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<br /> <br />6.1G <br />Page 24 <br /> <br />contingent upon the City's approval of the physical and environmental condition of the <br />Subject Affordable Unit and condition of title. This Section 9 shall not be construed or <br />understood to confer any rights upon any third parties, including without limitation, <br />Owner's lender, and exists solely for the benefit of the City and its assignees. <br /> <br />At any time within the ninety (90 )-day period referred to in Section 8 above, even <br />after the City notifies Owner of its interest in purchasing the Subject Affordable Unit, the <br />City may assign its right to purchase the Subject Affordable Unit to a person or entity of <br />its choosing. The City may re-assign its right to purchase to succeeding persons or <br />entities of its choosing in the event that the initial assignees withdraws or is disqualified <br />from the purchase, provided that the close of escrow is within the original period agreed <br />to by and between Owner and the City, or such additional period as is agreed to by <br />Owner. If the City or an assignee of the City fails to complete the purchase for any <br />reason, the City may withdraw from the purchase without penalty or liability and Owner <br />may sell the Subject Affordable Unit to .a Qualified Buyer as if the City had failed to <br />exercise its option. <br /> <br />10. Qualified Buvers. A Proposed Purchaser who meets the following <br />requirements shall be considered a Qualified Buyer: <br /> <br />(a) The Proposed Purchaser shall certify that the Subject <br />Affordable Unit will be occupied as the purchaser's Principal Residence, as defined in <br />Section 1 of this Resale Agreement. . <br /> <br />(b) The combined maximum income for all household members <br />of the Proposed Purchaser shall not exceed one hundred twenty percent (120%) of the <br />median yearly income adjusted for family size, for a family in San Mateo County as <br />published by the California Department of Housing and Community Development <br />("HCD") from time to time. . In the event that such income determinations are no loliger . <br />published, or have not been updated for a period of at least eighteen months, the City <br />may use or develop such other reasonable method as it may choose in order to <br />determine the income for families in San Mateo County at one hundred twenty percent <br />(120%) of the median yearly income, adjusted for family size. <br /> <br />11. Determination of Transfer Amount The sales price (the "Transfer <br />Amount") for a Transfer of the Subject Affordable Unit to a Qualified Buyer or to the City <br />shall be the sum of the Deed-Restricted Resale Price and the Sales Price Adjustment, <br />as defined below: <br /> <br />(a) The Deed-Restricted Resale Price. Said term is defined and <br />calculated, in the following manner: the Deed-Restricted Resale Price for any Transfer <br />of the Subject Affordable Unit to a Qualified Buyer or to City or its assignee shall be the <br />sum of the following amounts, as adjusted pursuant to Section 11(a)(ii) of this Resale <br />Agreement: the principal amount of the Eligible First Loan when first issued to Owner, <br />the Appreciation Share, and the Increased Down Payment. Notwithstanding the <br /> <br />REDW\OOO1\OOC\023-2.0OC <br />11/24/08 730 HvT <br /> <br />7 <br />