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3. All father closing costs shall be paid by the Seller or the Eligible Purchaser <br />pursuant to the custom in Orange County, <br />It. City's purchase Option <br />II -.A. Purchase Option: By taking Title to the Inclusionary Unit, the Owner <br />Irrevocably grants the city's Purchase Option upon the occurrence of any <br />of the following: <br />The owner is unable to identify an Eligible Purchaser pursuant to and <br />within the times set forth in Article 3 - Section I; <br />2. Any Prohibited Transferor Prohibited Sale by the Owner; <br />3, The Owner is in default of the occupancy requirement set forth In Article 1 <br />— Sect'lon 1; and <br />4. An Event of Default as defined in Article 1: <br />a. City's Purchase Option shall be in addition to any other remedy <br />provided in this Inclusiondry Housing Covenants Declaration for an <br />Event of Default: <br />b. By taking title to the Incluslosnary Unit, the Owner agrees that City's <br />facilitation of the transfers contemplated hereby constitute <br />adequate consideration for the grant of the City's Purchase Option <br />in the Event of Default. <br />II-B. 'Procedure Upon Exercise of Option , <br />The City shall exercise the City's Purchase Option by delivering written <br />notice to the Owner (and to transferee, if applicable). <br />2. Closing of escrow shall occur within 120 days (plus anytime delays <br />caused by the Owner), or such additional time as reasonably determined <br />by the City is necessary under the circumstances after the date of the <br />City's written notice exercising the City's Purchase Option. <br />3. Proceeds from the sale shall be distributed in the manner provided in this <br />Section. <br />Inch ipnay. Housing Covenants Declazarion Page 20 <br />CAy of Sonia Ana Januaey 2015 <br />32A -92 <br />