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or assignee, shall run from the date the notice of default is given to the Owner, and any such purchase must be completed within the period established in this Paragraph 9. In the event <br /> the Agency, or its designee or assignee, elects not to exercise its rights to purchase upon default, and a foreclosure sale is consummated, any surplus proceeds to which the Owner may <br /> be entitled following foreclosure under California state law shall be paid as follows: After any required payment of encumbrances, that portion of surplus, if any, up to but not exceeding <br /> the net amount that the Owner would have received after any required payment of encumbrances under the formula set forth above had the Agency exercised its right to purchase the Premises <br /> on the date of the foreclosure sale, shall be paid to the Owner on the date of the foreclosure sale; the balance of surplus, if any, shall be paid to the Agency, or its successors or <br /> assigns. <br /> <br /> In the event that the Agency, or its designee or assignee, does not elect to purchase the Premises pursuant to the provisions of this Section and the Premises is sold through <br /> foreclosure, the provisions of paragraph 15 below pertaining to subordination shall apply. <br /> <br />Distribution of Insurance and Condemnation Proceeds <br /> <br />In the event that the Premises consist of a unit in a condominium project and the condominium project is destroyed and insurance proceeds are distributed to Owner instead of being used <br /> to rebuild, or in the event of condemnation, if proceeds thereof are distributed to Owner, or in the event of termination of the condominium, liquidation of the association and distribution <br /> of the assets of the association to the members thereof, including Owner, any surplus proceeds so distributed remaining after payment of encumbrances of said Premises shall be distributed <br /> as follows: That portion of the surplus up to but not to exceed the net amount that Owner would have received under the formula set forth above had Agency exercised its right to purchase <br /> the property on the date of the destruction, condemnation valuation date, or liquidation, shall be distributed to Owner, and the balance of such surplus, if any, shall be distributed <br /> to Agency or its successors or assigns. <br /> <br />11. Notice of Prohibited Transfer <br /> <br />