RecDoc 2011-111464 - Laserfiche WebLink

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(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 [he Subject Affordable Unit to a Qualified Buyer or to City or its assignee shall be the sum of the following amount. 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 amount for which the Owner originally purchased the unit multiplied by the percen[age increase in household income in San Mateo Coun[y for a family oftwo (2) at One Hundred Twenty percent (120%) ofthe median household income. The increase shall be computed from the date on which Owner originally purchased the Subject Affordable Unit (the "Beginning Date") to the date on which the City or its assignee received the Notice of Intended Transfer required by Section 8 above (the "Ending Date"). Median � household yearly income shall be determined according to HCD publications for San Mateo County published immediately prior to the Beginning Date and Ending Date, respectively, or if necessary, in the manner specified in Section 10(b) of this Resale Agreement. 12. Transfer bv Owner. In the event the Ciry does not elect to purchase the Subject Affordable Unit pursuant to Section 9 above, or assign that right, Owner may transfer the Subject Affordable Unit to a Qualified Buyer to be chosen by the City pursuant to the Ciry's affirmative marketing program at the Transfer Amount in accordance with the terms and conditions of this Resale Agreement. (a) Transfer to a Oualified Buyer. Upon Transfer of the Subject Affordable Unit [o a Qualified Buyer in a transaction that meets the requirements of this Resale Agreement, the City may waive obligations of Owner to the City pursuant to this Resale Agreement, provided that Owner assigns [o [he Qualified Buyer and the Qualified Buyer assumes from Owner all obligations existing under this Resale Agreement. Until Owner makes such assignment, no obligations of Owner will be waived. Any waiver extended by the City to Owner pursuant to this Section shall apply only to Owner and only to the particular Transfer transaction relating to such Qualified Buyer, and shall not automatically apply to any subsequent owner. (b) Disclosures and Submittal. Owner and Owner's Proposed Purchaser shall provide the following information to the City: (i) The name, address, and telephone number of the Proposed Purchaser. (ii) A copy of the Proposed Purchaser's federal income tax return for the taxable year immediately preceding the proposed purchase of an Subject Affordable Unit and current income information such as wage statements or, if the Proposed Purchaser certifies and declares under penalty of perjury that he or she did not file a federal tax return, other evidence of � Gross Income for such year acceptable to the Ciry in its sole discretion and curzent income information such as wage statements, to substantiate that the Proposed Purchaser meets the eligibility requirements of a Qualified Buyer as set forth in Section 10. In the event the City is Exhibit B Page 7