Laserfiche WebLink
transferee agrees to retain a property management firm with the experience and record <br />described in subclause (A). <br />Consent to any proposed Transfer may be given by the City's Executive Director <br />unless the Executive Director, in his or her discretion, refers the matter of approval to <br />the City's governing board. If a proposed Transfer has not been approved by City in <br />writing within thirty (30) days following City's receipt of written request by Owner, it shall <br />be deemed rejected. <br />Owner shall reimburse City for all City costs, including but not limited to <br />reasonable attorneys' fees, incurred in reviewing instruments and other legal documents <br />proposed to effect a Transfer under this Agreement and in reviewing the qualifications <br />and financial resources of a proposed successor, assignee, or transferee within ten (10) <br />days following City's delivery of an invoice detailing such costs. <br />8.3 Encumbrances Owner agrees to use best efforts to ensure that all deeds <br />of trust or other security instruments and any applicable subordination agreement <br />recorded against the Property , the Project or part thereof for the benefit of a lender <br />other than City ( "Third -Party Lender ") shall contain each of the following provisions: (i) <br />Third -Party Lender shall use its best efforts to provide to City a copy of any notice of <br />default issued to Owner concurrently with provision of such notice to Owner; (ii) City <br />shall have the reasonable right, but not the obligation, to cure any default by Owner <br />within the same period of time provided to Owner for such cure extended by an <br />additional 90 days; (iii) provided that City has cured any default under Third -Party <br />Lender's deed of trust and other loan documents, City shall have the right to foreclose <br />City's Deed of Trust and take title to the Project without acceleration of Third -Party <br />Lender's debt; and (iv) City shall have the right to transfer the Project without <br />acceleration of Third -Party Lender's debt to a nonprofit corporation or other entity which <br />shall own and operate the Project as an affordable rental housing Project, subject to the <br />prior written consent of the Third -Party Lender. Owner agrees to provide to City a copy <br />of any notice of default Owner receives from any Third -Party Lender within three (3) <br />business days following Owner's receipt thereof. <br />8.4 Mortgagee Protection No violation of any provision contained herein shall <br />defeat or render invalid the lien of any mortgage or deed of trust made in good faith and <br />for value upon all or any portion of the Project or the Property, and the purchaser at any <br />trustee's sale or foreclosure sale shall not be liable for any violation of any provision <br />hereof occurring prior to the acquisition of title by such purchaser. Such purchaser shall <br />be bound by and subject to this Agreement from and after such trustee's sale or <br />foreclosure sale. Promptly upon determining that a violation of this Agreement has <br />occurred, City shall give written notice to the holders of record of any mortgages or <br />deeds of trust encumbering the Project or the Property that such violation has occurred. <br />9. Default and Remedies <br />9.1 Events of Default The occurrence of any one or more of the following <br />1753724.3 15 <br />