AgdaPkt 2011-10-10 - Laserfiche WebLink

Browse Search

6.1.E. - Page 35 add�tions or fixtures #o the 5ubject Affordable Unit as deterrnined by an appralsal (e.g., the amaunt �y whicF: said improvements enhance the market �ralue of the Subject AfFordable Unit at the time af sale}. The cost af the appraisal shatl be paid by the Owner. The adjustment #o the Deed-Restricted Re�ale Price #or such improvements sha�l be limited to the increase in the value� of the Subjeet Affordabl� Unit, and st�all nat be based solely upon tF�e cos#of the improvements. The Deed-Restricfed Resale Price shalf be ciecreased by any amount�s r�ecessary to repair any damages and to put�-,e Subject Affordable Unit inta a "sellable condition,H as determir�ed �y City, which may Enclude cleaning, painting, structural, mechanical, elect�ical, plumbing, and other deferrsd mainten�nce repairs, 12. Transfer by Own�r. In the e�en# the City does not elect ta purchase the Sub�ecf Affordable Unit pr�rsuant to Sec�ia� 9 above, or assign that right, Owr�er ma�r transfier the S�abject Affardable llnit to a Qualified Buyer to be chosen by �e Cify pursuant to the City's affirmati�e marke�ir�g program afi the Deed-Resfricted Resale Price in accordance wifh th� terms ar�d cor�di�ons vf this Resale Restriction Agreement. (a) Transfer to� Qc�alified Suver. Upan Transfer of the Subj�cct AfFnrdable Unit to a Qualified Buyer in a transaction #hat mee�s th� requirerne�ts of this Resale RestrFCtion Agreemen�, the City rnay waive obligations of Owner to the CiEy pursuant to this l�esale Restrictian Agreement, pravlded tfiat Qualified B�ryer enters into a new Resafe Restriction�greernent Ar�d ��tion To Purchase approved by the Gity and recarded against the Subject Afforc�able Uni� (the "New Resale Restriction Agre�rnen�'). The #Vew Resale Restrictron Agreement shall be in subsfantially the same form �s this Resale Restr�c�aor� A�reement and provide for a new Term of at least forty-frve (45} years. Unti! the Qualified Buyer er�ter� into the New Resale Restric�tion Agreerrrent, Owner shall remain fully obligated under this Resale Resfirictian �greement. Any waiver of Owner's obligations u�der this Resale R�striction l�qreement by the City pursuant tr� t�is 5ectiar� sha�l apply only #o Owner and only to #he particular Transfer transaction relafing to such Qualfied Buy�r, and shall not automatically a{�ply to any subsequent owner of t�e Su�ject Af�ordabl� Unit. (b} Disclosures and S mif�al. Owner and the Proposed Purchaser��all provide the fallowing ir�formatinn ta the Cit�+: (i) The name, address, and telephone n�mber af th� Proposed Purchaser. (iij A copy vf the Proposed Purchaser's federal fncome tax return for the taxable year immediately prec�d�ng the praposed purchase of a Su�ject Afifordable Unit and current incam� infarmation such as wage stafemer�ts or, if the �'roposed Rurchaser certifies and declares under per€alty af perjury tha# he or she did not fiie a federal tax return, other evidence ofi Gross Incom� for such year accepfable to the City i� its sole d�scretian, and current income information such as wage statements. #o substar�tiate that the Propased Purchas�r meets the eAgibility r�quirements of a Qualified Buyer as set fvrth in Sectian 90. !n the event th� Ci#y is ur�able to make a