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determined as follows: Upon receipt of notice of Owner's intent to sell, Agency or its designee shall have an opportunity to determine whether any violations of applicable building, plumbing, electric, fire or housing codes exist or any other violations of other provisions of Municipal Code. In the event deficiencies are noted, the Agency shall obtain estimates to cure the observed deficiencies. The Owner shall cure the deficiencies in a reasonable manner acceptable to Agency or designee within sixty (60) days of being notified of the results of the inspection, but in no event later than close of escrow. Should Owner fail to cure such deficiencies prior to the scheduled date of close of escrow, at the option of the Agency, its designee or assignee, escrow may be closed, title passed and money paid to the selling Owner subject to the condition that such funds as are necessary to pay for curing such deficiencies (based upon written estimates obtained by Agency) shall be withheld from the money due the selling Owner and held by the escrow holder for the purpose of curing such deficiencies. Agency, its designee or assignee shall cause such deficiencies to be cured and upon certification of completion of work by Agency, escrow holder shall utilize such funds to pay for said work. Any remaining funds shall be paid to the selling Owner. No other payment shall be due said Owner. In no event shall Agency become in any way liable to Owner, nor become obliged in any manner, by reason of the assignment of its right to purchase, nor shall Agency be in any way obligated or liable to Owner for any failure of Agency's assignee to consummate a purchase of the premises or to comply with the terms of any purchase and sale agreement. Until such time as the Agency's right to purchase is exercised, waived, or expired, the Premises and any interest in title hereto shall not be Transferred (the word "Transfer" is defined in Section 3 above) to any person or entity except with the express written consent of Agency or its designee, which consent shall be consistent with the Agency's goal of creating, preserving, maintaining, and protecting housing for persons of low and moderate income. This provision shall not prohibit the encumbering of title for the sole purpose of securing financing; however in the event of foreclosure or transfer by deed in lieu of foreclosure, the provisions of paragraph 9 of this instrument shall govern. 8. Termination of Right of First Refusal The provisions set forth in this Agreement relating to Agency's right to purchase shall extend for 30 years or until expiration of the Redevelopment Plan for the Project Area, 9. Default and Foreclosure A request for notice of default and any notice of sale under any deed of trust or mortgage with power of sale encumbering said premises shall be recorded by the Agency in the Office of the Recorder of the County of Alameda. Any notice of default given pursuant to Civil Code Section 2924B, or as later amended, shall constitute a notice of intent to sell hereunder, and the Agency, or its designee, may exercise its preemptive right to purchase pursuant to the provisions of Paragraph 3 of this Agreement, provided, however, that, notwithstanding any language contained in this instrument to the contrary with regard to the rights of the lien holder, the Agency, or its designee or assignee,. must complete such purchase no later than the end of the period established by California Civil Code Section 2924c for 5