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B. In the event of any foreclosure of a Low- income House <br />wherein the Buyer fails to exercise its right of redemption, the Town <br />will buy said Low- income House at said foreclosure sale, provided that <br />the purchase price shall not be in excess of the fair- market value of <br />said Low- income House. For purposes of this paragraph, the <br />fair - market value of said Low- income House shall be deemed to be the <br />Updated Fair Market Value (as defined in Exhibit H) of the Low - income <br />House most recently purchased by the Town pursuant to a Buyer's Notice <br />of Intent to Sell (as described in Exhibit H) or, in the event of a <br />foreclosure prior to any purchases by the Town pursuant to any said <br />Notice of Intent to Sell, then $114,000.00. <br />C. If the Town becomes owner of a Low- income House either <br />via a negotiated settlement, court order, judgment, foreclosure, <br />i <br />taking a deed in lieu of foreclosure, or an exercise of an option to <br />purchase, the Town shall proceed with performance of this Agreement as <br />though the Town had purchased the Low- income House via exercise of its <br />right of first refusal Wescribed in the applicable Shared Equity <br />Agreement). If a Low - income House is in foreclosure and the Town does <br />not become the owner of the Low- income House either via the <br />foreclosure or taking a deed in lieu of foreclosure, the Town shall <br />hold its proceeds from the' foreclosure sale in Trust and apply said <br />proceeds plus interest earned thereon to enable prospective Buyers to <br />purchase other Low- income Houses pursuant to the terms of this <br />Agreement. <br />XI. Default and Remedies. The Town shall be in Default if it <br />fails or refuses to comply with, or if it hinders the performance of, <br />any of the provisions required to be performed by it pursuant to the <br />=W*= <br />