75C - PH - FIRST AND PACIFIC PROJECT

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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 Not Resale Proceeds received from the sale of the Incluslonary Unit. III, Any resale or transfer of the I nclusionary Unit In violation of the Incluslonary Housing Covenants Declaration shall be voidable by the City, 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. e. The Incluslonary 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 I ncluslonary Unit to the Transferee under a Permitted Transfer as defined in the Incluslonary 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 re prose ntatives, 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 on Buyer's behalf to execute, acknowledge and deliver any and all docurnents relating to the City's Purchase Option under Article 3 — Section II of the Inclusionary Housing Covenants Declaration. Executed on 20_, at Santa Ana, California. [Signatures on Following Pages] holksionary Hoiminq CavenmU Dodagafon Page 3 ASSur"ption Agreemeni January 2015 75C -159