AgdaPkt 2012-06-25 - Laserfiche WebLink

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6.1.K. - Page 21 at I�ast 90 days prior ta the actual date of the transfer or vacation of the Af�ordable Unit and identify a praposed Qualified Buyer, if applicable. The notice from Owner shall be delivered in the manner set forth in this Agreemenf. Follawing receipt af such notice, the Cfty in its discretion, may determine whether fhe proposed Qualified Buyer meets the criteria under this Agreement, if applicable, notify prospective Quaiified Buy�rs of the Affordable Unit tha� the Affordable Unit is a�aifable for sale, or may �xercise its option to purchase the Affordable Unit, as describeci in Section 14 below. Notwithstanding the foregoing, the following shaEl not be considered a transfer far the purposes ot this Agreement, but al! such transferees shall continue to be bound by the requirements of this Agreement: (i) transfers by devise or inheritance tQ an existing spouse, Domestic Partner, child, surviving joint tenant, or a spouse as part of a dissolution proceeding or in connection with marriage; {ii) a transfer by an Own�r into an inter �i�os trust in which Owner is the ber�eticiary, trustor, and trust�e; or (iii) �efinance of the Original Loan in accardance wi#h Section 5.1 of this Agreement, prov�c�ed, however, that Owner shall provide written notice of al! such transfers to the City and alf owners of �he Home shall continue to occupy the Home as his or her principa! place of residence. For purposes of this Section, "Domestic Par#ners" shall mean two unmarried peopEe, at Eeast eighteen (�8) years of age, who have lived together continuously for at least one (1) year and who are jointly responsible for basic living expenses incurrec! cl�ring their domestic �artnership. Domesfic Partners may not be persons related ta each ather by blaod nF adoption such that their marriage wauld be barred ir� the state of Cafifarnia. For purposes af this Section, an indi�idual sna�l be considered a Domestic Partner af Owner upon presentation of an affidavit or ather acceptable evidence by Owner to the City. Owner shall provide natice to the City Qf any transfers described above no fater than fif�een (95) days before the sale, assignment, or other transfer accurs. Where the transfer is by devise, inheritance, ar operation of faw after death of the Owner, notice shall be provided wEthin thirty (30) days of the date of transfer, and the new owners of the Home shaEl affirmati�ely assume Owner's obligations under this Agreement. 10. Determination of Affordable Safes Price. Tf�e Affordabie Unit must be sofd at no more than an Affordable Sales Price, whicl� shall be lesser af: (a) the purchase prFee that would be considered affordable to a purchaser whose income is betw�en 80 and 100 percent af AMI, as calculated by th� City, pursuant to Cafifornia Health and Safety Code Section 50052.5, adjusted for household size, depending an the number of bedrooms {or bedroom size equi�alent); or (b) the ini�ial sales price paie� by the Owner, increased by the percentage of increase En household income at one-hundred percent of AMI, as adjusted below and computed from the �ate af purchase of the Affordable Unit by �wner to the sale ta a Qualified Buyer, as deterrrzi�ed according to HCD publications (the "Adjust Resale Price"} 10.1 5ales Price Adiustment. The Adjust Resale Price shail be i�creased by the �alue of any substantia� structural or permanent fixed impravements which cannot be remo�ed without substantial damage ta the Affordable Ur�it or substantial ar �otaE ioss of value of said impro�ements. NQ such adjustrrtent shalf be Page 17 of 3t