AgdaPkt 2000-04-24 - Laserfiche WebLink

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3p�i -tl•� - 8. Option.and Repurchase Period. If Peninsula Habitat decides to exercise its Right to Repurchase the Property, it shall, within fifteen (15) days of receipt of the notice specified above, 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 Peninsula Habitat exercises its Right to Repurchase, it shall repurchase the Property within sixty (60) days of the date it sends to owner notice of exercise of its option to purchase. Peninsula Habitat may, instead of purchasing the Property itself, assign its right to purchase the Property to a person or entity of its choosing. If Peninsula Habitat elects not to exercise its option to repurchase, it shall inform the Owner and the City of Redwood City, or 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 , shall have the right and option to exercise the option for an additional sixty (fi0) days after receipt of such notice frflm Peninsula Habitat. 9. Effect of Failure to Record Waiver. If neither Peninsula 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, Peninsula 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 Peninsula Habitat and the City of Redwood City, dr the Redwood City Redevelopment Agency kaave waived its respective Right of Repurchase; provided however, that, any subsequent purchaser of the Property from the owner shall be subject to this Right of Repurchase during the term hereof. Such waiver shali not constitute a waiver for any other future Transfer of the ,Property, including, but not limited to, any future sale of the Property. If the Notice of Waiver is not recorded it shall be presumed that said Right of Repurchase has not been waived. 10. Resale by Peninsula Habitat or the City of Redwood City, or the Redwood City Redevelopment Agency. If either Peninsula Habitat or the City of Redwood City, or the Redwood City Redevelopment Agency exercises the Right of — Repurchase, Peninsula Habitat or the City of Redwood City, or the Redwood City Redevefopment Agency shall �again sell or lease the Property to an Eligible Household selected by Peninsula Habitat. The transfer price established by Peninsula Habitat or the City of Redwood City, or the Redwood City Redevelopment Agency for such subsequent transfer will be the Eligible Sales Price when Peninsula Habitat or the Citq of Redwood City, or the Redwood City Redevefopment Agency. exercises its Right of Repurchase and acquires the Property. Any such subsequent sale of the Property by Peninsula Habitat or the City of Redwood City, or the Redwood City Redevefopment Agency shall be subject to the Right of Repurchase expressed in this Grant Deed, or such other terms as may be specified in any subsequent Grant Deed from Peninsula -5- Addendum - h5 � FXS:fs 04/14/00