Laserfiche WebLink
11. City' s Option to Purchase Upon Default. In addition to the remedies provided <br /> the City in Section 10, above, City has the option to purchase the Property effective upon the <br /> declaration of a default. The City's option to purchase may be exercised upon a default <br /> under this Restrictive Covenant recorded against the Property. The City shall have ninety <br /> (90) days after a default is declared to notify Owner of its decision to exercise its option to <br /> purchase. <br /> <br /> 12. NOn-liability of the City. In no event shall the City become in any way liable <br /> or obligated to Owner or to any successor-in-interest of Owner by reason of its option to <br /> purchase under either Section 6 or Section 11 herein, nor shall the City be in any way <br /> obligated or liable to Owner or any successor-in-interest of Owner for any failure to exercise <br /> such option to purchase. <br /> <br /> 13. Binding on Successor an~t AsSign.~. This Restrictive Covenant shall bind, and <br /> the benefit hereof shall inure to, Owner, his or her heirs, legal representatives, executors, <br /> successors in interest and assigns, and to the City and its successors. <br /> <br /> 14. Superiority of Agreement. Any subsequent owner of the Property understands <br />and agrees that this Restrictive Covenant shall control the rights and obligations between the <br />parties. <br /> <br /> This Restrictive Covenant is subordinate to any purchase money deed of trust <br />or mortgage on the Property made by or held by an institutional lender or investor. Any <br />party, and its successors and assigns, receiving title to the Property through a trustee's sale, <br /> <br /> - 7 - <br /> <br /> <br />