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<br />6.1C
<br />Page 28
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<br />The Deed-Restricted Resale Price shall be decreased by an amount
<br />necessary to repair any damages and to put the Subject Affordable Unit into a t1sellable
<br />condition". Items necessary to put the Subject Affordable Unit into sellable condition
<br />shall be determined by the City, and may include cleaning, painting, and structural,
<br />mechanical. electrical, plumbing, and other deferred maintenance repairs.
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<br />12. Transfer bv Owner. In the event the City does not elect to purchase the
<br />Subject Affordable Unit pursuant to Section 9 above, or assigq.that right, Owner may
<br />transfer the Subject Affordable Unit to a Qualified Buyer ,tPinbe chosen by the City
<br />pursuant to the City's affirmative marketing program;a~Uthe Transfer Amount in
<br />accordance with the terms and conditions of this ResaleAQreement.
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<br />(a) Transfer to a Qualified Buver. ". }Upon Tran$f,~r of the Subject
<br />Affordable Unit to a Qualified Buyer in a transa9toit#o that meets the ;h~quirements of this
<br />Resale Agreement, the City may waive obligations' of Owner to the Ci~ ip:ursuant to this
<br />Resale Agreement, provided that Ownenr#~~igns to, th~. Qualified 'Bqy~r and the
<br />Qualified Buyer assumes from Owner alf'i~~I,igation~,,;,:,'!existing under ';this Resale
<br />Agreement. Until Owner makes such assignm~ntr,::;np!;obligations of Owner will be
<br />waived. Any waiver extended by t,h,::".e.>,:.,C"".".,it"y to Ownerlp.:.,U,...,,',r.,..suant to this Section shall apply
<br />only to Owner and only to the parti~l~rTr~nsfer tran:$~Gtion relating to such Qualified
<br />Buyer, and shall not automatically apP,.I,Y 'td~t1y::s.ubsequeht pwner.
<br />: . .:: -::." .,..... :';
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<br />(b) Disclosures and Submittal.;:(:OWner" and Owner's Proposed
<br />
<br />Purchaser shall provid~:thefollowing inforOfl~~ipn to the city:
<br />
<br />... '> (i)
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<br />The n."~me, addr~~$., and telephone number of the Proposed
<br />
<br />Purchaser.
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<br />". ":. . ':: ': .;. :. =. "i : : - '. ; >: ;. :, :.:, -i .: ~ :. ; .: , : ... : ~.
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<br />. ,(ii):i~copy ofth~'P'foposed Purchaser's federal income tax
<br />return rqrthe ta)(abl~cYearirhrnediately preceding the proposed purchase of an Subject
<br />Affq~pable Unit and current inpo,me information such as wage statements or, if the
<br />PropbsE!cj Purchaser certifi.es ahd(:i,eclares under penalty of perjury that he or she did
<br />not file af~deral tax return).,other eVidence of Gross Income for such year acceptable to
<br />the City in: lt~$ole discretiph and current income information such as wage statements,
<br />to substantiat~:that the;.~r6posed Purchaser meets the eligibility requirements of a
<br />Qualified Buye(a~:s~t~Qrth in Section 10. 'n the event the City is unable to make a
<br />determination thcll:H:l::Proposed Purchaser is a Qualified Buyer based upon the
<br />information provided~~':the Proposed Purchaser shall be determined not to meet the
<br />requirements of Qualified Buyer and shall be disqualified from purchase.
<br />
<br />(iii) A, written certification from Owner and the Proposed
<br />Purchaser, in a form acceptable to City, that certifies that neither the Proposed
<br />Purchaser nor any other party has paid nor will pay to Owner, and Owner has neither
<br />received nor will receive from the Proposed Purchaser or any other party, money,
<br />
<br />REDW\OOO 1 \DOC\023-2. DOC
<br />11/24/08 730 HvT
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