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<br />Price Index (UePI") as published periodically by the United States Department of Labor during seller's <br />ownership. To calculate the base resale prices using AMI and CPI, the base price shall be compounded by <br />the annual rate of increase for the AMI and CPI from the date in which the selling Owner purchased the <br />Premises through the date of receipt by City of the selling Owner's notice of intent to sell. The maximum <br />resale price will be the lowest value between the fair market value using the Appraisal Method above, AMI <br />compounded base price and CPI compounded base price. In no event shall the resale price be lower than <br />the price paid by the selling Owner when he/she/they purchased the Premises. <br /> <br />In no event shall City become in any way liable to Owner, nor become obliged in any manner, by <br />reason of the assignment of its right to purchase, nor shall City be in any way obligated or liable to Owner <br />for any failure of City's assignee to consummate a purchase of the premises or to comply with the terms of <br />any purchase and sale agreement. <br /> <br />12. Adiustments to Base Resale Price. Subject to the Affordable Housing Cost restriction <br />described in subsection (d) below, the Base Resale Price shall be increased or decreased, as applicable, <br />by the following adjustment factors ("Adjustment"): <br /> <br />a. Capital Improvements. An increase for capital improvements made to the <br />Property by Owner, but only if the amount of said improvements had been previously accepted in writing by <br />the City after original written documentation of the cost was provided to the City for verification. The amount <br />of the Adjustment shall equal the original cost of any such capital improvements depreciated on a straight. <br />line basis based upon the estimated useful life of the improvement stated in the City's prior written <br />acceptance of said improvement. <br /> <br />b. Damaqes. A decrease by the amount necessary to repair damages to the <br />Property, if any, and to place the Property into saleable condition as reasonably determined by the City, <br />including, without limitation, amounts attributed to cleaning; painting; replacing wom carpeting and <br />draperies; making necessary structural, mechanical, electrical and plumbing repairs; and repairing or <br />replacing built-in appliances and fixtures. <br /> <br />c. Advances by the City. A decrease in an amount equal to the sum of all costs <br />advanced by the City for the payment of mortgages, taxes, assessments, insurance premiums, <br />homeowner's association fees and/or associated late fees, costs, penalties, interest, attorneys' fees, pest <br />inspections, resale inspections, fixing violations of applicable building, plumbing, electric, fire, or other <br />codes, and other expenses related to the Property, which Owner has failed to payor has permitted to <br />become delinquent. <br /> <br />d. Adiusted Resale Price Not to Exceed Affordable Housinq Cost. The Base Resale <br />Price as adjusted, is hereinafter referred to as the "Adjusted Resale Price." Notwithstanding any other <br />provision hereof to the contrary, in no event shall the Adjusted Resale Price exceed the Affordable Housing <br />Cost. <br /> <br />13. Priority and Effectiveness of the Option. <br /> <br />a. Recordation. This Agreement shall be recorded in the Office of the Recorder of <br />the County of Alameda prior to any sale, conveyance, transfer or other disposition of the Property, or of any <br />estate or interest therein, by Owner. The Option shall have priority over any subsequent sale, conveyance, <br /> <br />