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Inst 2007196718
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Inst 2007196718
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Last modified
6/14/2007 3:05:57 PM
Creation date
6/14/2007 3:05:54 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
4/24/2007
Recorded Document Type
Option
Retention
PERM
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<br />4. Assiqnment of the Option. The City may assign the Option to another government entity, a <br />non-profit affordable housing provider or an Eligible Household. The City's assignment of the Option shall <br />not extend any time limits contained herein with respect to the exercise period of the Option or the period <br />within which the Property must be purchased. <br /> <br />5. Events Givinq Rise to Riqht to Exercise Option. The City shall have the right to exercise <br />its Option upon the occurrence of any of the following events (each, an "Option Event"): <br /> <br />a. Receipt of a Notice of intent to Transfer (defined in Section 6 below); <br /> <br />b. Any actual, attempted or pending sale, conveyance, transfer, lease or other <br />attempted disposition of the Property or of any estate or interest therein, except as provided in Section 16 <br />below; <br /> <br />c. Any actual, attempted or pending encumbrance of the Property, including without <br />limitation by way of mortgage or deed of trust, or by judgment, mechanics, tax or other lien, except as <br />provided in Section 17 below; <br /> <br />d. Recordation of a notice of default and/or notice of sale pursuant to California Civil <br />Code section 2924 (or successor provisions) under any deed of trust or mortgage with a power of sale <br />encumbering the Property; <br /> <br />e. Commencement of a judicial foreclosure proceeding regarding the Property; <br /> <br />f. Execution by Owner of any deed in lieu of foreclosure transferring ownership of <br /> <br />the Property; <br /> <br />g. Commencement of a proceeding or action in bankruptcy, whether voluntary or <br />involuntary, pursuant to Title 11 of the United States Code or other bankruptcy statute, or any other <br />insolvency, reorganization, arrangement, assignment for the benefit of creditors, receivership or <br />trusteeship, concerning the Owner; or <br /> <br />h. Any violation by Owner of any provision of this Agreement including, without <br />limitation, the conditions set forth in Section 2 above. <br /> <br />6. Method of Exercisinq the Option. <br /> <br />a. Notice of Intent to Transfer. If Owner desires to sell, convey, transfer, lease, <br />encumber or otherwise dispose of the Property or of any estate or interest therein, Owner shall notify City in <br />writing to that effect (the "Notice of Intent to Transfer"). The Notice of Intent to Transfer shall state the <br />street address of the Property, Owner's full name or names, the address and telephone number at which <br />Owner shall be contacted if not at the Property; and shall be delivered personally or deposited in the United <br />States mail, postage prepaid, certified-return receipt requested, addressed to the City of San Leandro at <br />835 E. 14th Street, San Leandro, CA, 94577 Attn: Tom Liao, Housing/CD8G Manager. The Notice of <br />Intent to Transfer shall be in substantially the form attached hereto as Exhibit 8. In the case of a proposed <br />sale of the Property to a prospective purchaser, the Owner shall submit to the City, together with the Notice <br />of Intent to Transfer, a copy of the prospective purchaser's income certification, a list of all assets owned by <br />
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