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Inst 2001428359
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Inst 2001428359
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CM City Clerk-City Council
Document Date (6)
8/6/2001
Recorded Document Type
Resale Agreement
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PERM
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reinstatement of a monetary default under the deed of trust or mortgage. <br />In the event of default and foreclosure, the Agency, or its designee or assignee, shall have the same <br />right as the Owner to cure defaults and redeem the Premises prior to foreclosure sale. Such redemption <br />shall be subject to the same fees, charges and penalties which would otherwise be assessed against the <br />Owner. Nothing herein shall be construed as creating any obligation on the part of the Agency to cure any <br />such default, nor shall this right to cure and redeem operate to extend any time limitations in the default <br />provisions of the underlying deed of trust or mortgage. <br />In the event that no request for notice is filed, the right to purchase of the Agency, or its designee <br />or assignee, shall run from the date the notice of default is given to the Owner, and any such purchase <br />must be completed within the period established in this Paragraph 9. In the event the Agency, or its <br />designee or assignee, elects not to exercise its rights to purchase upon default, and a foreclosure sale is <br />consummated, any surplus proceeds to which the Owner may be entitled following foreclosure under <br />California state law shall be paid as follows: After any required payment of encumbrances, that portion of <br />surplus, if any, up to but not exceeding the net amount that the Owner would have received after any <br />required payment of encumbrances under the formula set forth above had the Agency exercised its right to <br />purchase the Premises on the date of the foreclosure sale, shall be paid to the Owner on the date of the <br />foreclosure sale; the balance of surplus, if any, shall be paid to the Agency, or its successors or assigns. <br />In the event that the Agency, or its designee or assignee, does not elect to purchase the Premises <br />pursuant to the provisions of this Section and the Premises is sold through foreclosure, the provisions of <br />paragraph 15 below pertaining to subordination shall apply. <br />9. Distribution of Insurance and Condemnation Proceeds <br />In the event that the Premises consist of a unit in a condominium project and the condominium <br />project is destroyed and insurance proceeds are distributed to Owner instead of being used to rebuild, or in <br />the event of condemnation, if proceeds thereof are distributed to Owner, or in the event of termination of <br />the condominium, liquidation of the association and distribution of the assets of the association to the <br />members thereof, including Owner, any surplus proceeds so distributed remaining after payment of <br />encumbrances of said Premises shall be distributed as follows: That portion of the surplus up to but not to <br />exceed the net amount that Owner would have received under the formula set forth above had Agency <br />exercised its right to purchase the property on the date of the destruction, condemnation valuation date, or <br />liquidation, shall be distributed to Owner, and the balance of such surplus, if any, shall be distributed to <br />Agency or its successors or assigns. <br />11. Notice of Prohibited Transfer <br />Upon receiving notification of a Prohibited Transfer, Agency will give written notice to the Owner, <br />specifying the nature of the Prohibited Transfer. If the violation is not corrected to the satisfaction of the <br />Agency within ten (10) days after the date of the notice, or within such further time as Agency determines <br />is necessary to correct the violation, Agency may declare a default under this Agreement. Upon the <br />G <br />
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