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Inst 2017148471
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Inst 2017148471
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Last modified
6/5/2019 7:30:52 AM
Creation date
8/8/2017 11:13:19 AM
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CM City Clerk-City Council
Document Date (6)
7/7/2017
Recorded Document Type
Option to Purchase
Retention
PERM
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NOW THEREFORE, in consideration of the benefits received by the Owner and the public purposes served by the Program, <br />Owner and City agree as follows: <br />1. Inclusionary Unit. The real property, which is the subject of this Agreement, is described more fully described in <br />Exhibit A attached here and incorporated by this reference. Said real property ("Property") is hereby designated as an affordable <br />inclusionary housing unit and shall be subject to the terms and conditions herein set forth. This Agreement runs with the Property and <br />is binding on the parties hereto and their successors and assigns and on all purchasers of the Property for that period of time the <br />affordable inclusionary unit is in place and being used either wholly or partially for residential purposes. <br />Program Requirements. <br />a. Affordability Restrictions. Owner, by and for itself and any successors in interest, hereby covenants and <br />agrees that the Property shall be sold only to Eligible Households at a price not to exceed the Adjusted Resale Price, as defined in <br />Section 12, and that during the term of this Agreement all of the requirements and restrictions of this Agreement shall apply. <br />b. Eligible Household. There shall be no sale or other transfer of the Property without Certification by the <br />City that the transferee is an Eligible Household and that the Property is being transferred at a price not to exceed the adjusted resale <br />price, which is capped at an "Affordable Housing Cost." Any sale or other transfer of the Property in violation of this covenant shall <br />be void. <br />C. Principal Residence Requirement. Each Transferee of the Property shall occupy the Property as <br />his/her/their principal residence for the duration of his/her/their ownership. Without limiting the generality of the foregoing, any <br />absence from the Property by Owner for a period of ninety (90) or more days shall be deemed an abandonment of the Property as the <br />principal residence of Owner in violation of the conditions of this Section. Upon request by the City made from time to time, the <br />Owner of the Property shall submit an affidavit to the City certifying that the Property is the Owner's principal residence and provide <br />such documents and other evidence as may be requested to verify Owner's compliance with this requirement. Abandonment of the <br />Property shall constitute an Option Event (as defined in Section 5 below) and shall entitle the City to exercise its Option to purchase <br />the Property. <br />3. Grant of Option to Purchase. Owner hereby grants to the City an option ("Option") to purchase all of Owner's <br />right, title and interest in and to the Property upon the occurrence of an Option Event (defined in Section 5 below), subject to the terms <br />and conditions contained herein. <br />4. Assignment of the Option. The City may assign the Option to another government entity, a non-profit affordable <br />housing provider or an Eligible Household. The City's assignment of the Option shall not extend any time limits contained herein with <br />respect to the exercise period of the Option or the period within which the Property must be purchased. <br />5. Events Giving Rise to Right to Exercise Option. The City shall have the right to exercise its Option upon the <br />occurrence of any of the following events (each, an "Option Event"): , <br />Receipt of a Notice of intent to Transfer (defined in Section 6 below); <br />b. Any actual, attempted or pending sale, conveyance, transfer, lease or other attempted disposition of the <br />Property or of any estate or interest therein, except as provided in Section 16 below; <br />C. Any actual, attempted or pending encumbrance of the Property, including without limitation by way of <br />mortgage or deed of trust, or by judgment, mechanics, tax or other lien, except as provided in Section 17 below; <br />d. Recordation of a notice of default and/or notice of sale pursuant to California Civil Code section 2924 (or <br />successor provisions) under any deed of trust or mortgage with a power of sale encumbering the Property; <br />Commencement of a judicial foreclosure proceeding regarding the Property; <br />Execution by Owner of any deed in lieu of foreclosure transferring ownership of the Property; <br />783016-1 <br />
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