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<br />the Agency shall have the option of paying to the holder of <br /> <br />any mortgage on the Property, the amount of the mortgage debt <br />and secure assignment to itself of the mortgage and the debt <br />~ secure'd thereby. <br />It is agreed hereto by the parties, that, in <br /> <br />that event, the Agency shall exercise said Ìoption by opening <br /> <br />an escroW with a banking institution, and delivering such sum <br /> <br />in full to the escrow agent .within four (4) months after vesting <br />of ownership in the holder of the mortgage, and if such action <br /> <br />is not taken within said four (4) months, then said option specified <br /> <br />in Section 605 of the Contract shall cease and terminate. <br /> <br />As <br /> <br />. used therein, "mortgage" shall be deemed to mean. and include <br />"deed of trust". <br /> <br />(c) Section 8, ("Special Provisions"), subsection <br />. (d), ent~tled "Use For Low d.. d t I H." f d <br />- an "0 era e ncome ous~ng, oun <br /> <br />in Part I of the Contract, page 13, provides in part that the <br /> <br />Property shall not be used for any purpose other than low and <br />moderate income housing for a period of thirty-five'years commencing <br /> <br />o~ the date of the Grant Deed. <br /> <br />It is agreed hereto by the parties, <br /> <br />that the restrictions for low and moderate income housing are <br /> <br />subject to the provisions found in Paragraph 4 of the Grant Deed, <br /> <br />to,wit: <br /> <br />"In the event the beneficiary of such trust deed or <br /> <br />any other purchaser obtains title by reason of a trustee's sale <br /> <br />or foreclosure sale arising out of Grantee's default on such <br />4IÞ trust deed (and the promissory note secured thereby) caused in <br /> <br />whole or in part by reduction below $318.50 per month. of the <br /> <br /> <br />rents specified in Section 8 of the Contract, or by the elimination <br /> <br />of housing assistance payments by the Santa Ana Housing Authority <br />to or for the benefit of the Crantee, then, and only in that <br /> <br />event, the restriction regarding the use of the property for <br />low and moderate income housing shall be of no force or effect <br />. whatsoever". <br /> <br />2. <br /> <br />REDEVELOPER; S ASSIGNtmrlT TO SANTA ANA TOWERS, LTD.: <br /> <br />The Redeveloper warrants and agrees that it has not ma1e or created, <br />4IÞ and that it will not, prior to recordation of a Certificate of <br /> <br />Completion for the Improvements on the Property, make or create, <br /> <br />or suffer to be made or created, any assignment, conveyance, <br /> <br />- ,- <br /> <br />(i ,? ¡\ ::; - it <br /> <br />_I <br />