AgdaPkt 2000-04-24 - Laserfiche WebLink

Browse Search

. • . : 5�i�'1� 4. Det�rmination of Efigibitity. Habitat shall have the right to determine based upon reasonabfe grouncfs whether any person or household is an E[igible Hausehold after application of basic eligibility requirements set forth by the City of Redwood City. 5. Efigible. Trar�sfer/Atl Other Transfers Void. During the term of the EFigible Househoid Purchase Addendum every "Transfer" (as defined below) of a Property shall be subj.ect to the provisions and conditions set forth in the Efigible Household Purchase Addendum. Any. Transfer without satisfaction of the provisions and conditions of the Eiigible Household Purchase Addendum shall be prohibited and void. Transfer shall mean and refer ta any sale, conveyance, assignment, transfer, voluntary or invofuntary, of any interest in the Property, � including, but not fimited to, a fee simple interest, a joint tenancy interest, a iife � estate, a leasshold interest, any lease ar rental for any per.iod of time {except, as. expr�ssl.y=�otherwise permitted), execution of a real estate installment•contract by which possessio�t of the Property is transfer.red and owner retains titfe, or g�ant of any real :property interest• in a Property, incfuding allowing the recordation of a deed of trust or mortgage which creates a lien�on the Property. Transfer shal( not mean or include any sale or transfer by foreclosure or deed in fieu of forecfosure of a mortgage or deed of trust, provided that such mortgage or deed of trust is one which is expressly permitted and allowed under the Efigible . , Househoid Purchase Adtleridum. � - 6: Transfer Notice. Prior to entering into any binding agreements associated with any proposed Transfer, fhe owner shall deliver to Peninsu{a Habitat a written notice (the "Transfer Notice") which sets forth ths name of the O�nrner and the address of the Property. The Transfer Notice must be sent by certified U.S. Mail, Return Receipt Re4uested, to Peninsuia Habitat at that address set �forth in the E(igible Household Purchase Addendum. ' 7.� Right and Option to Repurchase. The owner shaf( grant to each Peninsula Habitat and the City of Redwood City ("City"), and the Redwood Ci�ty Redeveiopment Agency (the "Agency") an option to purchase #he preoperly. If Peninsula Habitat chooses not to exercise its rights, the right and option to repurchase the Property upon any proposed Transfer of such Property (the "Right of Repurchase") for the Efigible Sales Price j�s defined below] on the , terms and in the manner set forth in the Eligible Household Purchase addendum, the City or Agency may then exercised their �respective option �to purchase the preperty. Nothing in the Efigible Household Purchase Addendum shall constitute. a wai�er of any �ue on: saie ciause or other provisions conta.ined . in a deed of trust on the Property, in favor of, or wtiich was authorized by, . Peninsula Habitaf or the City of Redwood City. -4- Addendum - h5 FXS:fs 04/14/00 � � - �._ .. . ____ _ _ _ . , T-.