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<br />Transfer of the Subject Affordable Units, taking into account the Transfer Amount of the
<br />Subject Affordable Unit upon resale as set forth in Section 11.
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<br />(c) Home Eauitv Loan Restrictions. Under no circumstances may
<br />Owner obtain a Home Equity Loan secured by the Subject Affordable Unit, during the
<br />term of this Resale Agreement. Owner understands and agrees that the prohibition
<br />against Home Equity Laan(s) is not an unreasonable restraint on property alienation
<br />rights and is necessary in order to ensure that sufficient equ. is maintained in the
<br />Subject Affordable Unit to pay-off the existing loan balances i ".. ~event of a Transfer of
<br />the Subject Affordable Unit, taking into account the Tra,,;: ." aunt of the Subject
<br />Affordable Units upon resale as set forth in Section 11. ,j --'~,:::~ "~(~:ill~~i;'"
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<br />7. Sale Restrictions. Any Transfer of the S'~bject ';,r:\" ". able Unit shall be
<br />subject to the provisions of this Resale Agreement. Any transfer ri: . ;,,,..,j,,, compliance with
<br />all provisions of this Resale Agreement is prohibited. The provis"o';::;~";\pf this Resale
<br />Agreement, however, shall continue to be in full force and effect. ' ....". ",
<br />"'<;j!fi~
<br />8. Notice of Intended Transfer. In the event that Owner intends' to Transfer
<br />or vacate the Subject Affordable U " Owner shall promptly notify the City in writing of
<br />such intent at least ninety (90) da . :~;tto the actual date of the Transfer or vacation
<br />of the Subject Affordable Unit. Th'. ..."",...,~::",... J Intended Transfer from Owner shall be
<br />delivered in the manner set forth in'!:. "~ i' Zli'<' '~:'~;l . ,.,,:,this Resale Agreement. Following
<br />receipt of such notice, the City in its ..... "eti ~':'~~"" ither notify prospective Qualified
<br />Buyers of the Subject Affordable Unit f" .1~' ubJe" ~.! ordable Unit is available for
<br />sale, or the City may exercise its optio urchase the Subject Affordable Unit, as
<br />described in Section 9 below.
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<br />9. Riaht of First Refusal. Owner es that the City shall and does hereby
<br />have a CCt' . ,"right of first refusal" to purchase the Subject Affordable Unit on the
<br />terms tit..:'-:..t: ..J.M.ner set forth in this Resale Agreement. The City shall within forty-
<br />fiv~ ~1f!~1aays of ~e~:' ,of th~ Notice o~ Intended T':8nsfer specified in. Section 8 a.bove,
<br />notifl;~~wner of Its 111 ., ., t In purchasing the Subject Affordable Umt. The notice to
<br />Ownef.~!:.1I be sent in ":. . ~tmanner set forth in Section 22 of this Resale Agreement. If
<br />the City :01'. '., not respon' ':, Owner within said forty-five (45)-day period or specifically
<br />declines to" . ':~::.:phase the ject Affordable Unit within such time, Owner may proceed
<br />with a sale to"'a\~,~~ Qu l(j Buyer at the Transfer Amount.
<br />
<br />In the ev~rif!}:%~::;",,,::,ci~ elects to purchase the Subject Affordable Unit, Owner and
<br />the City shall, within .twenty (20) days, enter into a purchase agreement for the sale of
<br />the Subject Affordable Unit to the City at the Transfer Amount. The purchase agreement
<br />shall identify the terms under which the Subject Affordable Unit will be sold to the City,
<br />including without limitation, the Transfer Amount, periods for property physical,
<br />environmental and title inspections and approval which shall be no less than fifteen (15)
<br />days, equal sharing of escrow expenses, and an escrow period which shall not exceed
<br />sixty (60) days unless otherwise mutually agreed by the parties. The sale shall be
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<br />REDW\OOO1 \DOC\023-2. DOC
<br />11/24108730 HvT
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