Agmt00 Habitat for Humanity purchase of Rolison and Haven

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Habitat or the City of Redwood city, or the Redwood City Redevelopment Agency to a subsequent Eligible Household. 11. Repurchase Price - Eligible Sales Price. The Eligible Sales Price for the repurchase of the Property by Peninsula Habitat or the City of Redwood City, or the Redwood city Redevelopment Agency shall be the original Purchase Price of the Property when acquired by the owner from Peninsula Habitat, adjusted b � v the percentage change, since the date that the owner acquired the Prop based upon the date of recordation of the deed conveying he Pr o p erty to the 9 p Y owner from Peninsula Habitat, to and including the date that Peninsula Habitat or the City of Redwood City, or the Redwood City Redevelopment Y enc gives its Ag ency notice of exercise of its option to repurchase, in the Median Income, adjusted b � Y family size, as provided by the U.S. Department of Housin g and Urban Development, or in the event that this statistical index is no long p ublished , an other appropriate index as determined by Peninsula Habitat. In no case however shall the increase in the orig inal Purchase Price exceed three per cent p t compounded annually, except as provided below for Qualifying Improvements as have been made to the Property by the owner, which amount shall be added to the original Purchase Price as set forth in Subsection k, below. 12. Qualifying Improvements. A "Qualifying Improvement" shall be any cap ital improvement, as opposed to repairs and maintenance, installed by the owner, which satisfies all the criteria set forth below. The value of the Qualifyin t Improvements shall be limited to a total of ten percent (1 0%) of the o Purchase Price. The value of the Qualifying Improvements shall be the sum equal to the original cost of materials and labor prorated over the expected useful life of the improvements. It shall be the obligation of the owner to establish by sufficient evidence that any improvements is a Qualifying I m p rovement and v g � the value thereof. Peninsula Habitat shall have the right to determine the value of any Qualifying Improvement in its sole and absolute discretion. Further in establishing any value to a Qualifying Improvement, Peninsula Habitat shall have the right to consider any damage to capital improvements in the Prop and may offset the Eligible Sales Price by the reasonable cost of repair on such damage.. In order to be deemed a Qualifying Improvement, each -im rovement must satisfy the following qualifying criteria: (1) The cost of the improvement must exceed one percent 1 % of the original Purchase Price. (2) The improvements must have a remaining expected useful life of at feast five (5) years beyond the completion of the proposed transfer. (3) The owner shall present substantiating documentation showin g the original cost of materials and the original cost of labor for the , im rovement and the date of its installation. improvement, Addendum -h5 FxS :fs 04/14/00