Agmt15 Habitat for Humannity Greater San Francisco

Browse Search

e. Transfer Notice. Prior to entering into any binding agreements associated with any proposed Transfer, Grantee shall deliver to Habitat a written notice (the "Transfer Notice') which sets forth the name of Grantee and the address of the Property. The Transfer Notice must be sent by certified U.S. mail, return receipt requested, to Habitat at the following address: Habitat for Humanity Greater San Francisco, Inc. 500 Washington Street, Suite 250 San Francisco, CA 94111 Attention: Chief Executive Officer Riaht and Option to Repurchase. Grantee hereby grants to Habitat, or to the City if Habitat chooses not to exercise its rights, the right and option to repurchase the Property upon any proposed Transfer of the Property (the "Right of Repurchase") for the Eligible Sales Price (as defined in Section (i) below) on the terms and in the manner set forth in this Addendum. Nothing in this Addendum shall constitute a waiver of any due on sale clause or other provisions contained in a deed of trust on the Property, in favor of, or which was authorized by, Habitat or the City. g. Option and Repurchase Period. If Habitat decides to exercise its Right of Repurchase, it shall, within sixty (60) days of receipt of the Transfer Notice specified above, notify Grantee in writing that it chooses to exercise the option. Said notice to Grantee shall be sent by certified mail, return receipt requested. If Habitat exercises its Right of Repurchase, it shall repurchase the Property within sixty (60) days of the date it sends to Grantee the notice of exercise. Habitat may, instead of purchasing the Property itself, assign its Right of Repurchase to a person or entity of its choosing. If Habitat elects not to exercise its Right of Repurchase, it shall inform the Grantee and the City in writing within sixty (60) days of receipt of the Transfer Notice and, thereafter, the City shall have the Right of Repurchase for an additional sixty (60) days after receipt of such notice from Habitat. h. Effect of Failure to Record Waiver. If neither Habitat nor the City elects to exercise the Right of Repurchase with respect to the Property, Habitat shall record, and deliver to Grantee, a notice of waiver, within forty-five (45) days after receipt from City of notice of its election not to exercise it Right of Repurchase, in the Official Records of San Mateo County stating that each of Habitat and the City has waived its respective Right of Repurchase; provided, however, that any subsequent purchaser of the Property from the then owner shall be subject to this Right of Repurchase during the term hereof. Such waiver shall not constitute a waiver for any other future Transfer of the Property, including, but not limited to, any future sale of the Property. If the notice of waiver is not recorded it shall be presumed that said Right of Repurchase has not been waived. Resale by Habitat or the City. If either Habitat or the City exercises the Right of Repurchase, Habitat or the City shall again sell or lease the Property to an Eligible Household selected by Habitat. The transfer price established by Habitat or the City for a subsequent sale will be the Eligible Sales Price as of the date Habitat or the City acquires the Property through exercise of the Right of Repurchase. Any such subsequent sale of the Property by Habitat or the City shall be subject to the Right of Repurchase expressed in this Addendum, and such other terms as may be specified in any subsequent Grant Deed from Habitat or the City. AT-FY/AGR/2019/AMENDMENTS/AMEND NO. 3 HABITAT FOR HUMANITY GREATER SAN FRANCISCO REV: 07-18-19 PR Page 9 of 13