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��iA�n������e������������Bm�������5 <br />�qu n� . ' _���� ,� below) -- <br />and shall entitle the City hnexercise its Option h>purchase the <br />3. Grant of Option to Purchase. Owner hereby grants tothe City an option yY]otinnO to <br />purchase all of Owner's hyht. title and i8bamot in and to the Property upon the occurrence of an Option <br />Event (defined in Section 5 below), subject to the terms and conditions contained herein. <br />4. Assignment of the Option. The City may assign the Option k)another government entity, a <br />non-profit affordable housing provider or a person or family of moderate income who qualifies as an Eligible <br />Household. The City's assignment ofthe Option shall not extend any time limits contained herein with <br />respect to the exercise period of the Option or the period within which the Property must be purchased. <br />5. Events Giving Rise to Right to Exercise Option. The City shall have the right h>exercise <br />its Option upon the occurrence of any Ofthe following events (gaCh.aD"Option EveMt'): <br />a. Receipt of a Notice of intent to Transfer (defined in Section 6 below); <br />b. Any @CtuB[ attempted or pending oalm, cVOY6yonuo' transfer, lease or other <br />attempted disposition of the Property or ofany estate or interest therein, except ae provided in Section 10 <br />below; <br />C. Any actual, attempted or pending encumbrance Vfthe Property, including without <br />||mdmdon by way of mortgage or deed of trust, or by judgment, 08Chaokm, tam or other lien, except as <br />provided in Section 17 below; <br />d. Recordation 0f8notice ofdefault and/or notice of sale pursuant to California Civil <br />Code S8Cbnn 2924 (ox successor provisions) under any deed of trust or mortgage with a power of sale <br />encumbering the Property; <br />e. Commencement of a judicial foreclosure proceeding regarding the Property; <br />Execution byOwner ofany deed |nlieu of foreclosure transferring ownership of <br />the ; <br />9. Commencement of 8 proceeding or @CUQn in bankruptcy, whether voluntary or <br />involuntary, pursuant to Title 11 of the United States Code or other bankruptcy statute, Or any other <br />inmdwencY, morgonimadun, mnange08O[ assignment for the benefit of nmdib>rs, receivership or <br />trusteeship, concerning the Owner; or <br />h, Any violation by Owner o[any provision of this Agreement including, without <br />limitation, the conditions set forth in Section 2 above. <br />6. Method of Exercising the Option. <br />u. I Notice of Intent to Transfer. If Owner deeknu to ad|, t$nvay, transfer, lease, <br />encumber orotherwise dispose nfthe Property orofanyeatateorinteree therein, Owner shall notify City in <br />writing to that effect (the "Notice of Intent to Transfer"), The Notice of Intent to Transfer shall state the <br />783016-2 <br />Page ovfzz Requested By: asha.uasav'Printed: /1/14/2ozno:uspm <br />