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<br />6.1C
<br />Page 25
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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 Loan(s) is not an unreasonable restraint on property alienation
<br />rights and is necessary in order to ensure that sufficient eqLJ,i~y is maintained in the
<br />Subject Affordable Unit to pay-off the existing loan ba1ances lnt,~e' event of a Transfer of
<br />the Subject Affordable Unit, taking into account the Trao~fcet Amount of the Subject
<br />Affordable Units upon resale as set forth in Section 11.';:,.:
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<br />7. Sale Restrictions. Any Transfer of t~~'SubjectAffoujable Unit shall be
<br />subject to the provisions of this Resale Agreemel1t.~!Any transfer riotJn compliance with
<br />all provisions of this Resale Agreement is PfPrnibited. The provis'idr,~:;pf this Resale
<br />Agreement, however, shall continue to be in;f~~iforce and ~ffect. ";"
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<br />8. Notice of Intended Transfer. In fhe:,~vE7mtt.h~t Owner intends to Transfer
<br />or vacate the Subject Affordable UQit, Owner shaUnRr~mptly notify the City in writing of
<br />such intent at least ninety (90) days,'"',.',.,'":.P,""~ip".f.,.,,,,t,o, the actu~"i,I.,:,',...',.,P"",,:ate of the Transfer or vacation
<br />of the Subject Affordable Unit. The"Notice..oflntendecfTffansfer from Owner shall be
<br />delivered in the manner set forth in :s:~ctiolf2~:~qf)hiS R~~~.le Agreement. Following
<br />receipt of such notice, thf? " Gity in its diS$retioQ.,!t\T1a~~it.~er:rlotify prospective Qualified
<br />Buyers of the SubjectAfforaaple Unit that Jn~;!Subjett'mffordable Unit is available for
<br />sale, or the City may~xercisEfit$ optionto':purchase the Subject Affordable Unit, as
<br />described in Sectioh9 below. '
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<br />9. Right of Fi.rst R~fUsa'I,:'Qwq~r ag~ees that the City shall and does hereby
<br />have a cO[l~ilJping"right)C)fJltst refusa11!:tQ[.p:urchase the Subject Affordable Unit on the
<br />terms and, ih"jthern~nner setJorth in this ReSale Agreement. The City shall within forty-
<br />five (45) days of rece~ptof the Notice of Intended Transfer specified in Section 8 above,
<br />notitVOwner of its interest in Ip~rchasjng the Subject Affordable Unit. The notice to
<br />Owner~n:ClII be sent in the manner 'set forth in Section 24 of this Resale Agreement. If
<br />the City;tjb~~ not respond[J(.> Owner within said forty-five (45)-day period or specifically
<br />declines to 'p~rphase the ~~.bject Affordable Unit within such time, Owner may proceed
<br />with a sale to 'a:n~w Qua,ltti~d Buyer at the Transfer Amount.
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<br />In the evenf1h~C'ity elects to purchase the Subject Affordable Unit, Owner and
<br />the City shall, withinttwenty (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 that 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 />11/24/08 730 HvT
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