RecDoc 2011-155321 - Laserfiche WebLink

Browse Search

additions or fixtures to the Subject Affordable Unit as determined by an appraisal (e.g., the amount by which said improvements enhance the market value of the Subject Affordable Unit at the time of sale). The cost of the appraisal shall be paid by the Owner. The adjustment to the Deed-Restricted Resale Price for such improvements shall be limited to the increase in the value of the Subject Affordable Unit, and shall not be based solely upon the cost of the improvements. The Deed-Restricted Resale Price shall be decreased by any amounts necessary to repair any damages and to put the Subject Affordable Unit into a"sellable condition," as determined by City, which may include cleaning, painting, structural, mechanical, electrical, plumbing, and other deferred maintenance repairs. 12. Transfer bv Owner. In the event the City 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 City's affirmative marketing program at the Deed-Restricted Resale Price in accordance with the terms and conditions of this Resale Restriction Agreement. (a) Transfer to a Qualified Buver. Upon Transfer of the Subject Affordable Unit to a Qualified Buyer in a transaction that meets the requirements of this Resale Restriction Agreement, the City may waive obligations of Owner to the City pursuant to this Resale Restriction Agreement, provided that Qualified Buyer enters into a new Resale Restriction Agreement And Option To Purchase approved by the City and recorded against the Subject Affordable Unit (the "New Resale Restriction Agreement"). The New Resale Restriction Agreement shall be in substantially the same form as this Resale Restriction Agreement and provide for a new Term of at least forty-five (45) years. Until the Qualified Buyer enters into the New Resale Restriction Agreement, Owner shall remain fully obligated under this Resale Restriction Agreement. Any waiver of Owner's obligations under this Resale Restriction Agreement by the City 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 of the Subject Affordable Unit. (b) Disclosures and Submittal. Owner and the 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 a 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 City in its sole discretion, and current 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 unable to make a