AgdaPkt 2000-06-12 - Laserfiche WebLink

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Apr-13-00 02:39P F;rst Home, Inc. 415 387 1369 P.ll 7A3~ Additional Costs shall mean the cost of any capital improvement mad~ to the Home hy Participant or Co-Owner which is in excess of $2.000, (tnd the cost. of which may be added to the basis of the Home for federal income tax purposes under the Internal Revenue Code ("Code"). It shall be the responsibility of" Participant and Co-Owner to retain all records and to substantiate any Additional Costs. Value shall mean: a) if the Home is sold in a bona fide sale transaction to a third parry, the gross sales price less a reasonable real estate commission and costs of sale which would be deductible in determining the gain under the Code, or b) if the Home is not sold, the fair market value (withour the deduction of any anticipated costs of sale) as determined by the appraiser selected by Participant or Co-Owner in accordance with this agreement. If the Home is not sold, Lender shan provide a list of five (5) residential real estatt: brokers who havt: had experience in the sale of residential property in the area where the Home is located for a period of at least five (5) years. Participant, or i[Participant is unable, Co-Owner shall select one of said brokers from this list and said broker shaH make the appraisal. The appraisal shall he binding upon both parties. In the t:vent that neither Participant or Co-Owner selt:ct an appraiser within twenty (20) days following submission of the list by Lender. Lender may select one of the appraisers who shall make the appraisal. Both parties shall cooperate with the appraiser in the making of such appraisaL No appraiser shall he selected who shall have conductt:d any business with either I .ender. Participant or Co-Owner. The cost of the appraisal shall be shared between the parties in the proportion in which they are entillt:d to share in the Shared Appreciation. r .t:nder' s Share ofthe appreciation shaH be payable in cash upon the sale of tht: Home. or within twenty (20) days following delivery of the appraisal LO the parties by the appraiser selected. 5. Refinancing. Lender shall not be required to subordinate to the lien of a new Senior Deed of Trust in the event that the loan initially obtained by Participant and Co-Owner is to be rt:finaneed. Provided, however. Lender will consent to such refmancing if all of the following conditions are met: (a) the proct:eds of such loan do not t:xcccd the amount of the remaining principal secured by the Senior Dced of Tl1lst, plus the reasonable cost of refinancing, (b) the interest rate payable under the note given in COlUlcction with the refinancing is less than the interest rate payable under the note secured by the Selùor Deed of Trust prior to refinancing. and (c) no Disqualitying Event has occurred. IN WITNESS WHEREOF. the parties have executed this agreement upon the date above written. REDWOOD CITY REDEVELOPMENT AGENCY By: .. Participant DaLed Co~Owner Datcd Sh¡an:d \pprCCialillllllgrccmenucy 4rlOOO Page 3 .~^--"-"'~^.'T ^'