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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 />transfer, lease, or other disposition or encumbrance of the Property, or of any estate or interest therein, and <br />in the event of exercise of the Option by City, the City shall take the Property subject only to senior liens <br />and encumbrances. Except as otherwise provided in Section 14(a), the exercise of the Option by the City <br />at any time and from time to time shall not extinguish the Option or cause a merger of the Option into any <br />estate or other interest in the Property, and the Option shall continue to exist and be effective with respect <br />to the Property against any and all subsequent owners in accordance with the terms and conditions hereof. <br /> <br />b. Request for Notice of Default. The City shall file a Request for Notice of Default <br />for recordation in the Office of the Recorder of the County of Alameda promptly upon execution of this <br />Agreement. <br /> <br />14. Survival of Option Upon Transfer. <br /> <br />a. In General. The City's right to exercise the Option shall survive any transfer of the <br />Property by Owner. The Option may be exercised against the Property whether owned, possessed or <br />occupied by (i) an Eligible Household, (ii) any successor, transferee, assignee, heir, executor, or <br />administrator of an Eligible Household,including a debtor-in-possession, debtor or trustee pursuant to Title <br />11 of the United States Code, or (iii) any person owning, possessing or occupying the Property who does <br />not meet the eligibility criteria established by the City under the Program (collectively all referred to and <br />defined herein as "Owner"). Notwithstanding the foregoing, the Option shall not survive (1) the sale and <br />transfer of the Property under a judicial or non-judicial foreclosure or a deed-in-lieu of foreclosure pursuant <br />to a mortgage or deed of trust recorded against the Property in the Office of the Recorder of the County of <br />Alameda on or prior to the date of this Agreement, provided that the City has received timely notice of such <br />Option event and has failed to either reinstate said mortgage or deed of trust or complete the purchase of <br />the Property pursuant to its Option prior to the date of the foreclosure sale, or (2) the recording of an <br />instrument conveying Owner's interest in the Property to the City, or its assignee, provided the conveyance <br />is in accordance with the terms of this Agreement. <br /> <br />b. HUD Insured or CalHFA Held Mortoaoe. If Owner has acquired the Property by a <br />mortgage insured by the Secretary of the United States Department of Housing and Urban Development or <br />held by the California Housing Finance Agency, and provided that the City has received timely notice of <br />such purchase option event (which notice could include a notice of default recorded pursuant to California <br />Civil Code Section 2924 or successor provisions), then this Option shall automatically terminate if title to <br />the Property is transferred by foreclosure or deed-in-lieu of foreclosure, or if the insured mortgage is <br />assigned to the Secretary. <br /> <br />15. Voidable Transfers. As long as the Option has not been abandoned pursuant to Section <br />6(e), any actual or attempted sale, conveyance, transfer or other disposition of the Property, or of any <br />estate or interest therein, in violation of the terms and conditions of this Agreement, shall be voidable at the <br />election of the City. <br /> <br />16. Permitted Transfers. The following transfers ("Permitted Transfers") of title to the <br />Property, or of any estate or interest therein, shall not be subject to the City's prior approval, shall not <br />trigger the exercise of the Option, and shall not be considered Option Events: (a) taking of title by a <br />surviving joint tenant; and (b) any good faith transfer to an Eligible Household. The following inheritances <br />are not unconditionally permitted, but do allow a compassion period: (c) inheritance of the unit by a Non- <br />Eligible child or step child (at which time the City will allow a one-year compassion period between the time <br />
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