AgdaPkt 2012-06-25 - Laserfiche WebLink

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6.1.K. - Page 22 made except for improvements: (a) made or installecE by Owner; (b) approved �n advance by the City o� its designee; and (c) whose initiaf costs wer� Five Hundred Dollars ($5QQ.00) or more. The �alue of such improvements by which the Adjust Resale Price shall be adjusted when considered as additions or fixtures to the Affordable Unit as determined by an a�praisa! (e.g., the amount by which said �mprovements enhance the market value of the Affordab�e Unit at the tirr�e of sale). The adjustment to the Adjust Resale Price far such improvements sha�l be limited to the increase in the value of fhe Affordable Unit, and shall not b� based upan the cost of the impravements. The cost af the appraisal shall be paid by Owner. 10.2 Cost to Repair. The Ad�ust Resale Price shall be decreased by an amount necessary to repair any damages and to put the Affardable Unit into a "sellable condition". Items necessary to put the Affordable Unit into sellal�le condition shall be determined by the City, and may include cleaning, painting, and structural, mechanicaf, electrical, ptumbing, and other deferred maintenance repairs. 11. Ineliqible Transfers. EXCEPT AS EXPRESSLY PROVIDE� !N THIS AGREEMENT, THERE SHA�L BE NO SA�E OR OTHER TRANSFER OF THE AFFORDABLE UNIT WITH�UT THE WRITTEN CERTIFECATION BY CITY THAT THE PURCHASER 1 TRANSFEREE IS A QUALIFIED BUYER, THE PURCHASE PRICE OF THE AFFORDABLE UNIT IS WITHiN THE DEFINITION OF AFFORDABLE SALES PRICE AND THE SALE 4R TRANSFER COMPLfES WITH THfS AGREEMENT. ANY SA�E OR OTHER TRANSFER OF THE AF'FORDAB�E UNIT W VIOLATI�N OF THfS AGREEMENT SHALL BE VQID 12. Permissible Transfers. The foflowing transfers of titfe to an Affordabfe Unit or any interest therein are nat subject to City's prior written appro�af so long as the transferee's household (i.e., the persons or p�rsons acc�uiring ownership of th� Affordable Unit) qualifies as a Qualified Buyer and occupies the Affordable Unit in complianc� with the terms of �his Agreement: (a) transfer by gift, de�ise or inheritance to the spouse, issue or adopted child of Owner; (b} transfer resulting from death ofi an Owner when the transfie� is to a ca-Owner or loint tenant; (c) transfer by an Owner to ar�y person who becomes a co-Owner of the Affordable Unit provided (i) Owner retai�s at least a thirty-three percent (33%) interest in the Affordable Unit, (ii} t�e co-Owner and Owner together qualify as an Qualified Buyer, and (iii} co-Owner agrees to be bound by this Agreemer�t by signing a copy af this Agreement and delivering it to City; (d) transfer of title to a spouse resufting from di�orce; (e} decree of dissolution or legal separatiorr or fram a property settl�ment agreement incidental to s�ch a decree in which on� of the Owners becames the snle owner; (� acquisition of title to the Affordable Unit ar interest therein in conjunction with marriage; or (g) a transfer between ca-Qwners or a transfer by Owner �nto an inter vivos tr�st in which Owner is a beneficiary and Owner contin�es to occupy the Affordable Unit. 13. Resaie Restrictian Apreement; Effect of Sale. THE PURCHASER OF THE AFFORDABLE UNIT FROM OWNER SHALL ENTER INTO AND RECORD AT THE C�QSE OF ESCROW A NEW RESALE RESTRICTION AGREEMENT AND �PTION TO PURCHASE, IN A FORM SIMILAR TO THfS AGREEMENT, SUPPLIED Page 18 of 31