My WebLink
|
Help
|
About
|
Sign Out
Home
Inst 2007196718
CityHall
>
City Clerk
>
City Council
>
Recorded Documents
>
2007
>
Inst 2007196718
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/14/2007 3:05:57 PM
Creation date
6/14/2007 3:05:54 PM
Metadata
Fields
Template:
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
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
18
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />the estate is settled and the time when the property must be sold to an Eligible Household); and inheritance <br />by any other Non-Eligible person (at which time the City shall require resale to an Eligible Household within <br />180 days). <br /> <br />17. Permitted Encumbrances and Refinances. This Option shall not become exercisable as <br />the result of Owner's encumbering the Property for the purpose of securing financing to purchase the <br />Property pursuant to the Program, or to refinance existing indebtedness incurred to purchase the Property <br />pursuant to the Program. The maximum amount (the "Permitted Encumbrance Amount") of any <br />refinancing permitted by this section shall not exceed an amount equal to ninety percent (90%) of the Base <br />Resale Price calculated as provided in Section 11, as modified by this section. The Permitted <br />Encumbrance Amount shall be the Base Resale Price calculated as if the City has received notification of <br />an Option Event on the earlier of (a) the date on which the deed of trust or mortgage securing the <br />refinancing indebtedness is filed for record in the Office of the recorder of the County of Alameda, or (b) the <br />date the City receives Notice of Intent to Transfer pursuant to Section 6(a) above. <br /> <br />18. Subordination. This Agreement and the Promissory Note shall be secured by a deed of <br />trust on the Property (the "City Deed of Trust"). The City Deed of Trust shall be subordinate to the liens of <br />the senior deeds of trust to be recorded against the Property, and any deed of trust held by the California <br />Housing Finance Agency." <br /> <br />19. Obliqation of Owner After Option Abandonment. If the City records a notice of <br />abandonment of the Option, then the Property may be sold by Owner to a third party without restriction as <br />to price; however, upon such sale, Owner shall pay to City an amount ("City's Share") equal to eighty-five <br />percent (85%) of the difference between (a) the actual sales price net of reasonable and customary real <br />estate commissions paid (such commissions not to exceed six percent (6%) of the actual sales price), and <br />(b) the Adjusted Resale Price. The City's Share shall be paid to the City upon close of escrow on the sale <br />of the Property, or upon execution of a contract of sale, whichever shall first occur. Owner shall not receive <br />any proceeds from the sale unless and until the City has been paid the full amount of the City's Share. <br /> <br />20. Limits on Liability. In no event shall the City become liable or obligated in any manner to <br />Owner by reason of the assignment of this Agreement or the Option, nor shall City be in any way liable or <br />obligated to Owner for any failure of the City's assignee to consummate a purchase of the Property or to <br />comply with the terms of this Agreement or the Option, or any escrow instructions or agreement for the <br />purchase of the Property. <br /> <br />21. Insurance Proceeds and Condemnation Award. In the event the Property is destroyed and <br />insurance proceeds are distributed to Owner instead of being used to rebuild the Property, or, in the event <br />of condemnation, if the proceeds thereof are distributed to Owner, any surplus of proceeds remaining after <br />payment of the senior liens and encumbrances on the Property shall be distributed as follows: that portion <br />of the surplus up to, but not to exceed, the net amount Owner would have received pursuant to Section 10 <br />had the City exercised its Option on the date of the destruction of condemnation valuation date shall be <br />distributed to Owner, and the balance of such surplus, if any, shall be distributed to the City. <br /> <br />22. Effective Date. The rights and obligations of the City and Owner set forth in this <br />Agreement shall be effective upon the date (the "Recording Date") this Agreement is filed for record in the <br />Office of the Recorder of Alameda County. <br />
The URL can be used to link to this page
Your browser does not support the video tag.