AgdaPkt 2000-04-24 - Laserfiche WebLink

Browse Search

� �� • � �1 � � y 3. Assignment of Excess Sales Proceeds. If the Property is sold or otherwise Transferred by the .Owner; or any other party, in violation of the E(igible Household Purchase Addendum for more than the amount permitted under the Eiigibie Household Purchase �Addendum, any proceeds of such sale or Transfer in excess of the Efigible Sales Price shall be deemed assigned to Peninsula Habi�tat. Habitat shall be entitled to bring legaf action against any party who has . derived any proceeds of sale in excess of the Eligible Sales Price, to recover any such proceeds of sale �n excess af the E(igible Sales Price. There shall be estabfished a fien on the title to the Property so that.if such excess proceeds of sale are not paid to Peninsula Habitat, upon its demand, then Peninsula Habitat has the right to. enforce said tien on the Property pursuant to Caiifornia Civil � Code §§2924 et seq. � " � 14. No Further Encumbrances. Along with the City of Redwood City restrictions for affordable ownership housing, the owner shall �e atlowed to enaumber the Property with a singfe purchase money de�d�of trust, being the deed of trust in connection with the Peninsula Habitat Loan. Encur�bering the title to the Property with more than the City of Redwood City restrictions for affordable ownership housing and the Peninsula Habitat Loan, except for an Approved � Junior Lien, as set forth in the Addendum to the Peninsula Habitat Loan, if sucM is al(owed, is prohibited, and shall constitute a default of the Efigible Household . Purchase Addendum. 15. ExerGise by Habitat upon a Default, The Right to Repurchase may be exercised, by Peninsufa Habitat upon a default under the E(igible Household Purchase Addendum. or upon default under an.y promissory-note or deed of trust or any oiher Iien, inciuding a judgment lien, recorded against the Property. Peninsula Habitat shall have thirty (30) days after a defauft is declared to notify the owner of its decision to exercise its Right of Repurchase. No later than sixty (60) days after the� certi#ied mai(ing of the natice.to exercises its option, Peninsula Habitat shall purchase the Property forthe Eligible Sales Pr�ce, less any liens or encumbrances on the Property required to result in free and clear �titie to Peninsula Habitat, and the costs of safe. 16. Excess Proceeds Paid From Creditor`s Sale. If a creditor acquires titie to the Property through a deed in (ieu of foreclosure, a trustee's deed �upon a forecfosure sale, or otherwise, the owner sha(I not be entitled to the proceeds of sale to the extent that such proceeds othervvise payable to owner when added to the proceeds paid or credited to the creditor exceed the amount owner would have received by a sale in accordance with the provisions of the Efigible Household Purchase Addendum, fess any Iiens or encumbrances an the Property required to result in free and clear title to Peninsula Habitat, and the ' costs of sale. The o�nmer shall instruct the halder of such excess proceeds to pay -7- � Addendum - h5 FXS:fs � � 04/14/00 �