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pursuant to a foreclosure sale, the Transferee must pay to the City the City Share of Excess Proceeds, which is set at fifty percent (50%) of the difference between the Affordable Sales Price and the Net Resale Proceeds received from the sale of the Incluslonary Unit, iii. Any resale or transfer of the Incluslonary Unit in violation of the Inclusionary Housing Covenants Declaration shall be voidable by the City. d. The Transferee is not permitted to refinance a Senior Loan that is secured by the Property for more than the outstanding principal amount of that Senior Loan plus the customary fees and costs associated with obtaining the new Senior Loan. a. The Inclusionary Unit is subject to the Project CC&Rs, The Transferee acknowledges and agrees that it is obligated to comply With all of the terms, conditions, covenants and restrictions set forth in the Project CC&Rs, 3. The City hereby consents to the transfer of the Inclusionary Unit to the Transferee under a Permitted Transfer as defined in the I ncluslonary Housing Covenants Declaration. 4. All questions with respect to the interpretation of this Assumption Agreement, and the rights and liabilities of the parties hereto, shall be governed by the laws of the State of California. 5. This Assumption Agreement shall inure to the benefit of, and shall be binding upon, the assigns, successors in interest, personal representatives, estates, heirs and legatees of each of the parties hereto. 6. The Transferee hereby grants to the City an irrevocable power of attorney coupled with an interest to act an Buyers behalf to execute, acknowledge and deliver any and all documents relating to the City's Purchase Option under Article 3 — Section 11 of the Inclusionary Housing Covenants Declaration, Executed on 1, 20—, at Santa Ana, California. [Signatures on Following Pages] -------------- ndusionarry Housing Cavunpflls Declaration Pago Al 5wiplion Aojrvon-mnI .January 2015 32A -117