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19 <br /> 5.2 However, if the property is not sold, transferred, or otherwise disposed of to an <br /> agency with similar interest in affordable housing during the term of affordability, <br /> the Right of First Refusal provision of the County's Long-Term Housing <br /> Affordability Policy must be followed and the net sales proceeds (sales price less: <br /> (1) selling cost, (2) the unpaid principal amount of the original first mortgage and <br /> (3) the unpaid principal amount of the initial County contribution and any other <br /> initial government contribution secured by a deferred payment promissory note <br /> and deed of trust) or "equity" will be divided 50/50 by the seller of the Property <br /> and the County. <br /> 5.3 The resale provision shall remain in effect for the full affordability period — 99 <br /> years. <br /> 6. Miscellaneous Provisions. <br /> a. Termination of Agreement The full benefit of the Project will be realized only <br /> after the completion of the affordability periods for all properties constructed with funds provide <br /> affordable units to low-income families. It is the County's intention that the full public benefit of <br /> this project shall be completed under the auspices of RSI for the assisted units as follows: <br /> i. In the event that RSI is unable to proceed with any aspect of the Project in a timely <br /> manner, and County and RSI determine that reasonable extension(s) for completion <br /> will not remedy the situation,then RSI will retain responsibility for requirements for <br /> any dwelling units assisted and County will make no further payments to RSI. <br /> ii. In the event that RSI,prior to the contract completion date, is unable to continue to <br /> function due to,but,not limited to, dissolution or insolvency of the organization, its <br /> filing a petition for bankruptcy or similar proceedings, or is adjudged bankrupt or <br /> fails to comply or perform with provisions of this agreement,then RSI shall, upon the <br /> County's request, convey to the County the properties assisted with funds. <br /> Conveyance shall be at the sole discretion of County and on a dwelling unit by <br /> dwelling unit basis. <br /> Conveyance of properties shall be on the terms set forth herein: <br /> Conveyance of properties shall occur within thirty (30) days of County and RSI's <br /> agreement of RSI's inability to continue as a viable organization. RSI shall convey the <br /> subject properties to County by general warranty deed, free and clear of all liens and <br /> encumbrances of record except those which create a beneficial interest in County <br /> (Declaration of Restrictive Covenants and Deed of Trust). <br /> b. -Default, Remedies. This Agreement may be terminated by a non-defaulting <br /> party upon an event of default hereunder, after written notice thereof and thirty (30) days grace <br /> period in which the defaulting party may act to cure. As used herein, the term "an event of <br /> default" shall mean and refer to a failure or act of omission by either party with respect to any <br /> undertaking, obligation, covenant or condition as set forth in this Agreement. With respect to <br /> 19 <br />