Agmt15 Habitat for Humannity Greater San Francisco

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(c) Grantee shall present substantiating documentation showing the original cost of materials and the original cost of labor for the improvement, and the date of its installation as well as proof of payment; and (d)A qualifying improvement must add value to the home in the context of affordable housing, such as the addition of living space. Upgrades to cabinetry, flooring, countertops, fixtures and landscaping are not considered capital improvements in this context. i. Assiqnment of Excess Sales Proceeds. If the Property is sold or otherwise Transferred by Grantee, or any other party, in violation of this Addendum for more than the Eligible Sales Price, any proceeds of such sale or Transfer in excess of the Eligible Sales Price shall be deemed assigned to Contractor. Contractor shall be entitled to bring legal action against any party who has derived any proceeds of sale in excess of the Eligible Sales Price, to recover any such proceeds of sale in excess of the Eligible Sales Price. There shall be established a lien on the title to the Property so that if such excess proceeds of sale are not paid to Contractor, upon its demand, then Contractor has the right to enforce said lien on the Property pursuant to Califomia Civil Code § 2924 et seq. Any such excess proceeds recovered by Contractor, less Contractor's cost of collection, shall be shared by Contractor and the City in the proportion of each party's respective equity participation with respect to the Property, which shall be at Percent (Number%) for Contractor and Percent (Number%)for the City. j. No Further Encumbrances. Along with the City restrictions for affordable ownership housing, Grantee shall be allowed to encumber the Property only as follows: (i) a purchase money deed of trust (the "Contractor Deed of Trust"), securing the loan by Grantor to Grantee (the "Contractor Loan"). The Contractor Loan shall be evidenced by a promissory note (the "Contractor Note"). (ii) a purchase money deed of trust securing a loan from the Marina Workforce Housing Tn.ist (iii) a purchase money deed of trust securing a loan funded by the CaIHOME program (iv� a purchase money deed of trust securing a loan funded by the Federal Home Loan Bank Board Affordable Housing Program (v) any other Approved Junior Lien (as defined in the Contractor Addendum to Deed of Trust). Nofinrithstanding the above, all of the above deeds of trust and liens must be subordinate to the Contractor Deed of Trust. REV:02-05-15 VR Page 30 of 33 ATTY/AGR.2015.025/Habitat for Humanity GSF Jefferson Site Acquisition