Agmt97 CDBG Pen. Habitat for Hu - Laserfiche WebLink

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mortgage which creates a lien on. the Property. Transfer shall not mean or include any sale or transfer by foreclosure or deed in lieu of'foreclosure ora mortgage or deed of trust, provided that such mortgage or deed of trust is one which is expressly permitted and allowed under the Eligible Household Purchase Addendum. e. Transfer Notice. Prior to entering into any binding agreements associated with any proposed Transfer, the owner shall deliver to Habitat a written notice (the "Transfer Notice") which sets forth the name of the Owner and the address of the Property. The Transfer Notice must be sent by certified U.S. Mail, Return Receipt Requested, to Habitat at that address set forth in the Eligible Household Purchase Addendum. f. Right and Option to Repurchase. The owner shall grant to each Habitat or the City of Redwood City, if gl'abitat chooses not to exercise its rights, the right and option to repurchase the Property upon any proposed Transfer of such Property (the "Right of Repurchase") for the Eligible Sales Price [as de~ned below] on the terms and in the manner set forth in the Eligible Household Purchase Addendum. Nothing in the Eligible Household Purchase Addendum shall constitute a waiver of any due on sale claus~ or other provisions contained in a deed of trust on the Property, in favor of, or which was authorized by, Habitat or the City of Redwood City. g. Option and Repurchase Period. ffHabitat decides to exercise its Right to Repurchase the Property, it shall, within fii~een (15) days of receipt of the notice specified above, notify the Owner in writing that it chooses to exercise the option. Said notice to the owner shall be sent by Certi6ed Mail, Return Receipt Requested. It'Habitat exercises its Right to Repurchase, it shall repurchase the Property within sixty (60) days of the date it sends to owner notice of exercise of its option to purchase. Habitat may, instead of purchasing the Property itself, assign its Hght to purchase the Property to a person or entity of its choosing. If Habitat elects not to exercise its option to repurchase, it shall inform the Owner and the City of Redwood City in writing within sixty (60) days of receipt nfthe notice specified above, and therea~er, the City of Redwood City shall have the right and option to exercise the option for an additional sixty (60) days after receipt of such notice from Habitat. h. Effect of Failure to Record Waiver. If neither Habitat nor the City of Redwood City elects to exercise the Right of Repurchase with respect to the Property, Habitat shall record, and deliver to owner, a notice of waiver, within one hundred and twenty (120) days at, er receipt of the Transfer Notice from Owner, in the Official Records of San Mateo County stating that both Habitat and the City of Redwood City have waived its respective Right of Repurchase; provided however, that, any subsequent purchaser of the Property from the owner shall be subject to this Right of Repurchase during the term hereof. Such waiver shall not constitute a waiver for any other future Transfer of the Property, including, but not limited to, any future sale of the Property. If the Notice of Waiver is not recorded it shall be presumed that said Right of Repurchase has not been waived. i. Resale by Habitat or City of Redwood City. If either Habitat or the City of Redwood City exercises the Right of Repurchase, Habitat or the City of Redwood City shall again sell or lease the Property to an Eligible Household selected by Habitat. The transfer price established by Habitat or the City of Redwood City for such subsequent