Purpose of Restrictions on Refinance and Junior Loans. The City and the Owner agree that the requirements of this Section 24 are necessary to ensure the continued affordability of the Home to Owner and to minimize the risk of loss of the Home by Owner through default and foreclosure of mortgage loans. Owner further acknowledges that violation of the provisions of this Section 24 shall constitute a Default under this Agreement for which the City may exercise the City's option upon default pursuant to Section 17 above.
Appears in 4 contracts
Samples: 'S Occupancy and Resale Restriction Agreement, 'S Occupancy and Resale Restriction Agreement, 'S Occupancy and Resale Restriction Agreement
