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C [n the event that the Agency purchases the Resmcted Housing Lng:. :he £aies Pr,ce shall be calculated pursuant to Section ".OltB). D Purchase by Eligible Household. If either the Owner or the Agency identifies an Elig:ble Household to purchase the Restricted Housing Unit the "Sales Price" shall be calculated pursuant to Section 2.01(B). "03. Purchase by Non-Eligible Household. If neither the Agency nor the Ov. ncr o f a Resmcted Housing Unit, desptte its best efforts, locates an Eligible Household ~ ~thin the ninety 190) day period pursuant to Section 2.01(D), and the Agency does not exercise its right to purchase pursuant to Section 2.02 above, the Owner may sell or transfer the Restricted Housing Unit to a purchaser or transferee that is not an Eligible Household pursuant to the following terms and conditions: A. The Owner shall be permitted to sell the Restricted Housing Unit at a Sales Price exceeding the Affordable Housing Cost. B. In the event that' ~h,e Restricted Housing Unit is sold at a Sales Price that exceeds the Affordable Housing Cost, the Owner shall share the difference between the actual Sales Price received and the maximum Affordable Housing Cost Sales Price authorized pursuant to Section 2.01(B} (the "Excess Proceeds") with the Agency based upon a schedule of equity sharing determined by the length of the Owner's occupancy of the Restricted Housing Unit az shown in Exhibit E, attached hereto. The portion of the Excess Proceeds of the sale allocated to the Agency ihall be deposited into the Agency's Low and Moderate income Housing Fund. C. The Agency shall, within three (3) years fi'om the date of the sale of the Restricted Housing Units, use its best efforts to prioritize expending its share of the Excess Proceeds deposited in the Agency's Low and Moderate Income Housing Fund first on affordable housing within the Franklin Street Project Area, and second, on another location within the "Downtown Subarea" as defined in the Redevelopment Plan for the Redevelopment Area No. 2. ARTICLE 3. MAINTENANCE OF PROPERTY Shes shalF'fl~tior to the initial purchase by an Eligible Household, or subsequent owners shall, after the initial purchase of the Property, keep the Property in good condition order and repair and shall not commit waste or permit impairment, demolition or deterioration of the Property. Agency shall have the right to inspect the Property, provided notice is given to the Owner prior to any such inspection. ARTICLE 4. NO TRANSFER The Restricted Housing Units may only be tramferr~ in accordance with"- A~ticle 2. This prohibition shall not be deemed to prevent the granting ofeazement or permits to facilitate the development of the Property or to prohibit or restrict the sale of the Restricted Housing Units to Eligible Households in accordance with Article 2. The Owner ora Restricted Housing Unit shall not lease such umt to another party. ,&ny lease in violation of this A~eement is prohibited. 6 wc-33569 ~