Agmt99 Peninsula Habitat... (2) - Laserfiche WebLink

Browse Search

d. Eligible Transfer/All Other Transfers During the term of the Eligible Household Purchase Addendum any "Transfer" (as defined below) of a Unit shall be subject to the provisions and conditions set forth in the Eligible Household Purchase Addendum. Any Transfer without satisfaction of the provisions and conditions of the Eligible Household Purchase Addendum shall be prohibited and void. Transfer shall mean and refer to any sale, conveyance, assignment, transfer, voluntary or involuntary, of any interest in the Unit, including, but not limited to, a fee simple interest, a joint tenancy interest, a life estate, a leasehold interest, any lease or rental for any period of time (except as expressly otherwise permitted), execution of a real estate installment contract by which possession of the Property is transferred and Owner retains title, or grant of any real property interest in a Unit, including allowing the recordation of a deed of trust or mortgage or the recordation of a judgement which creates a lien on the Unit. e. Transfer Notice. Prior to entering into any binding agreements associated with any proposed Transfer, the owner shall deliver to Habitat a written notice (the "Transfer Notice") which sets forth the name of the Owner and the address of the Unit. The Transfer Notice must be sent by certified U.S. Mail, Return Receipt Requested, to Habitat at the address set forth in the Eligible Household Purchase Addendum. f. Ri�ht and Option to Renurchase. Habitat, the City of Redwood City, and the Redwood City Redevelopment Agency shall have, the right and option to repurchase the Unit upon any proposed Transfer of such Property (the "Right of Repurchase") for the Eligible Sales Price [as defined below] on the terms and in the manner set forth in the Eligible Household Purchase Addendum. Nothing in the Eligible Household Purchase Addendum sha11 constitute a waiver of any due on sale clause or other provisions contained in a deed of trust on the Unit, in favor of, or which was authorized by, Habitat, the City of Redwood City and Redwood City Redevelopment Agency. g. Option and Repurchase Period. If Habitat decides to exercise its Right to Repurchase the Property, it shall, within fifteen(15) days of receipt of the transfer notice, notify the Owner in writing that it chooses to exercise the option. Said notice to the Owner shall be sent by Certified Mail, Return Receipt Requested. If Habitat exercises its Right to Repurchase, it sha11 repurchase the Unit within si�y (60) days of the date it sends to owner notice of exercise of its option to repurchase. Habitat may, instead of purchasing the Property itself, assign its right to repurchase the Unit to a person or entity of its choosing. If Habitat elects not to exercise its option to repurchase, it shall inform the Owner and the City of Redwood City and the Redwood City Redevelopment Agency in writing within sixty (60) days of receipt of the notice specified above, and thereafter, the City of Redwood City and/or the Redevelopment Agency of the City of Redwood City shall have the right and option to exercise the option 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 of Redwood City, or the Redwood City Redevelopment Agency elects to exercise the Right of Repurchase with respect to the Property, Habitat shall record, and deliver to owner, a notice of waiver, within sixty (60) days after receipt of the Transfer Notice from Owner, in the Official Records of San Mateo County stating that both Habitat and the City of Redwood City, or the Redwood City Redevelopment Agency have waived its respective 4 _.. _ _ ._ . .. . .. _,. ._.____ _._._....r