Agmt97 CDBG Pen. Habitat for Hu - Laserfiche WebLink

Browse Search

transfer will be the Eligible Sales Price when Habitat or the City of Redwood City exercises its Right of Repurchas'e and acquires the Property. Any such subsequent sale of the Property by Habitat or the City of Redwood City shall be subject to the Right of Repurchase expressed in this Grant Deed, or such other terms as may be specified in any subsequent Grant Deed from Habitat or the City of Redwood City to a subsequent Eligible Household. i. Reourchase Price - Eligible Sales Price. The Eligible Sales Price for the repurchase of the Property by Habitat or the City of Redwood City shall be the original Purchase Price of the Property when acquired by the owner from Habitat, adjusted by the percentage change, since the date that the owner acquired the Property based upon the date of recordation of the deed conveying the Property to the owner from Habitat, to and including the date that Habitat or the City of Redwood City gives its notice of exercise of' its option to repurchase, in the Median/ncome, adjusted by family size, as provided by the U.S. Department of Housing and Urban Development, or in the event that this statistical index is no longer published, any other appropriate index as determined by Habitat. In no case however shall the increase in the original Purchase Price exceed three per cent (3%) compounded annuaLly, except as provided below for Qualifying Improvements as have been made to the Property by the owner, which amount shall be added to the original Purchase Price as set forth in subsection k, below. lc Oualifvlne Improvements. A "Qualifying Improvement" shall be any capital improvement, as opposed to repairs and maintenance, installed by the owner, which satisfies all the criteria set forth below. The value of the Qualifying Improvements shall be limited to a total often percent 00%) of the original Purchase Price. The value of the Qualifying Improvements shall be the sum equal to the original cost of materials and labor prorated over the expected useful life of the improvements. It shall be the obligation of the owner to establish by sufficient evidence that any improvements is a Qualifying Improvement and the value thereof. Habitat shall have the right to determine the value of any Qualifying Improvement in its sole and absolute discretion. Further, in establishing any value to a Qualifying Improvement, Habitat shall have the right to consider any damage to capital improvements in the Property and may offset the Eligible Sales Price by the reasonable cost of repair on such damage. In order to be deemed a Qualifying Improvement, each improvement must satisfi~ the following qualifying criteria: · The cost of the improvement must exceed one percent (1%) of the original Purchase Price. · The improvements must have a remaining expected useful life of at least five (5) years beyond the completion of the proposed transfer. · The owner shall present substantiating documentation showing the original cost of materials and the original cost of labor for the improvement, and the date of its installation. I. Assignment of Excess Sales Proceeds. If the Property is sold or otherwise Transferred by the Owner, or any other party, in violation of the Eligible Household Purchase Addendum for more than the amount permitted under the Eligible Household Purchase Addendum, any proceeds of such sale or Transfer in excess of the Eligible Sales Price shall be deemed assigned to Habitat. Habitat shall be entitled to bring legal action