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total loss of value of said improvements. No such adjustment shall be made except for <br /> improvements: (a) made or installed by Owner; (b) approved in advance by the City or <br /> its designee; and (c) whose initial costs were Five Hundred Dollars ($500.00) or more. <br /> The value of such improvements by which the Adjust Resale Price shall be adjusted <br /> when considered as additions or fixtures to the Affordable Unit as determined by an <br /> appraisal (e.g . , the amount by which said improvements enhance the market value of <br /> the Affordable Unit at the time of sale). The adjustment to the Adjust Resale Price for <br /> such improvements shall be limited to the increase in the value of the Affordable Unit, <br /> and shall not be based upon the cost of the improvements . The cost of the appraisal <br /> shall be paid by Owner. <br /> 10.2 Cost to Repair. The Adjust Resale Price shall be decreased by an <br /> amount necessary to repair any damages and to put the Affordable Unit into a "sellable <br /> condition". Items necessary to put the Affordable Unit into sellable condition shall be <br /> determined by the City, and may include cleaning, painting, and structural, mechanical, <br /> electrical , plumbing , and other deferred maintenance repairs. <br /> 11 . ineligible Transfers. EXCEPT AS EXPRESSLY PROVIDED IN THIS <br /> AGREEMENT, THERE SHALL BE NO SALE OR OTHER TRANSFER OF THE <br /> AFFORDABLE UNIT WITHOUT THE WRITTEN CERTIFICATION BY CITY THAT THE <br /> PURCHASER / TRANSFEREE IS A QUALIFIED BUYER, THE PURCHASE PRICE OF <br /> THE AFFORDABLE UNIT IS WITHIN THE DEFINITION OF AFFORDABLE SALES <br /> PRICE AND THE SALE OR TRANSFER COMPLIES WITH THIS AGREEMENT. ANY <br /> SALE OR OTHER TRANSFER OF THE AFFORDABLE UNIT IN VIOLATION OF THIS <br /> AGREEMENT SHALL BE VOID <br /> 12. Permissible Transfers . The following transfers of title to an Affordable Unit <br /> or any interest therein are not subject to City's prior written approval so long as the <br /> transferee's household (i .e., the persons or persons acquiring ownership of the <br /> Affordable Unit) qualifies as a Qualified Buyer and occupies the Affordable Unit in <br /> compliance with the terms of this Agreement: (a) transfer by gift, devise or inheritance <br /> to the spouse, issue or adopted child of Owner; (b) transfer resulting from death of an <br /> Owner when the transfer is to a co-Owner or joint tenant; (c) transfer by an Owner to <br /> any person who becomes a co-Owner of the Affordable Unit provided (i) Owner retains <br /> at least a thirty-three percent (33%) interest in the Affordable Unit, (ii) the co-Owner and <br /> Owner together qualify as an Qualified Buyer, and (iii) co-Owner agrees to be bound by <br /> this Agreement by signing a copy of this Agreement and delivering it to City; (d) transfer <br /> of title to a spouse resulting from divorce; (e) decree of dissolution or legal separation or <br /> from a property settlement agreement incidental to such a decree in which one of the <br /> Owners becomes the sole owner; (f) acquisition of title to the Affordable Unit or interest <br /> therein in conjunction with marriage; or (g) a transfer between co-Owners or a transfer <br /> by Owner into an inter vivos trust in which Owner is a beneficiary and Owner continues <br /> to occupy the Affordable Unit. <br /> REV: 04-20-16 VR <br /> Page 15 of 29 <br /> ATTY/AGR.2016.081 /Fuller Street Partners, LLC Affordable Housing Agreement <br />