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P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 5 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 5 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 5 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 5 of 10 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 5 of 10 this Agreement has been entered into. No third-party purchaser of a For-Sale Affordable Unit or market rate unit, homeowners’ association or any other third party shall obtain any rights or standing to complain that the For-Sale Affordable Unit was not constructed, designed, sold or conveyed in accordance with this Agreement or any other applicable City requirements as a result of this Agreement. 6.This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs, administrators and assigns, to the extent consistent with the foregoing provisions if this Agreement. 7.Owner shall have the right to transfer and assign all of its rights, duties and obligations under this Agreement to any person or entity acquiring fee simple title to any portion of the Property. Owner shall be immediately released from its obligations under this Agreement upon such assignment so long as: (i) Owner was not in default of this Agreement at the time of conveyance, (ii) Owner provided to City prior written notice of such transfer, and (iii) the transferee executes and delivers to City a written assumption agreement in which: (1) the name and address of the transferee is set forth, and (2) the transferee expressly assumes the obligations of Owner under this Agreement. Failure to deliver a written assumption agreement hereunder shall not negate, modify or otherwise affect the liability of any transferee pursuant to the provisions of this Agreement. 8.The execution and delivery of this Agreement shall not be deemed to confer any rights upon, nor obligate either of the parties hereto to, any person or entity not a party to this Agreement. 9.If Owner fails to perform an obligation hereunder, and such failure continues for thirty (30) days after receipt of written notice of such failure by the City (or such longer period of time as may be reasonably necessary to cure such failure) then Owner shall be in default hereunder and the City’s sole remedy hereunder shall be to pursue an action for specific performance against Owner. 10.Any notice, consent or other communication required or permitted under this Agreement shall be in writing and shall be delivered by hand, sent by air courier, or sent by prepaid registered or certified mail with return receipt requested, and shall be deemed to have been given on the earliest of (1) receipt or refusal of receipt; (b) one business day after delivery to an air courier for overnight expedited delivery service; (c) five (5) business days after the date deposited in the United States mail, registered or certified, with postage prepaid and return receipt requested (provided that such return receipt must indicate receipt at the address specified); or (d) on the day of its transmission by facsimile if transmitted during the business hours of the place of receipt, otherwise on the next business day, provided that a copy of such notice, consent or other communication is also delivered pursuant to clause (b) or (c) above. All references to “business days” herein shall exclude weekends and State or Federal holidays. All notices shall be addressed as follows (or to such other or further addresses as the parties may designate by notice given in accordance with this section):