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(1) Following Borrower's acquisition of the Property Borrower shall not make any sale, <br />encumbrance, hypothecation, assignment, pledge, conveyance, or transfer in any form of the Project <br />or of any of its interest therein without prior written approval of the City, which shall not be <br />unreasonably withheld. <br />(2) Borrower shall not permit the use of the Project for any purpose other than that <br />permitted by this Agreement without the prior written approval of the City. <br />(3) The City may approve a sale, transfer or conveyance provided that all of the <br />following conditions are met: <br />(A) Borrower is in compliance with this Agreement or the sale, transfer or <br />conveyance will result in the cure of any existing violations of this Agreement; <br />(B) the successor -in -interest to Borrower agrees to assume all obligations of the <br />existing Borrower pursuant to this Agreement and the HOME Program; <br />(C) the successor -in -interest demonstrates to the City's satisfaction that it can own <br />and operate the Project in full compliance with all HOME Program requirements; and <br />(D) any terms of the sale, transfer or conveyance shall not threaten the City's <br />security or the successor's ability to comply with all HOME Program requirements. <br />(4) The City may grant any approval for a sale, transfer or conveyance subject only to <br />such terms and conditions as may be necessary to ensure compliance with HOME Program <br />requirements. <br />2.9 Assignment of Cily Rights. The City retains the right at its sole discretion to assign <br />all or part of its rights under this Agreement for the purpose of ensuring compliance and enforcement <br />of Borrower's duties and obligations hereunder. In addition, the City may designate an agent to act <br />on its behalf in monitoring compliance and enforcing the provisions hereof. <br />2.10 Fees. Borrower shall be responsible for payment of all customary fees and charges in <br />connection with the processing of City, and all other applicable permits and approvals for the <br />Project. <br />2.11 Taxes and Assessments. Following Borrower's acquisition of the Property, Borrower <br />shall pay all real and personal property taxes, assessments and charges and all franchise, income, <br />payroll, withholding, sales, and other taxes assessed against the Property or the Project and payable <br />by Borrower, at such times and in such manner as to prevent any penalty from accruing, or any lien <br />or charge from attaching to the Property; provided, however, that Borrower shall have the right to <br />contest in good faith, any such taxes, assessments, or charges. In the event the Borrower exercises <br />its right to contest any tax, assessment, or charge, the Borrower, on final determination of the <br />proceeding or contest, shall immediately pay or discharge any decision or judgment rendered against <br />it, together with all costs, charges and interest. <br />2.12 Liens and Stop Notices. Following Borrower's acquisition of the Property, until the <br />expiration of the term of the Regulatory Agreement, Borrower shall not allow to be placed on the <br />2220130.1 Page 9 <br />