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(i) The transferee has at least three years' experience in the <br />ownership, operation and management of low-income <br />rental housing projects of similar size to that of the Project, <br />without any record of material violations of <br />nondiscrimination provisions or other state or federal laws <br />or regulations applicable to such projects, or <br />(ii) The transferee agrees to retain a property management firm <br />with the experience and record described in this <br />Agreement. <br />8.3 Encumbrances. Owner agrees to use best efforts to ensure that any deed of trust <br />secured by the Project for the benefit of a lender other than City ("Third -Party <br />Lender") shall contain each of the following provisions: <br />8.3.1 Third -Party Lender shall use its best efforts to provide to City a copy of <br />any notice of default issued to Owner concurrently with provision of such <br />notice to Owner (provided however, the failure to do so shall not impair <br />such Third -Party Lender's rights and remedies); and <br />8.3.2 City shall have the reasonable right, but not the obligation, to cure any <br />default by Owner within the same period of time provided to Owner for <br />such cure. <br />Owner agrees to provide to City a copy of any notice of default Owner receives <br />from any Third -Party Lender within three (3) business days following Owner's <br />receipt thereof. <br />8.4 Mortgaiee Protection. No violation of any provision contained herein shall defeat <br />or render invalid the lien of any mortgage or deed of trust made in good faith and <br />for value upon all or any portion of the Project or the Property, and the purchaser <br />at any trustee's sale or foreclosure sale shall not be liable for any violation of any <br />provision hereof occurring prior to the acquisition of title by such purchaser. <br />Such purchaser shall be bound by and subject to this Agreement from and after <br />such trustee's sale or foreclosure sale. Promptly upon determining that a violation <br />of this Agreement has occurred, City shall give written notice to the holders of <br />record of any mortgages or deeds of trust encumbering the Project or the Property <br />that such violation has occurred. <br />9. Default and Remedies. <br />9.1 Events of Default. The occurrence of any one or more of the following events <br />shall constitute an event of default hereunder ("Event of Default"): <br />(a) The occurrence of a Transfer in violation of this Agreement; <br />5056752.1 15 <br />