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A ' <br /> execution hereof, HomeSight hereby assumes and agrees to perform all duties, obligations <br /> and responsibilities of the Authority under the City Contracts. <br /> 5. Transfer of Revolving Loan Fund to City. Homesight shall transfer to the <br /> City any and all cash funds,not otherwise committed for pending loans, in the Revolving <br /> Loan Fund upon the occurrence of any of the following events: <br /> a. A determination is made by the United States Department of <br /> Housing and Urban Development (HUD) that the use of the Revolving Loan Fund violates <br /> HUD's requirements for the Community Development Block Grant program; or <br /> b. HomeSight has violated the terms and conditions of City Contracts; <br /> or <br /> c. HomeSight terminates its home ownership assistance program with <br /> respect to households purchasing homes within Everett's City limits; or <br /> d. The Market for housing within Everett's City limits changes such <br /> that, given the current restrictions on underwriting requirements relating to HomeSight's <br /> home ownership assistance program, both the City and Homesight agree that it has become <br /> financially infeasible and impracticable for households that meet HUD's definition of Low <br /> or Very Low Income Households for the Seattle-Bellevue-Everett Primary Metropolitan <br /> Statistical Area to purchase a home within Everett's City limits. <br /> 6. Reversion of Assets. Upon termination or expiration of this Agreement, <br /> HomeSight shall transfer to the City (i) all funds in the Revolving Loan Fund at the time of <br /> such termination or expiration, not otherwise committed for pending loans,(ii) its rights in <br /> any accounts receivable attributable to the use of such funds; and (iii) and mortgage loans <br /> made with funds from the Revolving Loan Fund, To the extent there are pending loans to <br /> be made from the Revolving Loan Fund at the time of such termination or expiration, <br /> HomeSight shall either make the pending loans and subsequently transfer the loans to the <br /> City, or notify the City that it will transfer to the City the full balance of the Revolving <br /> Loan Funds and the City shall close the pending loans <br /> 7. Severability. If any one or more of the provisions of this Agreement shall <br /> be held invalid or unenforceable, the validity and enforceability of all other provisions of <br /> this Agreement shall not be affected. <br /> 8. Successors Bound. This Agreement shall be binding upon and shall inure to <br /> the benefit of the parties hereto and their heirs, personal representatives, successors and <br /> assigns. <br /> -3- <br />