Agmt21 Home Program Affordable Housing Regulatory

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Transferred possession of the Home or any portion of it without Habitat's prior written consent 5. TRANSFER RESTRICTIONS; RULES AND PROCEDURES. 5.1 Transfers. Owner shall not Transfer (as defined in this subsection) any interest in the Home, except in strict compliance with the terms of this Agreement. Any Transfer without satisfaction of the provisions and conditions of this Section 5 shall be prohibited and void. "Transfer' shall mean any sale, conveyance, lease, assignment, pledge or other transfer of all or any portion of the Property or any interest therein, including allowing the recordation of a deed of trust or mortgage, which creates a lien on the Property. Habitat at its sole discretion reserves the right to charge the Owner a Transfer Fee to cover administrative expenses associated with the Transfer of the Home. Transfer shall not mean any of the following, provided that the transferee is bound by and agrees in writing to be bound by the terms of this Agreement: (a)Any sale or transfer by foreclosure or deed in lieu of foreclosure of a mortgage or deed of trust, provided that such mortgage or deed of trust is one which is expressly permitted and allowed under this Agreement; (b)Transfer by gift, devise, or inheritance to Owners spouse, child, or domestic partner registered with the State of California, only if such person qualifies as an Eligible Household; (c) Taking of title by a surviving joint tenant; (d) Transfer of title to a current spouse pursuant to divorce or dissolution proceedings; (e)Acquisition of title or interest therein through marriage; and (f) Transfers with the express prior written consent of Habitat, which approval may be withheld or conditioned in Habitat's sole and absolute discretion. 5.2 Transferees Restricted. The Home may be Transferred only to the following persons and entities and only under the circumstances set forth in this Section 5: (a) Habitat, City, or their respective designees pursuant to the Option provided for in Section 6 or pursuant to the Power of Termination in the Grant Deed or otherwise; and (b)An Eligible Household upon written approval of Habitat. 5.3 Transfer Notice. Prior to entering into any binding agreements associated with any proposed Transfer, Owner shall deliver to Habitat a written notice (the "Transfer Notice") which shall include the information necessary for Habitat to determine the Affordable Sales Price of the Property, as defined in Section 6.5 below, including the following information: (a)the address of the Home; (b)the date of purchase of the Home by the Owner; (c) the Purchase Price of the Home paid by the Owner at the time of Owners purchase; (d)the date on which Owner intends to vacate the Home; and (e)the name and phone number of the person to contact to schedule inspection of the Home by Habitat. The Transfer Notice must be sent by certified U.S. mail, return receipt requested, to Habitat at the following address: SF #4815-2365-6406 v1 REV: 05-19-20215K