RecDoc 2016-064205 - Laserfiche WebLink

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vacate the Affordable Unit, Owner shall promptly notify the City in writing of such intent at least 90 days prior to the actual date of the transfer or vacation of the Affordable Unit and identify a proposed Qualified Buyer, if applicable . The notice from Owner shall be delivered in the manner set forth in this Agreement. Following receipt of such notice, the City in its discretion , may determine whether the proposed Qualified Buyer meets the criteria under this Agreement, if applicable, notify prospective Qualified Buyers of the Affordable Unit that the Affordable Unit is available for sale, or may exercise its option to purchase the Affordable Unit, as described in Section 14 below. Notwithstanding the foregoing, the following shall not be considered a transfer for the purposes of this Agreement, but all such transferees shall continue to be bound by the requirements of this Agreement: (i) transfers by devise or inheritance to an existing spouse, Domestic Partner, child, surviving joint tenant, or a spouse as part of a dissolution proceeding or in connection with marriage; (ii) a transfer by an Owner into an inter vivos trust in which Owner is the beneficiary, trustor, and trustee; or (iii) refinance of the Original Loan in accordance with Section 5. 1 of this Agreement, provided , however, that Owner shall provide written notice of all such transfers to the City and all owners of the Home shall continue to occupy the Home as his or her principal place of residence. For purposes of this Section, "Domestic Partners" shall mean two unmarried people, at least eighteen (18) years of age, who have lived together continuously for at least one (1 ) year and who are jointly responsible for basic living expenses incurred during their domestic partnership. Domestic Partners may not be persons related to each other by blood or adoption such that their marriage would be barred in the state of California. For purposes of this Section, an individual shall be considered a Domestic Partner of Owner upon presentation of an affidavit or other acceptable evidence by Owner to the City. Owner shall provide notice to the City of any transfers described above no later than fifteen (15) days before the sale, assignment, or other transfer occurs. Where the transfer is by devise, inheritance, or operation of law after death of the Owner, notice shall be provided within thirty (30) days of the date of transfer, and the new owners of the Home shall affirmatively assume Owner's obligations under this Agreement. 10. Determination of Affordable Sales Price . The Affordable Unit must be sold at no more than an Affordable Sales Price, which shall be lesser of: (a) the purchase price that would be considered affordable to a purchaser whose income is between 80 and 100 percent of AMI , as calculated by the City, pursuant to California Health and Safety Code Section 50052.5, adjusted for household size, depending on the number of bedrooms (or bedroom size equivalent); or (b) the initial sales price paid by the Owner, increased by the percentage of increase in household income at one-hundred percent of AMI , as adjusted below and computed from the date of purchase of the Affordable Unit by Owner to the sale to a Qualified Buyer, as determined according to HCD publications (the "Adjust Resale Price") 10. 1 Sales Price Adjustment. The Adjust Resale Price shall be increased by the value of any substantial structural or permanent fixed improvements which cannot be removed without substantial damage to the Affordable Unit or substantial or REV: 04-20-16 VR Page 14 of 29 ATTY/AGR.2016.081 /Fuller Street Partners, LLC Affordable Housing Agreement