RecDoc 2011-111464 - Laserfiche WebLink

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forty-five (45)-day period or specifically declines to purchase the Subject Affordable Unit within such time, Owner may proceed with a sale to a new Qualified Buyer at the Transfer Amount. In the event the City elects to purchase the Subject Affordable Unit, Owner and the City shall, within twenty (20) days, enter into a purchase agreement for the sale of the Subject Affordable Unit to the City at the Transfer Amount. The purchase agreement shall identify the terms under which the Subject Affordable Unit will be sold to the City, including without limitation, the Transfer Amount, periods for property physical, environmental and title inspections and approval which shall be no less that fifteen (15) days, equal sharing of escrow expenses, and an escrow period which shall not exceed sixty (60) days unless otherwise mutually agreed by the parties. The sale shall be contingent upon the City's approval of the physical and environmental condition of the Subject Affordable Unit and condition of title. This Section 9 shall not be construed or understood to confer any rights upon any third parties, including without limitation, Owners lender, and exists solely for the benefit of the City and its assignees. At any time within the ninety (90)-day period referred to in Section 8 above, even after the City notifies Owner of its in[erest 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 ro 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 wi[hout 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. 10. Oualified Buvers. A Proposed Purchaser who meets the following requirements shall be considered a Qualified Buyer: (a) The Proposed Purchaser shall certify that the Subject Affordable Unit will be occupied as the purchasers 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 Developmeni ("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 Ieast 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%) ofthe median yearly income, adjusted for family size. I l. Determination ofTransfer Amount. The sales price (the "Transfer AmounP') 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: Exhibit B Page 6