Laserfiche WebLink
other writing specially stating that an Option Event has occurred. The City shall have no obligation to <br />deliver a Notice of Exercise or Consent to Transfer, and the applicable time period for exercise of the <br />Option shall not commence to run, unless and until the City has received notification of an Option Event in <br />the manner specified in this subsection. If there is a stay or injunction imposed by court order precluding <br />the City from delivering its Consent to Transfer or Notice of Exercise within the applicable time period, then <br />the running of such period shall cease until such time as the stay is lifted or the injunction is dissolved and <br />the City has been given written notice thereof, at which time the period for delivery of a Consent to Transfer <br />or Notice of Exercise shall again begin to run. <br />e. Notice of Abandonment. If the City fails to deliver a Notice of Exercise or Consent <br />to Transfer within the above -stated time periods, then the Option shall terminate and have no further force <br />and effect. Thereafter, upon request by Owner, the City shall cause to be filed for recordation in the Office <br />of the Recorder of Alameda County, a notice of abandonment, which shall declare that the provisions of the <br />Option are no longer applicable to the Property. If the City fails to record a notice of abandonment, the sole <br />remedy of Owner shall be to obtain a judicial order instructing prompt recordation of such a notice. <br />f. Liquidated Damages. In the event the City chooses not to exercise its Option and <br />no qualified Owner is found willing and able to purchase the Property, the City shall retain or recover from <br />Owner the surplus, if any, as its property without any deduction, offset or recoupment whatsoever. If the <br />Owner should sell the Property at market rate to an Owner who shall receive title free and clear of the <br />provisions of this Agreement, then the damages suffered by the City by reason thereof would be uncertain. <br />Such damages would involve the replacement costs for another affordable unit, and the expenses of <br />continuing the ownership and control of the Property by the City; postponement of tax revenues therefrom <br />to the community; and the failure of the City to effect its purposes and objectives within a reasonable time, <br />resulting in additional immeasurable damage and loss to the City and the community. It is impractical and <br />extremely difficult to fix the amount of such damages to the City, but the Parties are of the opinion, upon the <br />basis of all information available to them, that such damages would exceed the amount of any projected <br />surplus as the total of all liquidated damages and not as a penalty. In the event that this section should be <br />held as void for any reason by a court of law, the City shall be entitled to seek the full extent of damages <br />otherwise provided by law, <br />The Owner and the City specifically acknowledge this liquidated damages provision by their signatures <br />here: <br />City: <br />Chris Zapata, City Manager <br />Owner: <br />Xi Lan Yan <br />7. Right to Reinstatement. If the Option Event is the recordation of a notice of default, then <br />the City shall be deemed to be Owner's successor in interest under California Civil Code Section 2924c (or <br />successor section) solely for purposes of reinstatement of any mortgage on the Property that has led to the <br />recordation of the notice of default. As Owner's deemed successor in interest, the City shall be entitled to <br />pay all amounts of principal, interest, taxes, assessments, homeowners' association fees, insurance <br />premiums, advances, costs, attorneys' fees and expenses required to cure the default. If the City exercises <br />783016-2 112310 <br />