RecDoc95-076956 Resale Restriction Agreement 1253 Warren Avenue

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The Deed -Restricted Resale Price shall be decreased by an amount necessary to repair any damages and to put the Unit into a "sellable condition". Items necessary to put a Unit into sellable condition shall be determined by City, and may include cleaning, painting, and structural, mechanical, electrical, plumbing, and other deferred maintenance repairs. 10. TRANSFER BY OWNER In the event City does not exercise its option to purchase pursuant to Section 7 above, or assign that right, the Owner may Transfer the Unit to a person (the "Proposed Purchaser") at the Transfer Amount in accordance with the terms set forth in this Resale Agreement. a. TRANSFER TO ELIGIBLE PURCHASER: If the Owner Transfers the Unit to an Eligible Purchaser in a transaction that meets the requirements of Section 8, above, City and Agency, respectively, may waive payments of any sums owed by the Owner to City or Agency, as well as any other obligations of the Owner to the Agency, pursuant to the Note, the Agency Note and the Resale Agreement, provided that the Owner assigns to the Eligible Purchaser and the Eligible Purchaser assumes from the Owner all obligations existing under the Note. the Agency c Note and respective deeds of trust and this Resale Agreement and executes new original ca documents. Until new promissory notes, deeds of trust, and a new Resale Agreement are executed by the Eligible Purchaser, no payments or obligations of the Owner will be waived. Any waiver extended by City or Agency to the Owner pursuant to this Section shall apply only to the Owner and only to the particular Transfer transaction relating to such Eligible Purchaser, and shall not automatically apply to any subsequent owner. (7) In the event that Agency acts as the Eligible Purchaser, Agency agrees to transfer the Unit to an Eligible Purchaser as set forth in Section 8. b. DISCLOSURES AND SUBMITTAL: The Owner and the Owner's Proposed Purchaser shall provide the following information to City: (1) The name, address, and telephone number of the Proposed Purchaser. (2) A signed financial statement of the Proposed Purchaser in a form acceptable to City, and any other supporting financial and other documentation, including documentation of the sales transaction, requested by City. The financial information shall be used by City to determine the income eligibility of the Proposed Purchaser. (3) A written certification from the Owner and the Proposed Purchaser, in a form acceptable to City, that certifies that neither the Proposed Purchaser nor any other party has paid nor will pay to Owner, and the Owner has neither received nor will receive from the Proposed Purchaser or any other party, money, benefit, thing of value, or other consideration in addition to 8 RESALE RESTRICTION AGREEMENT