RecDoc 2012-101618 - Laserfiche WebLink

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� made except for improvements: (a) made or installed by Owner; (b) approved in advance by the City or its designee; and (c) whose initial costs were Five Hundred Dollars ($500.00) or more. The value 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 appraisal (e.g., the amount by which said improvements enhance the market value of the Affordable Unit at the time of sale). The adjustment to the Adjust Resale Price for such improvements shall be limited to the increase in the value of the Affordable Unit, and shall not be based upon the cost of the improvements. The cost of the appraisal shall be paid by Owner. 10.2 Cost to Repair. The Adjust Resale Price shall be decreased by an amount necessary to repair any damages and to put the Affordable Unit into a "sellable condition". Items necessary to put the Affordable Unit into sellable condition shall be determined by the City, and may include cleaning, painting, and structural, mechanical, electrical, plumbing, and other deferred maintenance repairs. 11. Ineliqible Transfers. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, THERE SHALL BE NO SALE OR OTHER TRANSFER OF THE AFFORDABLE UNIT WITHOUT THE WRITTEN CERTIFICATION BY CITY THAT THE PURCHASER / TRANSFEREE IS A QUALIFIED BUYER, THE PURCHASE PRICE OF THE AFFORDABLE UNIT IS WITHIN THE DEFINITION OF AFFORDABLE SALES PRICE AND THE SALE OR TRANSFER COMPLIES WITH THIS AGREEMENT. ANY SALE OR OTHER TRANSFER OF THE AFFORDABLE UNIT IN VIOLATION OF THIS AGREEMENT SHALL BE VOID 12. Permissible Transfers. The following transfers of title to an Affordable Unit or any interest therein are not subject to City's prior written approval so long as the transferee's household (i.e., the persons or persons acquiring ownership of the Affordable Unit) qualifies as a Qualified Buyer and occupies the Affordable Unit in compliance with the terms of this Agreement: (a) transfer by gift, devise or inheritance to the spouse, issue or adopted child of Owner; (b) transfer resulting from death of an Owner when the transfer is to a co-Owner or joint tenant; (c) transfer by an Owner to any person who becomes a co-Owner of the Affordable Unit provided (i) Owner retains at least a thirty-three percent (33%) interest in the Affordable Unit, (ii) the co-Owner and Owner together qualify as an Qualified Buyer, and (iii) co-Owner agrees to be bound by this Agreement by signing a copy of this Agreement and delivering it to City; (d) transfer of title to a spouse resulting from divorce; (e) decree of dissolution or legal separation or from a property settlement agreement incidental to such a decree in which one of the Owners becomes the sole owner; (� acquisition of title to the Affordable Unit or interest therein in conjunction with marriage; or (g) a transfer between co-Owners or a transfer by Owner into an inter vivos trust in which Owner is a beneficiary and Owner continues to occupy the Affordable Unit. 13. Resale Restriction Aareement; Effect of Sale. THE PURCHASER OF THE AFFORDABLE UNIT FROM OWNER SHALL ENTER INTO AND RECORD AT THE CLOSE OF ESCROW A NEW RESALE RESTRICTION AGREEMENT AND OPTION TO PURCHASE, IN A FORM SIMILAR TO THIS AGREEMENT, SUPPLIED Page 18 of 31