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the Project, (ii) naming of Agency as additional insured, and (iii) provision to Agency of notice of cancellation or reduction in coverage. 6.8 Property Damage or Destruction If any part of the Property or Project is damaged or destroyed, Owner shall repair or restore the same, consistent with the occupancy and rent restriction requirements set forth in this Agreement. Such work shall be commenced within 120 days after the damage or loss occurs and shall be completed within one year thereafter (or such longer time as the Agency may approve with respect to commencement or completion) provided that insurance proceeds are available to be applied to such repairs or restoration within such period and the repair or restoration is financially feasible. During such time that lenders or low - income housing tax credit investors providing financing for the Project impose requirements that differ from the requirements of this Section the requirements of such lenders and investors shall prevail. 7. Recordation; No Subordination This Agreement shall be recorded in the Official Records of Alameda County. Owner hereby represents, warrants and covenants that with the exception of encumbrances of record, absent the written consent of Agency, this Agreement shall not be subordinated in priority to any lien (other than those pertaining to taxes or assessments), encumbrance, or other interest in the Property or the Project. If at the time this Agreement is recorded, any interest, lien, or encumbrance has been recorded against the Project in position superior to this Agreement, upon the request of Agency, Owner hereby covenants and agrees to promptly undertake all action necessary to clear such matter from title or to subordinate such interest to this Agreement consistent with the intent of and in accordance with this Section 7 , and to provide such evidence thereof as Agency may reasonably request. Agency agrees that this Agreement may be subordinated to a deed of trust securing financing or refinancing for the Project pursuant to a subordination agreement that provides the Agency with reasonably adequate notice and cure rights and protections consistent with the requirements of California Health and Safety Code Section 33334.14(x)(4). 8. Transfer and Encumbrance 8.1 Restrictions on Transfer and Encumbrance During the term of this Agreement, except as permitted pursuant to this Agreement, Owner shall not directly or indirectly, voluntarily, involuntarily or by operation of law make or attempt any total or partial sale, transfer, conveyance, assignment or lease (collectively, "Transfer ") of the whole or any part of the Property or the Project, without the prior written consent of the Agency. 8.2 Permitted Transfers. Notwithstanding any contrary provision hereof, the prohibitions on Transfer set forth herein shall not be deemed to prevent: (i) the lease of individual residents to tenants for occupancy as their principal residence in accordance with this Agreement; (ii) assignments creating security interests for the purpose of financing or refinancing the Project or the Property, or Transfers directly resulting from the foreclosure of, or granting of a deed in lieu of foreclosure of, such a security interest; (iii) the transfer of Owner's interest to Owner's general partner pursuant to a right of first refusal or option provided in the partnership agreement for Owner ( "Partnership Agreement "); (iv) the admission of limited partners and any transfer of limited partnership interests in Owner in accordance with the Partnership Agreement; or (v) the removal of Owner's general partner by the investor limited partner for a 1538954.2 11