AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 51 of 113 shall be required to execute a Resale Restriction Agreement, substantially in the form attached hereto as Exhibit B and a Homebuyer Deed of Trust substantially in the form attached hereto as Exhibit C. The Resale Restriction Agreement and the Homebuyer Deed of Trust must be recorded against each residential unit in the Project at the closing for the sale of such unit. City shall rcconvcy the Habitat Deed of Trust with respect to each BNIR Unit upon sale to an Eligible Household and the recordation of the Resale Restriction Agreement and Home buyer Deed of Trust. Among other provisions, the Resale Restriction Agreement shall provide that for a term equal to not less than fifty five (55) years, subsequent sales of the BMR Unit may only be made at an Affordable Sales Price to an Eligible Household, that the purchaser must occupy the BMR Unit as the purchaser's principal residence, that the unit may not be rented or leased except as allowed under the Resale Restriction Agreement, that the purchaser may not make the unit available for short term rentals, that the purchaser is required to annually sign a written statement certifying compliance with all of the foregoing requirements, and that in connection with any subsequent sale, the purchaser will be required to execute and record a new Resale Restriction Agreement in form approved by City. The Homebuyer Deed of Trust shall secure the homebuyer's performance under the Resale Restriction Agreement. 10.1 Excess Sale Proceeds and Excess Proceeds. As consideration for City' s provision of the Grant, Developer agrees that whenever pursuant to any Resale Restriction Agreement, Developer recovers Excess Sales Proceeds from the sale of residential units in the Project or recovers Excess Proceeds from a foreclosure, deed in lieu of foreclosure or other conveyance of a residential unit in the Project to a creditor, Developer shall pay a pro rata share of such Excess Sales Proceeds and Excess Proceeds to City. Based upon City' s financial contribution to the total development cost of the Project, City' s share of Excess Sales Proceeds and Excess Proceeds shall be equal to twenty-seven and 77/100 percent (27.77%) of the net amount of Excess Sales Proceeds and Excess Proceeds after deduction of Developer' s reasonable cost of collection. Developer's obligations under this Section 10.1 shall survive the termination and reconveyance of the Habitat Deed of Trust. If the financial contribution to the Project provided by City or other public agencies is modified, the City's share of Excess Sales Proceeds and Excess Proceeds shall be modified accordingly. 11. Default and Remedies: Remedies Cumulative. An Event of Default shall arise hereunder if Developer fails to perform any obligation under this Agreement and fails to cure such default within thirty (30) days after the City has notified the Developer in writing of the default, or if the default cannot be cured within thirty (30) days, has failed to commence to cure within thirty (30) days and thereafter diligently pursued such cure and completed such cure within sixty (60) days. Upon the occurrence of an Event of Default and its continuation beyond any applicable cure period, City may proceed with any of the following remedies: (i) Bring an action for equitable relief seeking the specific performance of the terms and conditions of this Agreement, and/or enjoining, abating, or preventing any violation of such terms and conditions, and/or seeking declaratory relief, or (ii) Bring an action for damages, or pursue any other remedy allowed under I0MMiM14014i■9:t 1619\01\2924770.1 10/9/2020 OAK #4847-7408-069700 .M ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 47 of 109)