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and continuing throughout the term of this Agreement Owner shall comply with the <br />insurance requirements set forth in the OPA, and shall, at Owner's expense, maintain in <br />full force and effect insurance coverage as specified in the OPA; provided however, <br />during such time that lenders or low-income housing tax credit investors providing <br />financing for the Project impose insurance requirements that are inconsistent with the <br />requirements set forth in the OPA, Owner may satisfy the requirements of this Section <br />by meeting the requirements of such lenders or investors. Notwithstanding the <br />foregoing, throughout the term hereof, Owner shall comply with the provisions of the <br />OPA pertaining to (i) provision to Agency and City of proof of insurance for the Project, <br />(ii) naming of Agency and City as additional insureds, and (iii) provision to Agency and <br />City of notice of cancellation or reduction in coverage. <br />6.8 Property Damage or Destruction. If any part of the Project is damaged or <br />destroyed, Owner shall repair or restore the same, consistent with the occupancy and <br />rent restriction requirements set forth in this Agreement. Such work shall be <br />commenced within 120 days after the damage or loss occurs and shall be completed <br />within one year thereafter (or such longer time as the Agency and the City may approve <br />with respect to commencement or completion) provided that insurance proceeds are <br />available to be applied to such repairs or restoration within such period and the repair or <br />restoration is financially feasible. During such time that lenders or low-income housing <br />tax credit investors providing financing for the Project impose requirements that differ <br />from the requirements of this Section the requirements of such lenders and investors <br />shall prevail. <br />7. Recordation; No Subordination. This Agreement shall be recorded in the Official <br />Records of Alameda County. Owner hereby represents, warrants and covenants that <br />with the exception of the Agency Documents and City Documents (as defined in the OPA) <br />and easements of record, absent the written consent of Agency and City, this Agreement <br />shall not be subordinated in priority to any lien (other than those pertaining to taxes or <br />assessments), encumbrance, or other interest in the Property or the Project. If at the <br />time this Agreement is recorded, any interest, lien, or encumbrance has been recorded <br />against the Project in position superior to this Agreement, upon the request of Agency <br />or City, Owner hereby covenants and agrees to promptly undertake all action necessary <br />to clear such matter from title or to subordinate such interest to this Agreement <br />consistent with the intent of and in accordance with this Section 7, and to provide such <br />evidence thereof as Agency and/or City may reasonably request. Agency and City agree <br />that this Agreement may be subordinated to a first deed of trust securing Project <br />construction financing and a first deed of trust securing permanent financing for the <br />Project pursuant to subordination agreements that provide the Agency and City with <br />reasonably adequate notice and cure rights and protections consistent with the <br />requirements of California Health and Safety Code Section 33334.14(x)(4). <br />8. Transfer and Encumbrance. <br />8.1 Restrictions on Transfer and Encumbrance. During the term of this <br />Agreement, except as permitted pursuant to the OPA or this Agreement, Owner shall not <br />956619-4 12 <br />