Cal. Code Regs. Tit. 25, § 7892 - Transfer, Foreclosure, Breach, or Termination of Assistance
(a) If the sponsor intends to sell or convey the rental housing development, express, prior written approval of the Agency is required and may be given provided that the following terms shall be incorporated:
(1) The successor in interest to the grantor agrees to assume the obligations of the grantor relating to the Program specified in the regulatory agreement.
(2) The successor in interest is an eligible sponsor and demonstrates that it can successfully own and operate the rental housing development.
(b) The Agency, at its discretion, may demand repayment of the grant or a lesser amount equivalent to the value of prior use of the premises or seek enforcement by proceedings at law and/or in equity, at the option of the Agency, against any person or persons or entity violating or attempting to violate any covenant or condition of the regulatory agreement.
(c) Prior to taking any action under subdivision (b) or (c), the Agency shall:
(1) provide the sponsor with 30 days written notice of the breach or default, and seek and encourage correction or compliance,
(2) provide the Department 24 hours notice of the breach and the intention to foreclose, default, or litigate, and
(3) consult with the Department regarding action intended.
Note: Authority cited: Section 50737, Health and Safety Code. Reference: Section 50746, Health and Safety Code.
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