ANR HOMES, INC. -2011 - Laserfiche WebLink

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EXHIBIT E to a Low or Moderate Income Household, for primary residential occupancy of the Property, as approved by City. (g) Upon the sale of the Property, approved by City in accordance with the Agreement and the Deed of Trust, City shall release the applicable Property from the Deed of Trust and execute a reconveyance of the lien of the Deed of Trust from the Property. (h) The City shall not unreasonably withhold, condition or delay its approval of any matter for which its approval is required hereunder. Any disapproval shall be in writing and contain the City's reasons for disapproval. 7. Borrower agrees for itself, its successors and assigns, that the use of the Property shall be subject to the restrictions on income and occupancy set forth in the Agreement and the Deed of Trust. 8. The City Loan evidenced hereby is a nonrecourse obligation of the Borrower. Neither Borrower nor any other party shall have any personal liability for repayment of the City Loan. The sole recourse of City under this Note and the Deed of Trust for repayment of the City Loan shall be the exercise of its rights against the Property and related security thereunder. The foregoing shall not: (1) constitute a waiver of any obligation evidenced by this Note or the Deed of Trust; (2) limit the right of the City to name Borrower as a party defendant in any action or suit for judicial foreclosure and sale under this Note and the Deed of Trust or any action or proceeding hereunder so long as no judgment in the nature of a deficiency judgment shall be asked for or taken against Borrower; (3) release or impair this Note or the lien of the Deed of Trust: (4) prevent or in any way hinder City from exercising, or constitute a defense, an affirmative defense, a counterclaim, or other basis for relief in respect of the exercise of, any other remedy against the Property or any other instrument securing this Note or as prescribed by law or in equity in case of default; (5) prevent or in any way hinder City from exercising, or constitute a defense, an affirmative defense, a counterclaim, or other basis for relief in respect of the exercise of, its remedies in respect of any deposits, insurance proceeds, condemnation awards or other monies or other collateral or letters of credit securing this Note; (6) relieve Borrower of any of its obligations under any indemnity delivered by Borrower to City; or (7) affect in any way the validity of any guarantee from any person of all or any of the obligations evidenced and secured by this Note and the Deed of Trust. The foregoing provisions of this paragraph are limited by the proviso that in the event of the occurrence of a default, Borrower and its successor and assigns shall have personal liability hereunder for any deficiency judgment, but only if and to the extent Borrower, its principals, shareholders, partners or its successors and assigns received revenues, or other payments or proceeds in respect of the Property, which other revenues, or other payments or proceeds have not been used for the payment of ordinary and reasonable operating expenses of the Property, ordinary and reasonable capital improvements to the Property, debt service on this Note, real estate taxes in respect of the Property and basic management fees, but not incentive fees, payable to an entity or person unaffiliated with Borrower in connection with the operation of the 4