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as the stay islifted mthe injunction is dissolved and the City has been given written notice thereof, at which time the period for delivery ofoConsent to Transfer mNotice ofExercise shall again begin torun. e. Notice of Abandonment, |fthe City fails to deliver aNotice ofExercise mConsent toTransfer within the above-stated time periods,then the Option shall terminate and have no further force and effect. Thereafter,upon request byOwner, the City shall cause to be filed for recordation in the Office of the Recorder of Alameda County,a notice of abandonment,which shall declare that the provisions of the Option are no longer applicable to the Property.If the City fails horecord enotice n(abandonment, the sole remedy of Owner shall be to obtain a judicial order instructing prompt recordation of such a notice, [ Liquidated Damages. In the event the City chooses not to exercise its Option and no qualified Owner is found willing and able to purchase the Property,the City shall retain or recover from Owner the surplus,if any,as its property without any deduction,offset orrecoupment whatsoever. If the Owner should sell the Property atmarket rate toonOwner who shall receive title free and clear of the provisions of this Agreement,then the damages suffered by the City by reason thereofwould bouncertain. Such damages would involve the replacement costs for another affordable unit,and the expenses of continuing the ownership and control o/the Property bythe City;postponement nftax revenues therefrom bo the community;and the failure ofthe City hzeffect its purposes and objectives within o reasonable time, resulting in additional immeasurable damage and loss tzthe City and the community.. It is impractical and extremely difficult to fix the amount of such damages to the City,but the Parties are of the opinion, upon the basis of all information available to them,that such damages would exceed the amount of any projected surplus as the total o[all liquidated damages and not moopenalty. |nthe event that this section should boheld kobovoid for any reason bymcourt nf law,the City shall be entitled to seek the full extent of damages otherwise provided by law. The Owner onI 7C Chris |iquide�ddamages pmviuionbytheir uignsdumohere: Ci� Zap ,City Manager S r�� 4~ Owner: ~` '� Chuong Tan Ma Owner: lr�lL%1A�e (\ \t,,t /. Right to Reinstatement. If the Option Event is the recordation of a notice of default,then the City shall be deemed to be Owner's successor in interest under California Civil Code Section 2924o (or successor section) solely for purposes of reinstatement of any mortgage on the Property that has led to the recordation of the notice of default. AmOwner's deemed successor in interest,the City shall be entitled to pay all amounts of principal,interest,taxes, assessments, homeowners'association fees, insurance premiums,advances,costs,attorneys'fees and expenses required to cure the default. |fthe City exercises the Option, then any and all amounts paid by the City pursuant to this Section shall be treated as Adjustments to the Base Resale Price for the Property,oudefined inSection 12.below. 8. Inspection of Property. AfternmoivingaNuhmoof|nhentbuimnoharorde|ivoringalloti000fExarciva.theCity shall beentitled toinspect the Property one or more times prior to the close of escrow to determine the amount of any Adjustments to the Base Resale Price. Before inspecting thePmpedy.theCityohoUgivaOwnernnt|aeothonfodyeight(48)hnurswhUanncdimanf the date,time and expected duration o(the inspection. The inspection shall boconducted between the hours nf0:8Uem.and S:OU p.m.,Monday through Friday,excluding court holidays,unless the parties mutually agree in writing to another date and time. Owner shall make the Property available for inspection onthe date and at the time specified inthe City's request for inspection. O. Escrow. Promptly after delivering a Notice of Exercise,the City shall open an escrow account for its purchase of the Property. Close of escrow shall take place on such date which is the later to occur of the following,(a)sixty(60)days after a Notice of Exercise has been delivered,or(b)ten(10)days after Owner has performed all acts and executed all documents required for close ofescrow. Prior to the close of escrow,the City shall deposit the Adjusted Resale Price as defined in Section 12 below and all escrow fees and closing costs to be paid by City. Closing costs and title insurance shall be paid pursuant to the custom and practice inthe County of Alameda at the time of the opening of escrow,or as may otherwise be provided by mutual agreement. Owner agrees to perform all acts and execute all documents reasonably necessary to effectuate the close of escrow and transfer of the Property hothe City. 783O16-1 4