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<br />6.1C
<br />Page 12
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<br />tenant furnished utilities and other services (the "County Standard") for a one (1)-
<br />bedroom residence with the particular type of amenities included in the Affordable
<br />Unit as developed upon the Property (Le. air conditioning, gas or electric stove,
<br />among others, all as identified under the County Standard). At the time of a
<br />proposed sale, the monthly Maintenance Allowance shall be recalculated as the
<br />product of twenty-five percent (250/0) of the then-applicable Utilities Allowance. By
<br />way of illustration, if the Utilities Allowance at the time of a proposed sale was One
<br />Hundred Ninety-Five Dollars ($195), the Maintenance Allq\('Jance would be Forty-
<br />Eight Dollars and Seventy-Five Cents ($48.75), calcula~iJi's One Hundred Ninety-
<br />Five Dollars ($195) multiplied by twenty-five percentNf;Rr(~r.
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<br />::', i ;: !: :.: ';. ~ ;~ ' t :~. ~~ :; 1 .~.~.
<br />DetermininQ Maximum Affo~able (!JjMit,~esale Price.
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<br />Section 3.05.
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<br />Maximum Affordable Unit resale price/~:~an be deterrl1;f~~d in the Resale
<br />Restriction Agreement. '; .,
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<br />Section 3.06.
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<br />First Riaht of Refusal~
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<br />The City shall have a continuing Uright of ftt$~;fe,fU'sal" to purchase the Affordable
<br />Units upon the proposed resale;py>.gualified BlIy~rp as set forth in the Resale
<br />Restriction Agreement. ".. '
<br />",,: .
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<br />Section 3.07.
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<br />. ". ..... ...., .-.......
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<br />Refinance'~:~strictionjH~tbhibitidm:bn Home Equity Lines of
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<br />: :':- ".' ;. " : :: ; . ':' .:: '. .: i:. i", ;: .~. :: ' ( :it t, z ; 1" .- .;. :, .
<br />..', Cre~it; Home'E9yitWLoarr'Restrictions.
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<br />Any refinance' bf the loarisused to:purchase the Affordable Units, home equity
<br />loans and/or hom'e~quity lines .~fcredit must'ppnform to the terms and conditions of the
<br />Resale Restriction Agr~ement. ','... '
<br />
<br />section 3. 08 ~
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<br />',' ,.,.<.,':l';f
<br />Prohibited Transfers of Affordable Units.
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<br />',',..,. ,.,.",',.,','.'." '.':',
<br />. .,.. . ~
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<br />ljin,~l1y sale or trah$~er of a pj';{\ffOrdable Unit in violation of the terms and conditions
<br />of this'o.e,claration is e'xJDresslY"'$tr~ctly prohibited, shall be null and void, and shall
<br />constitute'~1default of De~lArant under this Declaration, entitling the City to exercise all
<br />remedies aV~ilable at laW'()f in equity, including without limitation, seeking injunctive
<br />relief to prevent:or enjoiitl ~he prohibited transfer and/or damages as provided in this
<br />Declaration. " '1
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<br />Section 3.09. "',
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<br />Occupancy Standards.
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<br />During the Owner-Occupied Affordability Restrictions Term, each Affordable Unit
<br />shall be occupied as the Principal Residence of Qualified Buyer and for no other
<br />purpose. A Qualified Buyer shall not enter into agreements for the rental or lease of the
<br />Affordable Units or otherwise allow for the rental or lease of the same. The maximum
<br />occupancy of the Affordable Units shall not exceed the maximum occupancy allowed
<br />pursuant to the general requirements of the United States Department of Housing and
<br />REDW\0001\DOC\022-3. DOC
<br />12/23/08 900 HvT
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