AgdaPkt 2011-09-19 - Laserfiche WebLink

Browse Search

6. 1. D. - Page 45 At any time within the ninety (90)-day period referred to in Section 8 above, evert after the City notifies Owner of its interest in purchasing the Subject Affordable Unit, the City may assign its right to purchase the Subject Affordable Unit to a person or entity of its choosing. The City may re- assign its right to purchase to succeeding persons or entities of its choosing in the event that the initial assignees withdraws or is disqualified from the purchase, provided that the close of escrow is within the original period agreed to by and between Owner and the City, or such additional period as is agreed to by Owner. If the City or an assignee of the City fails to complete the purchase for any reason, the City may withdraw from the purchase without penalty or liability and Owner may sell the Subject Affordable Unit to a Qualified Buyer as if the City had failed to exercise its option. Qualified requirements shall be co Buyers. A Proposed Purchaser who meets the following , nsidered a Qualified Buyer: (a) The Proposed Purchaser shall certify that the Subject Affordable Unit will be occupied as the purchaser's Principal Residence, as defined in Section 1 of this Resale Agreement. (b) The combined maximum income for all household members of the Proposed Purchaser shall not exceed one hundred twenty percent (120 %) of the median yearly income adjusted for family size, for a family in San Mateo County as published by the California Department of Housing and Community Development ( "HCD ") from time to time. In the event that such income determinations are no longer published, or have not been updated for a period of at least eighteen months, the City may use or develop such other reasonable method as it may choose in order to determine the income for families in San Mateo County at one hundred twenty percent (120 %) of the median yearly income, adjusted for family size. 11. Determination of Transfer Amount The sales price (the "Transfer Amount ") for a Transfer of the Subject Affordable Unit to a Qualified Buyer or to the City shall be the sum of the Deed - Restricted Resale Price and the Sales Price Adjustment, as defined below: (a) The Deed - Restricted Resale Price Said term is defined and calculated, in the following manner: the Deed - Restricted Resale Price for any Transfer of the Subject Affordable Unit to a Qualified Buyer or to City or its assignee shall be the sum of the following amounts, as adjusted pursuant to Section 11(a)(ii) of this Resale Agreement: the principal amount of the Eligible First Loan when first issued to Owner, the Appreciation Share, and the Increased Down Payment. Notwithstanding the foregoing, the Deed - Restricted Resale Price shall never exceed the fair market value of the Subject Affordable Unit on the date of Transfer. (i) Appreciation Share The Appreciation Share of the Subject Affordable Unit means the product of the original principal amount of the Eligible First Loan multiplied by the percentage increase in household income in San Mateo County ATTY /AGR /2010. 1079aResale Restriction Agr 091271% 7