Right of City Party to Acquire Home Sample Clauses

Right of City Party to Acquire Home. Notwithstanding any other provision set forth in this Agreement, the City Party shall have the right at any time after the Acquisition Closing Date to itself acquire the Home. If the City Party acquires the Home, the City Party shall not be required to pay any purchase price to Participant for the Home. Although the City Party shall not be required to pay a purchase price for the Home, if Other Financing was obtained for the Home, the City Party shall be required to make the payment under Section 6.3.1(b) to reimburse Participant for the Home’s Project Expenses that were funded with the Other Financing (whether the source of such Other Financing is Participant’s own funds or an Other Financing Loan), together with any Other Financing Interest applicable to the Home, provided Participant provides to the City Party evidence reasonably satisfactory to the City Party that the Project Costs funded by the Other Financing and any Other Financing Interest were incurred and provided Participant is not in default of this Agreement. If the City Party acquires the Home pursuant to this Section, the NSP Loan for the Home shall be forgiven upon Participant’s transfer of title to the Home free and clear of all monetary liens and encumbrances and rights of possession and any other exceptions placed on title during the period of Participant’s ownership of the Home. In the event Participant is in default of this Agreement, subject to Section 13.3, the City Party’s acquisition of a Home shall not preclude the City Party from exercising all rights and remedies available at law or equity for the default.
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