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WHEREAS, HUD intends for the Disposition Property to be released from the <br /> Declaration of Trust at the time the Disposition Property is transferred to Purchaser; and <br /> WHEREAS, as a condition for the release of the Declaration of Trust, PHA and the City <br /> hereby agree to concurrently record in the official records of the county where the Disposition <br /> Property is located a Use Agreement acceptable to and as required by HUD. <br /> AGREEMENT <br /> NOW, THEREFORE, in consideration of the promises and covenants herein set forth and <br /> other good and valuable consideration, the receipt and sufficiency of which are hereby <br /> acknowledged,the parties hereby agree as follows: <br /> 1. Use of Disposition Property and Disposition Proceeds. Each of PHA and the <br /> City, for itself and for its successors and assigns, hereby covenants and agrees for the benefit of <br /> HUD that it shall concurrently record in the official records of the county where the Disposition <br /> Property is located a Use Agreement acceptable to and as required by HUD. <br /> 2. Release of Declaration of Trust. Upon recordation of this document, the <br /> Disposition Property described in Exhibit A is hereby discharged and fully released from the <br /> Declaration of Trust. <br /> 3. Incorporation of Recitals. The above recitals are incorporated herein by <br /> reference. <br /> 4. Governing Law. This Release shall be governed, construed and interpreted in <br /> accordance with the laws of the State of California, and the parties shall submit to the <br /> jurisdiction and venue of the courts of the State of California in the county where the Disposition <br /> Property is located in any legal proceeding necessary to interpret or enforce this Release. <br /> 5. No Negotiation. This Release is not subject to negotiation by PHA or any lender <br /> with a secured interest in the Disposition Property. <br /> 6. Severability. The invalidity or unenforceability of any clause, part or provision of <br /> this Release shall not affect the validity or enforceability of the remaining portions thereof. <br /> 7. Counterpart Signatures. This Release may be executed in any number of <br /> original counterparts, all of which evidence only one agreement, and only one of which need be <br /> produced for any purpose. <br /> 8. Attached Exhibit. The following Exhibit is attached to this Release and <br /> incorporated herein: <br /> Exhibit A—Legal Description of the Disposition Property <br /> Page 2 of 9 <br />