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Base Price Method. <br />The purchase price paid by Owner (Two hundred eighty thousand, and no cents 00 <br />plus �o e�u� �a > prepayment#� a� � � Owner -Seller � � U� �d �� ��� �e <br />'Premises ("baseprice" ).o�s�e��aaor � i�er,,�� rate increase of �a <br />M�k�Income duhngthe <br />seller's ownership; Or <br />00 any increase in the housing component of the San <br />metropolitan area Consumer Price Index as published periodically by the United States Department N <br />Housing and Urban Development (hereinafter the "Index"), For that purpose, the Index prevailing on the <br />date of the purchase by the Selling Owner of said Premises ahu|| be compared with the latest Index <br />available on the date of receipt by City ofnotice of intent to sell. The percentage increase in the indax, if <br />any, shall be computed and the base price shall be increased bythat percentage. In no event Sh8U the <br />sale price be lower than the price paid by the selling Owner when he/she/they purchased the Premises. <br />In noevent shall City become in any way liable to 0wnar, nor become obliged in any manner, by <br />reason of the assignment of its right to purchase, nor shall City be in any way obligatedor|iob|*toOwner <br />for any failure of City's assignee to consummate apurchase of the premises 0rtocomply with the terms o( <br />any purchase and sale agreement. <br />12. Adiustments to.. Base Resale Price. Subject h]the Affordable Housing Cost restriction <br />described in subsection /d\ below. the Base Resale Price Sh8U be increased or decreased, as app|icah|e, <br />bythe following adjustment factors /"AoUVstment"\: <br />o. Capital Improvements. An inonaeao for capital improvements mode to the <br />Property byOwner, but only ifthe amount nfsaid improvements had been previously accepted inwriting bv <br />the City after original written documentation of the cost was provided to the City for verification. The amount <br />Vfthe Ad'Vstmentshall equal the original cost Ofany such capital improvements depreciated DnaSt0\gh� <br />0ne basis <br />' based upon the estimated moa[u| \iha of the improvement stated in the Qty's prior written <br />acceptance nfsaid improvement. <br />b. Damages. A deone8S8 by the amount necessary to repair damages to the <br />Pn3perty, if any, and to place the Property into saleable condition a8reasonably determined by the Qty, <br />including, without limitation, amounts attributed to cleaning; painting; replacing worn carpeting and <br />draperies; rV8kiDQ necessary structural, 08:haniC8[ electrical and plumbing repairs; and repairing or <br />replacing built-in appliances and fixtures. <br />G. Advances by the City. AduunaaSe in an amount equal to the Sum of all costs <br />adV8Dogd by the City for the payment of mortgages, taxes, 8aaeuom8Dho' insurance pn30iumS, <br />hO0eOwOS/8 association fees and/or associated late fees, CQSts, p8OB\tieD. interest, attorneys' fees, pest <br />inspections, nsaa|e inupecUona, fixing violations of applicable buUdin8, p\umbing, electric, fire, or other <br />nOdem, and other expenses related to the Property, which Owner has failed to pay or has permitted to <br />become delinquent. <br />d, Adiusted Resale Price Not to Exceed Affordable Housing Cost. The Base Resale <br />rnoe as adjusted. is nmmmaner referred to as the"Adjusted Resale Price." mvwnomu*wng any vv/o <br />provision hereof to the contrary, in no event shall the Adjusted Resale Price exceed the Affordable Housing <br />cost <br />783016-2 7 <br />Page ourzz Requested By: ashu.basava Printed: 11/14/2018 o:os pm <br />ooccAAuxm:zno onzu+*uy~nuooz <br />