RecDoc 2012-101618 - Laserfiche WebLink

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� AND APPROVED BY CITY, AND FOR THE BENEFIT OF CITY. IF THE PURCHASER FAILS TO EXECUTE A NEW AGREEMENT, PURCHASER WILL REMAIN SUBJECT TO THIS AGREEMENT. UPON THE CLOSING, AND RECORDATION OF THE NEW RESALE RESTRICTION AGREEMENT AND OPTION TO PURCHASE, OWNER SHALL HAVE NO FURTHER OBLIGATIONS OR LIABILITIES TO CITY WITH RESPECT TO THE AFFORDABLE UNIT, INCLUDING WITHOUT LIMITATION ANY RESPONSIBILITY FOR COMPLIANCE BY THE PURCHASER OR ITS SUCCESSORS WITH THE TERMS AND CONDITIONS OF THE NEW RESALE RESTRICTION AGREEMENT AND OPTION TO PURCHASE. 14. Purchase Oqtion. Notwithstanding the remedies provided to the City below, the City shall have the option to purchase the Affordable Unit pursuant to Section 9 above and upon an Event of Default under this Agreement. 14.1 Exercise of Option. Owner agrees that the City, in its sole discretion, may choose to exercise this option upon an Event of Default or Owner's notice of intent to transfer the Affordable Unit by providing written notice to Owner ("Exercise Notice"). Not later than 90 days after Owner's receipt or refusal of the City's Exercise Notice, the City may purchase the Affordable Unit at a price equal to the Affordable Sales Price or assign its right to a Qualified Buyer. 14.2 HUD Forbearance Relief. Nofinrithstanding other provisions of this Agreement, the option granted by this Section shall not be exercised by the City when a deed of trust insured by HUD is secured by the Affordable Unit, and Owner is undergoing consideration by HUD for assignment forbearance relief; or Owner is undergoing consideration for relief under HUD's Temporary Mortgage Assistance Payment (TMAP) Program. 15. Nonliabilitv of the City. In no event shall the City become liable or obligated to Owner or to any successor to Owner by reason of the City's rights or obligations, or the exercise thereof, under this Agreement. 16. Events of Default; Enforcement. Events of Default; Enforcement. In the event of a default in the performance or observance of any agreement or obligation as set forth in this Agreement, if such default remains uncured for a period of 30 days after notice to the Developer, or such longer period as may be approved by the City in writing in its sole discretion, then the City may declare that an "Event of Default" has occurred hereunder 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 proper proceedings to enforce the curing of such breach, including, but not limited to, applying to a court of competent jurisdiction for specific perFormance of this Agreement, for an injunction prohibiting a proposed transfer in violation of this Agreement, or for a declaration that a Transfer in violation of this Agreement is void. No delay in enforcing the provisions hereof as to any breach or violation of this 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. Page 19 of 31