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4. Closing shall occur in the manner provided in this Section, with the City <br />having the rights and responsibilities of the Eligible Purchaser provided <br />thereunder. <br />II -C. Assignment of City's Purchase Option: After the City has exercised the <br />City's Purchase Option, the City may, without the Owner's or transferee's <br />consent, assign the City's Purchase Option to an Eligible Purchaser or to <br />a government or non-profit organization that agrees to be subject to this <br />Inclusionary Housing Covenants Declaration. Such assignment shall not <br />extend any time limits contained in this Inclusionary Housing Covenants <br />Declaration. <br />II -D. Failure to Close: <br />If the City exercises the City's Purchase Option pursuant to this Section, <br />and fails to close escrow pursuant to the identified timeframes, the Owner <br />may conduct an Extraordinary Sale under Article 3 - Section III. <br />2. If the City exercises the City's Purchase Option pursuant to a Prohibited <br />Transfer, a Prohibited Sale or an Event of Default, and the City fails to <br />close escrow pursuant to this Section, then the City shall be deemed to <br />retain all remedies available under Article 5 - Section IV, <br />II -E. Power of Attorney: By taking title to the Inclusionary Unit, the Owner <br />grants to the City an irrevocable power of attorney that authorizes the City <br />to act on the Owner's behalf to execute, acknowledge and deliver any and <br />all documents related to the City's Purchase Option. <br />III. Extraordinary Sale <br />The purpose of this Section is to permit the sale of the Inclusionary Unit to a <br />buyer who is not an Eligible Purchaser when an Eligible Purchaser has not been <br />secured and the City's Purchase Option has not been exercised. <br />III -A. Notice of Extraordinary Sale: The Owner shall notify the City of the <br />Owner's intent to make an Extraordinary Sale by delivering a Notice of <br />Extraordinary Sale in the form attached as Exhibit 6. <br />1. The Notice of Extraordinary Sale shall identify the Fair Market Value of the <br />Inclusionary Unit. <br />Incluslonary Housing Covenants Declaration Page 21 <br />City of Santa Ana January 2015 <br />