaw, the City shall have the optian to purchase the Affordable Unit pursuant to Section 9 above and upon an Event af Default under tnis Agreement. 94.1 Exercise of Oqtion. Owner agrees that th� City, in its sale discrefion, may choose to exercise this optian upon an Event of De�ault or Owner's notice of intenf to transfer the Affordable Unit by pra�iding written notice to Owner ("�xercise Notice"). Not later than 90 clays after �wner's receipt or refusal of the City's Exe�cise Notice, the City may purchase the Affordable Unit at a �rice equal to the Affardable Sales Price or assign its right to a Qualified Buyer. 14.2 HUD Forbearance RelFef. Notwithstanding other provisions of this Agreement, the opfian granted by this Sectian shafl not be exercised by the City wher� a deed of trust ir�sured by HUD is secured by the Affordable Unit, and Owner is undergoing consideration by HUD for assignment forbearance relief; or Owner �s unclergoing consideration for relief under HUD's Temporary Mortgage Assistance PayrrEent (TMAP) Program. '�5. Nonliability of the Citv. In no event sF�all the City become liable or obligated ta Owner ar to any successor to Owner by reason of the City's rights or obligations, or the exercise fhereof, under this Agreement. 16. E�ents of Default� Enforcement. E�ents o� Default� Enforcement. fn tFte event of a default in the perFormance ar observance of any agreernent or oblEgation as set forth i� this Agreement, if such default remains uncured for a period of 30 days after notice to tF�e D�valaper, or such longer period as may be appro�ed by the City in writing in its sole discretion, then the City may dec�are that an °Event of Default" has occurred here�nder and City shall have the right to exercise all of the rights and remedies and to maintain any actions at law or suits in equity or other �roper proceedings to enforce the curing of sUCh breach, including, but not limited to, applying ta a court af competent jurisdictior� for specific performance of this Agreement, for an injunction prohibiting a proposed transfer in �iolation of this Agreement, or for a declaration that a Transfer in violatian of tf�is Agreement is �aid. No deRay in enfarcing the provisions hereof as to any breach or �iolation of this Agreement shal! impair, damage or waive the right of the City to recover for the continuatian or rep�titior� of such breach or violation, or any similar breach ar�iolation thereof at any later time or times_ Page 99 of 31