Resolution 2010-34 - Laserfiche WebLink

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extinguished by the foreclosure of or deed -in -lieu of foreclosure regarding any such other liens or encumbrances. (b) Beneficiaries. This Agreement is made solely for the benefit of the parties hereto, and is not intended to nor shall it be deemed to confer rights to any persons or entities not named as parties hereto. (c) Non complying Transfer is Void. In the event any dwelling unit is transferred in a manner that is not in full compliance with the covenants and provisions of this Agreement, such transfer shall be wholly null and void and shall confer no title whatsoever upon the purported transferee. (d) Severability. If any provision of this Agreement shall be held by a court of proper jurisdiction to be invalid or unenforceable; the remaining provisions shall survive and their validity, legality and enforceability shall not in any way be affected or impaired thereby; and the court may, but shall not be required to, fashion a substitute for the provision held to be invalid or unenforceable. (e) Headings. The headings of the sections in this Agreement are for convenience only and shall not be used to interpret the meaning of any provision hereof. (f) Homestead Waiver. This Agreement is prior and superior to each unit owner's right to a homestead exemption under Article XVIII, Section I of the Colorado Constitution and under Part 2, Article 41, Title 38 of the Colorado Revised Statutes, or any successor statutes. Each unit owner waives the unit owner's homestead rights to the fullest extent that they conflict with or impair the City's or LHA's rights and remedies under this Agreement. (g) Additional Affordable Housing Covenants; Interpretation. Nothing in this Agreement shall be preclude LHA or FHFH from recording during their ownership additional covenants upon the Property and the units on the Property provided the same are no less restrictive that the provisions hereof. In the event of any question as to the meaning or interpretation of any provision of this Agreement, there shall be ascribed to such provision such meaning or interpretation that most furthers the intent of the parties to provide for and maintain the units on the Property as affordable housing in perpetuity. (h) No Guarantee. Nothing herein is intended or shall be construed to give rise to any implied representation, warranty or guarantee, and the City, LHA and FHFH each expressly disclaim, that a unit owner will be able to resell his or her unit at any amount, including but not limited to an amount in excess of the original purchase price or the maximum purchase price. The unit owner recognizes and accepts that, depending on the conditions affecting the real estate market, his or her unit may be less marketable than other units, may not sell for as great a purchase price, and may be re -sold for less than the original purchase price or the maximum resale price. IN WITNESS WHEREOF, the parties herein have executed this Agreement the day and year first above written. 9