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Form O: -ly <br />Exhibit A <br />to Performance Deed of Trust <br />days shall be deemed an abandonment of the Property as the principal residence of Owner in violation of <br />the conditions of this Section. Upon request by the City made from time to time, the Owner of the Property <br />shall submit an affidavit to the City certifying that the Property is the Owner's principal residence and <br />provide such documents and other evidence as may be requested to verify Owner's compliance with this <br />requirement, Abandonment of the Property shall constitute an Option Event (as defined in Section 5 below) <br />and shall entitle the City to exercise its Option to purchase the Property. <br />3. Grant of Option to Purchase. Owner hereby grants to the City an option ("Option") to <br />purchase all of Owner's right, title and interest 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 to 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 of the 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 to exercise <br />its Option upon the occurrence of any of the following events (each, an "Option Event"): <br />Receipt of a Notice of intent to Transfer (defined in Section 6 below); <br />b. Any actual, attempted or pending sale, conveyance, transfer, lease or other <br />attempted disposition of the Property or of any estate or interest therein, except as provided in Section 16 <br />below; <br />C. Any actual, attempted or pending encumbrance of the Property, including without <br />limitation by way of mortgage or deed of trust, or by judgment, mechanics, tax or other lien, except as <br />provided in Section 17 below; <br />d. Recordation of a notice of default and/or notice of sale pursuant to California Civil <br />Code section 2924 (or 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 by Owner of any deed in lieu of foreclosure transferring ownership of <br />the Property; <br />g. Commencement of a proceeding or action in bankruptcy, whether voluntary or <br />involuntary, pursuant to Title 11 of the United States Code or other bankruptcy statute, or any other <br />insolvency, reorganization, arrangement, assignment for the benefit of creditors, receivership or <br />trusteeship, concerning the Owner; or <br />h. Any violation by Owner of any provision of this Agreement including, without <br />limitation, the conditions set forth in Section 2 above. <br />783016-2 112310 14 <br />